Although it is commonly overlooked as a form of nursing abuse, financial abuse is a common and devastating form of elder abuse, which takes place more frequently than you think. In fact, studies report that 1 in 25 residents are financially abused. This means that over 5 million residents in America are subjected to this form of abuse each year.
Memphis nursing home residents who no longer have the capacity or desire to complete financial responsibilities may entrust caregivers to manage their property and accounts. When they do, entrusted parties are typically given confidential financial information and power of attorney, thus enabling control of the elder’s funds, property and assets. When these powers are taken advantage of for personal gain, the elder is often stripped of integral financial assets and their sense of security.
If you or a loved one has been victim of Tennessee, Arkansas, or Mississippi nursing home financial abuse, the victim may be entitled to legal recourse. Contact a dedicated Morgan & Morgan Memphis nursing home abuse lawyer by filling out the free, no-obligation case review form to see if you might be eligible to receive compensation for any damages incurred.
Types of Nursing Home Financial Abuse
With the advance and complication of technological processes, it is getting easier for nursing home attendants to devise methods to defraud their patients. For this reason, it is important to keep a close eye on a nursing home resident’s personal finances and property to make sure these common forms of financial abuse do not happen to him or her:
- Using or stealing a patient’s possessions without permission
- Deceiving a resident into signing a financial document
- Cashing a patient’s personal checks
- Using a resident’s ATM or credit card
- Distant relatives illegally seizing the property of the patient
- Forging a resident’s signature
- Providing unnecessary services and charging for them
- Providing substandard care or failing to pay bills despite the availability of financial resources
Signs of Nursing Home Financial Abuse
People with loved ones in Memphis nursing homes should be aware of these common signs of nursing home financial abuse:
- Abrupt modifications in a patient’s will
- Sudden changes in a financial account or document
- Signing of contracts without the family’s involvement
- The inclusion of extra names on a patient’s bank signature card
- Forged signatures
- Unauthorized use of the resident’s ATM card
- Changes in banking practices
- Unexplained withdrawals from bank accounts
Memphis Nursing Home Abuse Attorneys
Residents in nursing homes have often spent their entire lives saving for their retirement and care for when they are unable to work, but this meticulous preparation and peace of mind is ripped away when they become victims of financial abuse. Fortunately, legal recourse is available for victims of financial abuse in Memphis nursing homes. Do not hesitate to fill out a free, no-obligation case review form today and learn more about how you can recover a resident’s property and hold accountable the perpetrators of these devious crimes.