ATTORNEY NEWSLETTER
What is Elder Financial Abuse And Exploitation?
Where Does Financial Elder Abuse Occur?
Steps To Prevent Financial Elder Abuse And Recourse
Financial exploitation in the elder population has been on the rise, with financial institutions reporting quadruple the number of such incidences over the last several years, according to the Consumer Financial Protection Bureau, or CFPB. No matter how big or small the deception, it can leave older adults and their families financially and emotionally devastated. What can you do to protect your loved ones? It starts by understanding elder financial abuse, learning how to spot red flags, putting preventive measures in place and knowing how to report suspicious activity. Evans Law Firm, Inc. s represents victims and their families against all persons responsible for financial abuse of seniors. We pursue all available remedies for victims, including the mandatory award of attorneys’ fees and expenses in cases of financial elder abuse. Cal. Welf. & Inst. Code § 15657.5. If you or a loved one has been a victim of dependent financial abuse here in Los Angeles or elsewhere in California, call us today at (415)441-8669 for a free consultation. Our toll-free number is 1-888-50EVANS (888-503-8267).
What is Elder Financial Abuse And Exploitation?
As people age, involving the help of others in financial matters is common. Many seniors ask their financial advisor, caregiver and others for assistance with their money. But caregivers, strangers and even professionals can cross the line into financial abuse. Elder financial exploitation and abuse are when someone misuses or takes a vulnerable adult’s assets for their own benefit. Such financial abuse is broadly defined under California law:
(a) “Financial abuse” of an elder or dependent adult occurs when a person or entity does any of the following:
(1) Takes, secretes, appropriates, obtains, or retains real or personal property of an elder or dependent adult for a wrongful use or with intent to defraud, or both.
(2) Assists in taking, secreting, appropriating, obtaining, or retaining real or personal property of an elder or dependent adult for a wrongful use or with intent to defraud, or both.
(3) Takes, secretes, appropriates, obtains, or retains, or assists in taking, secreting, appropriating, obtaining, or retaining, real or personal property of an elder or dependent adult by undue influence, as defined in Section 15610.70.
Where Does Financial Elder Abuse Occur?
Seniors are vulnerable to financial elder abuse whether they are still living in their own homes or living in a care facility. Financial elder abuse is often done without the vulnerable adult knowing or consenting and can leave them without needed financial resources. While some instances occur as deception, false pretenses or sleight of hand, it isn’t uncommon for abuse to include coercion, harassment, duress and threats. Older persons with cognitive impairment are particularly vulnerable as they may not be able to comprehend financial transactions any longer or remember anything that has happened to them from day to day. They may trust a caregiver or other person who has insisted they will take care of them.
Steps To Prevent Financial Elder Abuse And Recourse
If you have a loved one in a care facility or living in their home with a personal caregiver, make sure their jewelry, cash and other valuables are in a safe place. Keep all financial information like account numbers and Social Security numbers away from a caregiver’s glance; caregivers are there to care for older persons, not to become involved in finances. Never, ever grant a power of attorney to a caregiver. Visit your older loved one as regularly as you can to see firsthand how they are doing. Accompany older loved ones whenever they go shopping or go to the bank or have any sort of meeting about financial matters. Perhaps most important of all, if you suspect anything wrong, do something about it right away. Qualified elder counsel, like Evans Law Firm, can pursue all persons responsible for abuse and seek all available remedies which include restitution (getting your money back), rescission (undoing any improper transactions), damages, and attorneys’ fees and expenses for having brough suit. Cal. Welf. & Inst. Code § 15657.5.
Contact Us
If you or a family member has been the victim of elder financial abuse in Los Angeles or elsewhere in California, call Ingrid M. Evans today reached at (415) 441-8669, or email us at <a href=”mailto:info@evanslaw.com”>info@evanslaw.com</a>. Our toll-free number is 1-888-50EVANS (888-503-8267).
