Elder Financial Abuse: How to Spot It and What Legal Options You Have
Elder financial abuse is one of the most rapidly growing forms of exploitation. It is a silent form of abuse, which is usually perpetrated by someone the elderly person knows and trusts. It is, therefore, vital that you know the signs and the available legal options.
What is elder financial abuse?
Elder financial abuse is when someone misuses an older person’s money, property, or assets for their own benefit. It can occur in many different ways, including theft, fraud, coercion, and misuse of legal authority. Elder financial abuse is often perpetrated by someone who has access to the older person as a caregiver, relative, or someone who has been granted access to the elder’s estate via a power of attorney.
Examples of financial abuse include:
- Without permission, someone withdraws money from an older person’s bank account.
- Someone forges an older person’s signature on a check.
- An individual pressures an older person into changing their will.
- An individual misuses a power of attorney.
- An individual scams an older person through fake charities and/or the government.
Warning signs of elder abuse
Financial abuse is not always obvious, and there may be some signs that raise red flags, such as changes to the elder’s spending habits, missing money, or “friends” showing an unusual interest in their financial affairs. Other red flags include unpaid bills for which there is sufficient income, changes to estate planning documents, or feeling fearful or anxious about finances.
Family members may want to be aware if their elder relative starts to withdraw from social interactions or is dismayed from having private conversations with attorneys and other experts.
Why elders are vulnerable
Many seniors depend on others for help with daily needs, financial affairs, and medical decisions. Cognitive, physical, and emotional dependence can all make it easier for unscrupulous individuals to take advantage. Even the best caregivers can unwittingly violate the law.
Legal options for addressing financial abuse
In cases where elder financial abuse is suspected, prompt legal action can be taken to stop any further damage and, in some cases, recover some of the stolen funds and assets. This can be done with the assistance of an elder law attorney, who can assess the case and provide guidance on what course of action to take. This could include:
- Revoking a power of attorney that was granted but is being abused
- Bringing a civil lawsuit to recover stolen funds and assets
- Requesting court protective orders to stop any further exploitation
- Notifying authorities, such as Adult Protective Services and/or law enforcement, of the suspected elder financial abuse
- Implementing protective mechanisms such as a trust and/or oversight of financial matters
It should be noted that prompt legal intervention in cases of suspected elder financial abuse can make a big difference in protecting the elder’s assets and wishes.
How proactive planning can help
One of the most powerful deterrents of elder financial abuse is planning. Estate planning documents drawn in clear and precise language, along with financial check-ups and the appointment of trustworthy decision makers, can go a long way in preventing financial abuse. Meetings with an elder law attorney also help in keeping the plans in line with the wishes of the individual.
Talk to a Virginia Beach, VA, Elder Law Attorney Today
The Law Office of Angela N. Manz represents the interests of elders who need to draft or update their estate planning documents. Call our Virginia Beach elder law attorneys today to schedule an appointment, and we can begin discussing your next steps right away.