How can I protect my elderly parents from financial exploitation?

Protecting your elderly parents from financial exploitation in Kansas requires being aware of signs that indicate exploitation and taking preventative measures to protect their money, property, and other assets. Here are a few steps to consider. First, it is important to make sure your parents have a durable power of attorney in place which allows them to designate someone to make financial decisions on their behalf in the event that they become unable to do so themselves. It is important to make sure the person chosen has a demonstrated history of responsible and reliable financial management, as this person will be entrusted to handle their finances. Second, it is important to monitor their financial activity to make sure that their money is not being misused. Clues to look for can include sudden changes in bank account balances, sudden large payments being made, new credit cards, changes to their will, and unexplained transfers to other accounts. Third, it is important to educate your elderly parents on the risks of giving out personal information, such as bank account numbers, credit card numbers, and Social Security numbers. They should be aware of phishing scams as well as unsolicited calls or emails. If they receive a suspicious request, they should contact family members before providing any information. Finally, it is important to report any potential financial exploitation to Adult Protective Services in Kansas and to work with a qualified Elder Law attorney to protect your parents’ financial interests. If necessary, the attorney can help seek compensation for any financial losses due to financial exploitation.

Related FAQs

How can I plan for my elderly parent's health care needs?
What is a trust fund?
What is a HIPAA waiver?
How can I ensure my assets are protected in a long-term care facility?
What is a pooled trust?
How can I ensure that my elderly parent’s wishes are respected?
What is a survivor's trust?
What are the legal rights of the elderly?
What is a living probate?
What is advance healthcare planning and how can I do it?

How can I protect my elderly parents from financial exploitation?

Related FAQs

Related Blog Posts