What is financial exploitation of the elderly?

Financial exploitation of the elderly is a form of elder abuse that involves the illegal or improper use of an elderly person’s resources or assets. It can include any activity that takes advantage of the elderly person’s financial resources without their full knowledge and consent. This type of exploitation is unfortunately becoming more common, especially in Kansas where the population of elderly citizens is growing. Financial exploitation can take many forms, such as fraud, identity theft, or the misuse of funds from a joint account. It can involve family members, unrelated individuals, or even a trusted caregiver or medical professional. In some cases, the elderly person may not even be aware of the exploitation or may be unable to stop it. There are laws in Kansas that are designed to protect the elderly from financial exploitation. These laws require anyone in a position of trust to report any potential or suspected financial exploitation to the appropriate authorities. Penalties for financial exploitation of the elderly can include jail time and fines. Also, if the elderly person suffered financial harm, they may be eligible for restitution. It is important for elderly people in Kansas to be aware of the signs of financial exploitation and to know how to report it. This includes making sure that any financial assets are secure and that any legal or financial arrangements are being monitored. Elderly individuals should also be aware of their rights and take action against any exploitation.

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