When Alzheimer’s Patients Are Targeted by Financial Scams: Legal Steps Families Can Take
Financial scams aimed at elderly individuals are increasing, and those suffering from Alzheimer’s disease or dementia are more vulnerable to these types of fraud. Alzheimer’s disease makes it hard to spot frauds, withstand pressure, or keep track of your financial activities. Scammers take advantage of their vulnerable state through phone calls, emails, online chats, or direct interactions. To help Alzheimer’s patients and protect them from fraud, it is important for the family of the patient to be aware of the warning signs and take the necessary legal measures.
Why Alzheimer’s patients are especially vulnerable
Alzheimer’s disease gradually attacks the memory, reasoning skills, and the capacity to make good decisions. As the disease advances, the victim may find it hard to recognize when someone is trying to trick or scam them. For instance, the victim may find a bill to pay or a request to consider a financial issue confusing. This situation makes scammers target such victims because they know the victims might be less alert to their tricks.
Scammers use different tricks to scam their victims. They may try to trick their victims into believing that someone is in trouble or that the IRS or the Social Security Administration is demanding money from the victim immediately. They may also try to trick the victim into believing that their computers have a virus that requires immediate fixing. The Alzheimer’s victim may be confused and unable to verify the information. The victim may be forced to act fast without taking the necessary precautions.
Another factor that contributes to the problem is loneliness. Alzheimer’s patients tend to be lonely because they spend most of their time alone without any supervision. This allows scammers to target the same individual repeatedly. Some victims may even become friends with the scammers because they believe the scammers are helping them.
Further, Alzheimer’s disease attacks the memory of the patients, which makes the victims unable to remember their last interaction with the scammer. This allows the scammer to repeatedly target the same individual. Scammers will take advantage of elderly people. In fact, they tend to be their favorite targets.
Warning signs of financial exploitation
Identifying the early signs of financial abuse will help prevent major financial losses. Some of the early signs include:
- Unusual transactions on bank accounts
- Changes to wills, trusts, and beneficiary designations
- Large purchases and/or financial gifts
- Unpaid bills when there is enough money to pay
- New “friends” and “advisors” who seem very interested in the person’s finances
When a person with Alzheimer’s disease starts to exhibit some of these signs, it is crucial to act fast and take the right steps to protect their finances.
Legal tools that can protect vulnerable individuals
There are numerous legal mechanisms that can be used to prevent individuals from financial exploitation. The most powerful of these tools is the durable power of attorney. A trusted person is granted decision-making power over the elder’s estate. The trusted person would take over their finances, pay their bills, and ensure they’re spending money on legitimate expenses.
In addition, the creation of a revocable living trust is also a powerful tool whereby a person’s financial affairs are placed in the hands of a trustee, who is required to act in the best interests of the beneficiary.
Talk to a Virginia Beach, VA, Elder Law Attorney Today
The Law Office of Angela N. Manz can help you and your family plan around an Alzheimer’s diagnosis with powerful legal tools that protect your loved one. Call our Virginia Beach elder law attorneys today to schedule an appointment, and we can begin discussing your next steps right away.