Elder financial abuse is complex. Sometimes, the people taking advantage of older adults can be trusted people who are managing money for their parent, relative, or friend. If individuals step in to manage an older person’s finances, some may try to take advantage by taking money or assets for themselves. Someone managing an older person’s money may fail to pay for their necessities such as food, clothing, shelter, or health care, putting the older person at risk.
People who have a legal duty to manage someone else’s money include agents under a power of attorney, trustees, guardians and conservators, Social Security representative payees and Veterans Affairs (VA) fiduciaries. To learn more about these roles, visit protecttheirmoneytx.org. In other cases, the perpetrator may have no legal right to manage the older person’s money. Someone may take the older person’s property by pressuring them or lying to gain their trust. Strangers or care team members, neighbors, or visitors can also be perpetrators. While most people in positions of trust are worthy of the confidence you place in them, you should act quickly if someone violates that trust.
Alma’s story
Imagine Alma decides to name her niece as agent under a power of attorney to help pay her nursing home bills. Instead, the niece uses Alma’s money to pay for her own rent and personal items. Alma’s nursing home tells Alma they are going to ask her to move out because Alma’s bills are not getting paid.
You hear about the situation and you contact Texas Adult Protective Services (www.dfps.state.tx.us/adult_protection/) and the local long-term care ombudsman
(apps.hhs.texas.gov/news_info/ombudsman/). Law enforcement gets involved to investigate, stop the financial abuse, and charge Alma’s niece with theft. Adult Protective Services also begins an investigation and stops Alma’s eviction from the home while the investigation is ongoing. Alma and her family work together to choose a trustworthy person to help manage Alma’s money, and Alma is able to pay her bills and stay in the nursing home.