How can I protect my elderly parents from financial exploitation?

It is important to be aware of the risks of financial exploitation of elderly adults, especially when it comes to protecting your parents. In Delaware, there are a few steps you can take to help protect your elderly parents from financial exploitation. First and foremost, it is important to pay attention to any signs of potential financial exploitation. You should look out for bank accounts with large, unexpected withdrawals, sudden changes to a will or other estate planning documents, and other suspicious financial activity. You should also make sure your parents are not receiving unwanted or unnecessary products or services, or that someone is pressuring them to make decisions about their finances. Another step you can take is to set up power of attorney. This is when your parent grants someone else the ability to make financial decisions on their behalf. If your parent chooses to grant this authority, make sure to select a person who is trustworthy and knowledgeable about financial matters. You can also keep an eye out for any caregivers in your parent’s life who could be financially exploiting them. If your parents receive in-home care, make sure to conduct background checks on any caregivers to make sure they are qualified and trustworthy. It is also important to stay in touch with your parents and ask any questions you may have about any changes in their financial situation or other suspicious activity. By following these steps, you can help ensure that your elderly parents are safe from financial exploitation.

Related FAQs

What is the difference between a trust and a will?
How can I ensure my assets are protected in a long-term care facility?
What is the difference between long-term care insurance and health insurance?
What is a letter of intent?
What is financial exploitation of the elderly?
What is advance healthcare planning and how can I do it?
How can I protect my assets during my lifetime?
What are the legal rights of the elderly?
What are some common Elder Law topics?
How can I ensure my elderly parent is not being taken advantage of?

How can I protect my elderly parents from financial exploitation?

Related FAQs

Related Blog Posts