Financial Abuse at a Nuring Home

Financial abuse, also known as financial exploitation, is defined as improperly and illegally using the funds, assets, or property of another individual. Nursing home patients, who are a vulnerable population, are often unknowingly the victims of financial abuse. Though not an issue that receives considerable media attention, the fact remains that financial abuse at nursing homes is a serious and widespread issue.

Examples of Financial Abuse

Financial abuse in nursing homes can take on various forms. These include:

• Forging a resident’s checks
• Cashing a resident’s checks without authorization
• Stealing a resident’s possessions or money
• Coercing a resident to sign documents such as checks, a will, or a contract
• Improper use of power of attorney or guardianship

A study done by MetLife Mature Market Institute and National Committee for the Prevention of Elder Abuse found that financial abuse costs victims approximately $2.6 billion yearly and with advances in technology and the population getting older, the study suggests this number will continue to rise.

Signs of Financial Abuse

Nursing home residents are often unaware of the financial crimes being committed against them. It is important for loved ones to be aware of the signs that financial abuse is occurring and to take action immediately. Signs of financial abuse include:

• Signatures being forged
• Additional names on signature cards at the bank
• Belongings missing from the patient’s room
• Reluctance to discuss financial issues
• Sudden changes in available funds
• Increase in checks written to a particular person
• Living conditions below a patient’s resources
• Sudden changes in the patient’s will
• Unexplained money transfers

Who Commits Financial Abuse?

Financial abuse can be committed by anyone that has contact with the nursing home patient, including caregivers and facility professionals. The majority of financial abuse is committed by those who are close to the nursing home resident and those who have been given power of attorney for that resident.

Power of Attorney Abuse

A power of attorney is when the patient gives authorization in writing that another individual is authorized to act on behalf of the patient when they are incapable or unwilling to make decisions on their own. It is important that the patient chooses someone who is trustworthy, responsible, and dependable to be their power of attorney and this person is monitored by the patient’s loved ones to ensure they are doing their job ethically.

Preventing Financial Abuse

It is important that those who are close to the nursing home resident monitor their finances closely to prevent financial abuse. Other methods to prevent financial abuse include:

• Reduce isolation of the nursing home patient
• Check review of nursing facilities
• Use bill pay and direct deposit
• Set up an alert system with the nursing home patients bank
• Hire a geriatric care manager to oversee financial care

If you suspect that your loved one has been the victim of financial abuse, consider hiring the experienced personal injury lawyers at 844 See Mike to review your case for free. We are a Chicago injury law firm representing individuals and families who have suffered an injury or loss due to an accident or abuse. 844 See Mike, will handle your personal injury case quickly, will advise you every step of the way, and will not hesitate to go to trial for you.

Lastly, 844 See Mike, does not get paid attorney’s fees unless we win your case. Our no-fee promise is that simple. Therefore, you have nothing to risk when you hire us–just the opportunity to seek justice.