ATTORNEY NEWSLETTER
Some Recommended Rules From Financial Advisors
Financial elder abuse is an especially disastrous form of abuse of seniors, and millions of seniors are victims of financial elder abuse every year in this country. Senior victims of financial elder abuse are frequently targets of abuse from the very people they have entrusted to care for them or manage their financial affairs once they have lost the ability to manage for themselves. Below we share three simple rules one financial advisor suggests for keeping your older loved ones safe from financial elder abuse.
The San Francisco Bay Area financial elder abuse attorneys at Evans Law Firm, Inc. represent victims in civil actions against all manner of abusers: caregivers, trustees and those acting under Powers of Attorney, insurance agents, brokers, reverse mortgage lenders, financial advisors, embezzling family members, caregivers, and scam artists. If you or someone you know is the victim of financial elder abuse in the Bay Area, call Evans Law Firm today at 415-441-8669 (or toll free at 1-888-50EVANS).
Three Rules To Remember
One financial advisor has suggested three rules to remember in safeguarding seniors from financial elder abuse, and we share those with you along with some of our own ideas:
Rule No. 1. Help your older loved ones with their financial matters so that they do not lean on strangers for assistance. All too often, we see scenarios where a senior living alone has to relay on a caregiver or other stranger to help him or her with financial matters. This reliance leads very often to financial elder abuse. Never, ever, let an older person give a power of attorney to a caregiver or other stranger.
Rule No. 2. Talk over financial transactions with your older loved ones before he or she makes any commitments. Before you or your loved ones make large political donations (that are not deductible), borrow to help a friend, gamble considerable sums, buy annuities, wire money to Nigeria, or start a farm, talk to your loved ones and professional advisers, about whatever it is. Getting second, third, and even fourth opinions from your CPA, CFP, attorney, and each other about what is going on in your life is essential to avoid the dire consequences of more severe forms of elder financial abuse.
Rule No. 3 is simple: You and your loved ones need to know how much things cost. For example, if a contractor tells your older loved one he wants $150,000 for work on the elder’s house, get bids from several other contractors so you are sure the senior is not being ripped off. Comparison shopping for large expenditures is part of the rule. If a senior needs to buy a car, go with her or him to negotiate.
Remedies and Prevention
If you’re a senior or the loved one of a senior to be cautious in all financial matters. Know that anyone could be a potential financial predator. Report financial elder abuse to the authorities when you first suspect it but also seek counsel to pursue all available remedies under California law including the mandatory award to you of attorneys’ fees for bringing your case.
A few other important ideas for preventing financial elder abuse: Do not relinquish authority by a Power of Attorney to anyone unless it’s someone you completely trust. Make sure checks are kept in a safe place. If in-home care is required, do a thorough background check on anyone before hiring them. Dependent seniors are often victims of financial elder abuse by caregivers. Keep an eye out for strangers who suddenly become over-involved in a senior’s daily life. Don’t respond to door-to-door, phone or internet solicitations for money; these are the most recurring types of financial elder abuse. Lastly, if you’re a senior, don’t isolate; let loved ones and longtime friends and professionals help you just as you helped them in your younger years. If you’re the loved one of a senior stay involved and maintain daily contact.
Contact Us
If you or a loved one been the victim of financial elder abuse in the San Francisco Bay Area, contact financial elder abuse attorney Ingrid Evans and the other Evans Law Firm financial elder abuse attorneys at (415) 441-8669(or toll free at 1-888-50EVANS), or by email at <a href=”mailto:info@evanslaw.com”>info@evanslaw.com</a>.
