Financial Abuse

Financial abuse of the elderly is commonplace. In the practice of nursing home abuse cases, this area of the abuse is often times missed by family members until it’s either too late or difficult to recover. As individuals age, they become less connected to financial matters and often times rely on the unreliable or even the criminal to assist with their personal financial affairs. This is common in nursing home abuse cases. Financial abuse in nursing homes is rampant.

There have been reports that as many as 1 in 25 nursing home residents are financially abused. That could mean as many as five million American elderly are taken advantage of financially on an annual basis.

When Illinois nursing home residents are no longer able mentally to take care of financial matters, they often trust caregivers to manage their bank accounts and other financial affairs. Too often when the powers are granted to another, they take advantage of the elderly. Too often the financial abuse includes stripping the nursing home resident of their financial security by wasting their funds or actually stealing them. Financial abuse can be devastating to a nursing home resident and his or her family.

With the permeation of technology in financial circles, the abuse of the elderly has become more sophisticated, yet still devastating. In some ways, because of technology in financial quarters, nursing home financial abuse has been done by attendants, aides and even by nursing home administrators.

Financial abuse to nursing home residents can take a variety of forms. It could be as simple, yet devious as stealing personal property of a resident. It could take the form of trickery such as having a resident sign a financial document in favor of the perpetrator. I may mean forging checks made payable to a nursing home resident or using an ATM card or a credit card of a resident.

Families and close friends of a nursing home resident should be watchful for signs of financial abuse. They could be subtle or obvious. Signs of possible abuse could take the form of a sudden wish to amend an existing estate plan, unexplained transfers of funds or sale of savings or adding stranger’s names to bank accounts or stock portfolios. The resident may inexplicably decide or act to transfer money to a new bank, closing another account and adding non-family members to the account.

Illinois nursing home residents have many times worked their whole lives to save their “egg nest” only to have the nest of hard earned funds stripped away by the unsavory, the dishonest and the criminal elements that have under false pretenses gained the trust and faith of the resident. The finances of the resident are to be safeguarded at all times. It is unfortunate that financial abuse of the elderly is so common. But under Illinois law and under the authority of the Illinois Nursing Home Act, there is legal action that can be taken to recover a nursing home resident’s stolen money and property.

The typical financial abuse case arises because the nursing home resident unknowingly entrusts individuals with their confidential financial information. In most of these cases the nursing home resident is duped in trusting the person so entrusted. It seems to the resident that divulging this information will be helpful to them because handling the finances seems so complicated at that time.

If you or someone else you know has been victimized by financial abuse at an Illinois nursing home, assisted living facility or long-term care facility, you may be entitled to legal recourse.

Please call us for an immediate consultation. Robert Kreisman of Kreisman Law Offices has been handling Chicago and Illinois nursing home financial abuse cases for more than 40 years. Kreisman Law Offices has prevailed in trials and settlements in Chicago, Illinois and surrounding communities and has successfully resolved cases for those injured or abused in nursing home settings for these many years.

With our years of experience in trying and settling nursing home financial abuse cases, Kreisman Law Offices provides the best possible services to our clients and have achieved unsurpassed results. Our service is unmatched. We take great pride in the legal work we do for our clients. Please call us 24 hours a day at (312) 346-0045 or toll free (800) 583-8002 for a free and immediate consultation, or complete a contact form online.

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