Many seniors are vulnerable to those who would try to take their money. Financial exploitation of the elderly is a lot more common than people may think and can often go unnoticed and unreported. Knowing how to recognize the signs that your elder friend or loved one may be the victim of financial abuse or exploitation can help you protect them from unscrupulous predators. Call our Butte nursing home abuse attorneys today for a free consultation.
Elder Financial Abuse is a Significant Problem in Montana
According to the 2023 US Census, persons 65 years old and older make up more than 20% of Montana’s population. The largest population segment in the state is between 60 and 64 years old.
In a recent talk, Attorney General Austin Knudsen addressed Montanans and encouraged them to stay vigilant and watch out for scams targeting seniors. He said Montana seniors are often the target of financial scams because they tend to be trusting and polite.
Internet-based scams are common and involve criminals posing as people a senior would normally trust and then asking for money. Elderly Montanans are advised to be skeptical of unknown or unusual calls or messages and not to provide financial information or send money to strangers.
Financial Exploitation of an Incapacitated or Vulnerable Adult is a Crime
It is a crime in Montana for someone in a trusted or business relationship with an elderly person to use deception or force to obtain access to their financial means for purposes other than the benefit of the elderly person.
A person convicted of exploitation can be fined up to $10,000 and/or imprisoned for up to 10 years. They may also face civil liability for damages.
Red Flags that May Indicate Elder Financial Abuse
For concerned family and friends, the following may be warning signs of financial exploitation and warrant further investigation.
- Unusual activity within financial accounts, such as large withdrawals or transfers
- Unusual or unexplained purchases or charges for services
- Updated financial or estate planning documents changing ownership, control, or beneficiaries
- Missing or unaccounted for property
- A new caregiver or friend who may act overly protective or try to isolate a senior from others
- Behavioral changes such as secrecy, agitation, or fear when discussing financial matters
- A remarkable decline in appearance, well-being, or living conditions
Elderly people who are experiencing cognitive decline, are socially isolated, or are dependent on others to handle financial matters are especially vulnerable to being exploited by caregivers or scammers.
What to Do if You Suspect Elder Financial Abuse
It is the mission of Montana’s Department of Justice, Elder Justice Unit, to find and prosecute those who are committing elder abuse within the Treasure State. Seniors who are being financially victimized or those who suspect someone is victimizing an elderly person can contact the Elder Justice Unit directly. Montanans can also contact Adult Protective Services to report abuse or exploitation.
In addition to initiating a criminal prosecution, a senior who is financially exploited may be able to bring a civil suit against their abuser and recover monetary damages. There are particular requirements for filing a civil lawsuit, and it is best to consult a Montana personal injury attorney to discuss whether a lawsuit is appropriate.