This month we have been discussing financial planning for your special needs child as well as how to protect your child from financial abuse and financial issues after you can no longer care for him or her. One of the best ways that you can prevent the financial abuse of your special needs loved one is to make certain that both you and the people who care for your child recognize the signs of financial abuse.
Here are some of the most common red flags:
- Your loved one is not receiving the care that he needs, or seems to be receiving less care than he should be able to afford.
- Your loved one’s bills are not being paid, despite the fact that there should be money set aside specifically for these bills.
- Your loved one is intentionally isolated from friends and family.
- Some or all of your loved one’s valuable possessions have gone missing.
- Your loved one’s financial statements show purchases that don’t make sense, such as ATM withdrawals far away from his location, or a gym membership your loved one couldn’t possibly use.
- Your loved one cannot explain recent purchases, financial decisions, or changes to his will.
- Your loved one has a sudden change of demeanor that cannot be explained.
- A friend or relative takes a sudden interest in your loved one and/or their finances.
- A friend or relative is using your loved one’s possessions or property without permission.
- Someone offers your loved one lifelong care in exchange for property or other assets.
- Bank statements and other financial information appear to stop arriving in the mail.
What should you do if you believe that someone with special needs is a victim of financial abuse? Document your concerns and talk to the appropriate authorities. You may also wish to alert family members that you trust about the situation.
One of the best ways to protect against special needs financial abuse is to create a great plan for your special needs child in the event of your death. Speak to a California estate planning attorney today to find out more about how you can plan for the future and protect your loved ones. Call The Law Office of Janet Brewer today: (650) 325-8276.