Financial elder abuse is a serious issue, and while individual signs may not definitively indicate abuse, a combination of these indicators should raise concern and warrant further investigation. Here are some common signs to look out for if you suspect an elder you know is being abused:
If you notice an elder begin missing monthly bills or payments they previously managed to pay on time, there’s a chance they’re being taken advantage of financially. This includes bouncing checks or being unable to make mortgage or rent payments.
It’s common for elders who are being taken advantage of to ask for financial help despite being on a fixed income and having previously managed without assistance.
Large sums of money or assets being transferred or gifted away without a clear reason is a major red flag.
Beware if an elder you know abruptly has new friends, business partners, or relationships who influence their financial decisions or is otherwise all of the sudden involved in new, uncharacteristic business or investment opportunities.
Elders often show an abrupt and abnormally unusual hostility towards loved ones or trusted individuals, becoming isolated from family and friends if they’re being taken advantage of. Abusers often pursue this as a means of preventing others from intervening and helping the victim.
Watch out if an elder becomes secretive about their financial affairs doing things such as refusing to discuss finances with previously trusted individuals or caregivers.
Another major red flag is if an elder suddenly accuses people they’ve trusted of trying to take their money and other general changes in how they handle their finances. A common example of this is no longer seeking help to review bank statements or accounts.
Red flags in an older person’s financial behavior include sudden financial needs, new estate planning documents, unusual purchases, and suspicious new relationships, among others. Being aware of these signs can help you identify and prevent potential abuse. If you observe these red flags, investigate further and take protective measures to ensure their safety and well-being.
If a loved one or an elderly person you know starts hiding money or asks to borrow large sums of money without a clear reason, make a mental note. It could indicate something going on behind the scenes. For example, they might suddenly need a significant amount of money, like $20,000, without an apparent cause despite being on a fixed income.
Large withdrawals or transfers of money that don’t match their usual financial patterns are yet another indicator that they’re being taken advantage of.
If someone you know or love has recently created new estate planning documents such as a power of attorney, healthcare directive, trust, or will with a new attorney, be on alert. Even worse is if they are unwilling to share these new documents with you, especially if they previously worked with a trusted advisor and were open about their plans.
If an elderly person makes unusual or extravagant purchases, such as buying a boat or an expensive car, without being able to use these items, it’s likely that they’ve bought them for someone else.
New relationships, such as friends, agents, or neighbors, who appear suddenly and become abnormally involved in an elder’s life are likely only around for one reason—to extract. It’s possible these people might have even been given power of attorney or added to bank accounts.
If you suspect financial elder abuse, start by discussing your concerns with the elder directly, then report to Adult Protective Services. If the situation is severe, involve law enforcement and seek an elder abuse restraining order. Consider the following points before interjecting yourself prematurely. Respecting their autonomy as much as possible is key.
1. Discuss The Situation With Your Loved Ones
Always begin by discussing your concerns with the elder. Ensure they have the opportunity to express their views and make decisions independently if they are able. Understand that they might not be willing to discuss the matter or might lack the capacity to protect themselves due to vulnerability.
2. Report To Adult Protective Services (APS)
File a report with APS. These reports are confidential, and APS will typically open an investigation. Doing so helps get professional eyes on the situation to assess and address any abuse.
3. Involve Law Enforcement
If the financial abuse is especially severe or egregious, file a police report to initiate a criminal investigation.
4. Seek An Elder Abuse Restraining Order
If there is sufficient evidence of financial abuse, you can seek an elder abuse restraining order to immediately restrict the abuser’s access to the elder. Ensure that the elder agrees to this step to avoid making decisions without their consent.
5. Consult Financial Advisors Or Attorneys
With the elder’s permission, arrange meetings with their trusted financial advisors or attorneys. These professionals can review finances and legal documents to ensure everything is in order and in line with the elder’s wishes.
6. Obtain A Court Action For Financial Relief
If money has already been taken, file a civil complaint in court to seek relief and recovery of the stolen funds.
7. Initiate A Conservatorship
A conservatorship should only be initiated as a last resort. They transfer the elders’ rights to make decisions to another person appointed by the court. While it removes the elder’s autonomy, it might be necessary in extreme cases to protect them from further abuse.
Taylor Preston of Preston Law Group, P.C. in California is a seasoned attorney specializing in elder law. He draws on a strong track record of defending the rights of seniors and has successfully guided numerous clients through complex cases of financial elder abuse. His experience in identifying and addressing these critical issues has made him a trusted advocate for vulnerable populations.
If you suspect financial abuse or need legal advice for a loved one, Taylor Preston is ready to help protect your loved ones. Contact Preston Law Group, P.C. today to schedule a confidential consultation.
Understanding the differences between financial elder abuse and financial fraud will help you identify the appropriate legal avenues and protections available to older victims as opposed to the general population.
Financial elder abuse laws specifically protect elders and dependent adults, providing broader protection and easier avenues for legal recourse. Elder abuse statutes are designed to facilitate early intervention and protection, encouraging proactive measures to safeguard vulnerable individuals.Â
Banks serve as a frontline defense against financial elder abuse. Here are some key roles and actions banks can take in fighting financial elder abuse:
Banks oftentimes monitor accounts for unusual or suspicious activities such as large withdrawals, sudden changes in spending patterns, or abnormally high ATM usage, which may indicate financial elder abuse.
When suspicious activity is detected, banks can flag the account for further investigation. This may include temporarily halting transactions to prevent further potential abuse until the issue is resolved, or limiting account access and requiring the elder to be present in person to authorize transactions.
Many banks have policies to report suspected elder abuse to APS or local law enforcement authorities. This helps initiate investigations and provides legal protection for the elder. Banks may have dedicated teams or protocols to handle and report cases of suspected financial abuse internally, ensuring swift action.
Banks collaborate with APS and law enforcement agencies to provide information and support investigations into suspected financial elder abuse. In cases where accounts are frozen or access is restricted, banks may require court orders to proceed with specific actions, ensuring legal compliance and protection for the elder.
While it is possible to recover assets lost to financial elder abuse, the process can be complex and depends heavily on the availability of evidence as well as the nature of the assets. Taking legal action can lead to recovering financial losses but not materialize anything regarding intangible losses such as sentimental value.Â
Think through the following key steps and considerations if you’re attempting to recover lost assets in financial elder abuse:
You can file a civil lawsuit against the abuser to recover the lost assets. This lawsuit can seek the return of the stolen assets or monetary compensation equivalent to their value. If the abuser still possesses the assets or has assets of equivalent value, these can be targeted in the lawsuit.
Collecting evidence is crucial to any legal case. In financial elder abuse cases, this includes bank statements, financial records, emails, and any other documentation that can prove the transfer or misappropriation of assets.
Testimonies from family members, friends, or professionals who noticed the financial abuse can further support your case. Financial experts can also be called to analyze financial transactions and testify about irregularities and signs of abuse.
Courts can issue injunctions to prevent further abuse and restraining orders to keep the abuser away from the elder. In some cases, courts can even freeze the abuser’s assets to prevent them from being dissipated before recovery actions are completed.
Hiring an attorney experienced in elder abuse and financial recovery can make a massive difference for you. They can guide through the legal process, collect evidence, and represent the elder in court.
The rise in elder financial abuse, particularly fraud, is driven by many things, but especially demographic changes, the vulnerability of the elderly, and the opportunistic nature of abusers. Let’s discuss further.
The size of the elderly population is growing dramatically, as it has been over the last several decades. As the baby boomer generation ages, the number of people over 65 is ballooning, increasing the potential targets for financial abuse. Elders often control a substantial number of high-value assets, including retirement savings, investments, and real estate. Many have properties that they purchased decades ago that have significantly appreciated in value and are completely paid off, too.
Aging can bring about cognitive decline, making elders more susceptible to manipulation and fraud. Diseases like dementia and Alzheimer’s exacerbate this vulnerability incredibly. On top of this, many elderly live alone or are socially isolated, reducing the oversight from family and friends that could help protect them from abuse.
It doesn’t help that many are not too tech savvy, so being in the midst of the outset of the digital age presents unique challenges for elders who may not be familiar with online banking and other financial technologies. This, in turn, makes them more prone to scams.
Contrary to what you might think, financial abuse often occurs in private settings where the risk for perpetrators is considerably lower when compared to more traditional contexts where crimes are committed. The potential for substantial financial gain in a short period is a significant motivator for abusers.
For more information on Recognizing The Signs Of Financial Elder Abuse In California, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (949) 993-0639Â today.
Taylor Preston of Preston Law Group, P.C. in California is a seasoned attorney specializing in elder law. He draws on a strong track record of defending the rights of seniors and has successfully guided numerous clients through complex cases of financial elder abuse. His experience in identifying and addressing these critical issues has made him a trusted advocate for vulnerable populations.
If you suspect financial abuse or need legal advice for a loved one, Taylor Preston is ready to help protect your loved ones. Contact Preston Law Group, P.C. today to schedule a confidential consultation.
