Financial Elder Abuse
Financial Elder Abuse is unfortunately a growing situation and therefore a growing concern. Financial Elder Law Abuse is the unauthorized use of an elder’s financial resources, funds, or property which results in the elder suffering financial loss. An elder is a person who is 65 or older. Elders are vulnerable to financial abuse as a result of their age and the fact that they often have saved money for retirement. This type of abuse is more common to elder’s with diminished physical or mental capacity, but Financial Elder Abuse can happen to even the healthiest elder.
Financial Elder Abuse Explained
California Civil Law defines elder financial abuse has taken place when a person has done any of the following:
- Taken, secreted, appropriated, obtained, or retains property of an elder for wrongful use and or intent to defraud
- Assisted in taking, secreting, appropriating, obtaining, or retaining property of an elder for wrongful use and or intent to defraud
- Taken, secreted, appropriated, obtained, or retains property of an elder by undue influence
Wrongful use is when the person knew or should have known that their conduct was likely to harm the elder.
Types of Financial Elder Abuse
There are many forms and ways and elder can be financially abused such as:
- Taking money from an elder’s wallet
- Deceiving an elder into paying or over paying for something
- Forging an elder’s signature on check
- Scams involving healthcare providers
- Real estate predatory lending elder abuse
- Credit card fraud
- Investment fraud
- Failure to pay an elder’s upkeep from a trust
- Mail/internet fraud
Perpetrators of Financial Elder Abuse
Perpetrators of financial elder abuse are commonly, but not limited to, caregivers, insurance agencies, nursing homes/ assisted care facilities, various businesses, strangers, and even family members. Legal action against financial elder abuse does not require the showing of age targeting or that the elder had any capacity issues. Financial Elder Abuse is when any person, who is not entitled to the elder’s assets, intends to exploit or defraud an elder or actually does exploit or defraud an elder. If you are fearful that your family member or loved one has been the victim of Financial Elder Abuse please contact our experienced attorney’s so that we can handle the issue with urgency and the utmost level of care.