This blog, written by a lawyer, gives a clear description and examples of elder financial abuse, and what advisers and providers can do if they suspect it.
Accountants and financial advisers can often become aware of the financial abuse of older people.
Family members and others may be siphoning off money from bank accounts, selling assets or pressuring older people into personal loan agreements.
Elder abuse is widespread across Australia, says Rebecca O’Toole, Director of Contested Will and Estate Lawyers.
“A common scenario is when someone doesn’t want to be put into a nursing home,” she says.
“A family member offers to care for them in the elderly person’s home, provided ownership is transferred to them. Once they get the house, they renege and put them in a nursing home. That’s when they come to us. It's terrible.”
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