The Financial Elder Abuse Epidemic

Financial Elder Abuse

Sadly, financial elder abuse is only spreading and infecting individuals at terrifying rates, throughout San Francisco County and beyond. A recent study shows that somewhere around 3.2 million Americans were victims of financial elder abuse last year alone, with the average victim losing around $30,000 due to the abuse. In total, $2.9 billion per year is lost due to financial elder abuse in the United States. With these numbers, it is important to protect our senior population from become part of this growing statistic. While financial elder abuse comes in many forms, there are some classic warning signs that can be associated with your family member or loved one becoming a victim of this horrible crime.

What It Looks Like And Who It Comes From

Financial elder abuse often occurs in instances of isolation and seclusion, new friendships and caregiver relationships, and physical, emotional, and mental vulnerability. Perhaps the most insidious feature is that financial elder abuse comes at the hands of the victim’s own family members and friends. Other perpetrators could be caregivers, attorneys, financial advisors, or professional solicitors.

In terms of warning signs, there are many, and no new case looks identical to the last. However, often we see seniors handing over their finances to a new individual, which can be a invitation to financial abuse. Additionally, any new or different spending habits or any loss of assets could point to financial elder abuse. If the elder also seems to be spending more time with individuals whom you may not know or if the elder is difficult to catch, these could be signs of elder abuse.

How To Prevent It

Prevention is perhaps the most important piece of this financial elder abuse puzzle. We advise that loved ones stay involved and active in the senior’s life and educate them on proper disposal of financial records. Look into methods of obtaining a safe and unbiased power of attorney to monitor finances.. Ask the senior if you may look over their transactions every couple of weeks to ensure their safety. Financial elder abuse is happening rapidly, and once the damage is done, it becomes difficult to undo. Bottom line is that staying involved in your loved one’s life is the surest way to avoid financial elder abuse.

Contact Us

If you or a loved one has suffered from financial elder abuse in San Francisco County or in any California county, contact the Evans Law Firm elder attorneys at (415) 441-8669, or by email at info@evanslaw.com. Our attorneys have experience with complex financial contracts and large insurance companies. We can help guide your case through a jury trial or toward an equitable settlement. We handle cases involving physical and financial elder abuse, qui tam and whistleblower law, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.