Seniors, or people over the age of 65, are some of our most vulnerable populations. They are frequently the victims of neglect and abuse. One form of abuse that they endure is financial abuse. Financial abuse or financial exploitation is a widespread problem that can result in thousands of dollars of losses or more for a single individual.
At Dimond Kaplan & Rothstein, P.A., our financial elder abuse lawyers can help recover losses on behalf of your senior loved one. We work tirelessly to protect the rights of the elderly and to hold all liable parties accountable for their wrongful actions. Were you or your loved one the victim of financial fraud or abuse? Contact our office to schedule a free, no-obligation case evaluation.
What Is Financial Elder Abuse?
According to the Department of Justice, elder financial abuse or exploitation involves the “illegal, unauthorized, or fraudulent use” of a vulnerable adult’s property. Financial elder abuse is unlawful. State and federal laws protect senior citizens from this type of exploitation. However, holding someone criminally responsible for elder financial abuse may not provide a victim with the compensation they need to fully recover their losses.
Individuals who have suffered elder financial abuse or exploitation are strongly encouraged to file a civil lawsuit against any liable parties. A civil lawsuit can help provide financial recovery for your losses. A financial elder abuse lawyer can help you understand your rights and determine the best course of legal action.
How Do Bad Actors Target the Elderly?
Perpetrators of financial abuse often prey on the elderly, and they are usually someone who is well-known or trusted by their victims. They may use their relationship with their victim to manipulate them into giving them money or access to their accounts.
Types of financial elder abuse include but are not limited to:
- Unauthorized use of credit cards
- Embezzlement
- Theft by false pretenses
- Forged checks
- Power of attorney fraud
- Identity theft
- Telemarketing scams
- Investment fraud and stockbroker misconduct
Financial abuse may be subtle at first. Many seniors do not realize that they have been victims until it is too late. They often trust the person who has stolen their money or assets, believing that they were acting in their best interest when having them sign documents or allowing them to have power of attorney.
What Are Signs of Financial Elder Abuse?
It is important to remain vigilant on behalf of your elderly loved one. Check in frequently to make sure that they have not been targeted in a fraudulent scheme. If anything seems unusual, make inquiries and speak with a financial elder abuse attorney as soon as possible.
Signs of financial elder abuse or exploitation:
- Unusual bank activity such as unexplained withdrawals
- New power of attorney
- A new person being named on accounts
- Sudden changes to financial documents including on a will or trust
- New beneficiaries being named in insurance documents
- Transfer of assets
- Unpaid bills
- New accounts being opened
- Unexplained closing of an account
Financial elder abuse is not always obvious. It can take years to discover that your loved one has been targeted, manipulated, or exploited. However, you need to report any suspected abuse immediately. The sooner you report the suspected abuse, the sooner you can help to protect your loved one and their assets. The best thing you can do to prevent abuse is to check regularly on your loved one’s finances and to act immediately with any suspicions.
What to Do If You Suspect Financial Elder Abuse
If you suspect financial elder abuse, the first thing you need to do is report it. There are several state and federal agencies that can help. A financial elder abuse lawyer can help determine which agencies you should report the suspected abuse to and how to ensure that the report is well-documented.
It is imperative to act quickly. The longer you wait, the more potential there is for additional or irreversible losses. It can be challenging to report an abuser, particularly if it is a family member or a trusted friend. Our legal team can help walk you through the process and make sure that the victim of the abuse is protected.
Contact Our Office to Learn More
At Dimond Kaplan & Rothstein, P.A., we provide nationwide representation for victims of financial elder abuse. Our lawyers are well-versed in holding perpetrators accountable for their wrongful actions. We will not rest until you receive the best possible outcome in your case. We know this may be a difficult time for your family, but we are here to help. You should not have to go through this alone.
Contact our office today to schedule a free, no-obligation case consultation. Let us help determine whether you have a valid claim and the steps that should be taken to stop further harm. There are never any fees unless we win. Contact our firm now to get started.
