ATTORNEY NEWSLETTER
Huge Cost Of Financial Elder Abuse
Risk Factors Of Financial Elder Abuse
How To Protect Older Loved Ones
According to the National Council on Aging (NCOA), one out 10 seniors fall victim to some type of elder abuse, and elder financial abuse and fraud costs older Americans somewhere between $2.6 billion to $36.5 billion annually. Under California elder law, all acts of financial elder abuse are criminal and grounds for civil liability against the person who took the property. Anyone assisting in financial elder abuse, even if another person is the one who physically takes the elder’s property, also commits financial elder abuse and is responsible for the property taken. Penal Code § 368; Cal. Welf. & Inst. Code § 15610.30(a)(1) and (2). If you or a loved one has been the victim of financial elder abuse by a caregiver or other person in San Mateo County or elsewhere in California, call us today at (415)441-8669. We will pursue all persons responsible for a senior’s injury. Our toll-free number is 1-888-50EVANS (888-503-8267).
Risk Factors Of Financial Elder Abuse
According to the National Center on Elder Abuse, the elderly may be targets for financial abuse because they’re more likely to have disabilities, such as declining cognitive conditions, that make them more vulnerable. Older adults also may be socially isolated or lonely, which leaves them dependent on others for help — and susceptible to people who may want to take advantage of them.
Although it’s difficult to establish cause-and-effect relationships between risk factors and financial elder abuse, the elderly are more at risk when they:
- Financially support another person including an in-home caregiver.
- Have low levels of social support.
- Have recently had a stroke or other traumatic physical event.
- Are going through bereavement.
- Require assistance with daily activities, are in poor health or are dealing with depression.
- Have experienced previous traumatic family events.
How To Protect Older Loved Ones
If you have an older loved one living alone or under the care of an in-home caregiver, these are the circumstances when your loved one really needs your help. Isolated seniors are the most vulnerable older people to fall victim to financial abuse. First, make sure they don’t have any accessible cash, checks or credit cards accessible to the aides who enter the home. Also, make sure that financial information like account numbers and Social Security numbers are kept away from a caregiver’s glance. Monitor credit cards and bank accounts online as frequently as possible. Have financial statements and important papers mailed to your own address so others do not have access to you loved one’s business mail. Never, ever grant a power of attorney to a caregiver or give them a credit card to go shopping or an ATM to get cash. Accompany older loved ones whenever they go shopping or go to the bank or have any sort of meeting about financial matters. You can be there to protect them from outright theft and the problems they may get into if they are sold an unsuitable investment or insurance product like an annuity. Perhaps most important of all, if you suspect anything wrong, do something about it right away.
Contact Us
Ingrid M. Evans represents elder and dependent adults in San Mateo County or elsewhere in California who are victims of any kind of financial exploitation or other abuse. Ingrid can be reached at (415) 441-8669 or TOLL FREE 1-888-80EVANS (888-503-8267), or email us at <a href=”mailto:info@evanslaw.com”>info@evanslaw.com</a>.
