Elder Abuse and Financial Exploitation Lawyer
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Common Examples of Elder Financial Exploitation
Use of Credit Cards or Debit Cards
This is a common type of elder financial abuse because it doesn’t take much skill or time investment to commit. If an elderly person isn’t able to scrutinize their financial records, they may not know that a caregiver or someone else is using their money or lines of credit to make purchases.Identity Theft
Identity thieves typically prefer to target people who have a substantial amount of money in savings accounts and have high credit scores. Both tend to be true of older people. And while a younger person might be able to quickly spot evidence of identity theft on a financial statement, an older person might not discover that they’ve been targeted until they’ve already lost a significant amount of money.Abuse of Power of Attorney
There are many kinds of power of attorney. When someone can’t handle their day-to-day finances because of their age, they often grant a trusted person financial power of attorney. That means this person has the authority to make financial decisions for the elderly person. A person who is granted financial power of attorney has a fiduciary duty, meaning they are required to act in the best interests of the elderly person at all times. Unfortunately, some unscrupulous people disregard that duty, instead choosing to take money directly from the elderly person’s bank account or otherwise steal money or personal property.Scams
Anyone can fall victim to a scam. However, because many elderly people don’t have their full mental faculties, many scammers deliberately target old people because they think they’ll be more successful. Many scams targeting the elderly happen over the phone, but they also might start with email or social media. These are some of the most common:- Callers claiming to be from a government agency
- Fake lottery/financial prize scams
- Tech support scams
- Callers who pretend to be a relative needing emergency financial assistance
- Romance scams
Pressure to Change Wills and Other Important Documents
Some elder abuse cases involve caretakers emotionally or even physically coercing an elderly person to add them to a will or even make them the beneficiary of a life insurance policy. In other cases, a caretaker might simply ask the elderly person to sign a piece of paper, knowing that they’re too mentally incapacitated to understand what they’re doing.Why Does Elder Exploitation Occur?
What is financial elder abuse? This is when someone exerts any kind of undue influence on an older person for financial gain. These are some of the most common reasons this crime happens:
Greed or a Desire for Money
Some people choose to target the elderly because they simply want money or feel entitled to it. For instance, an adult child might see their elderly parent’s money as their inheritance and believe they should have access to it right away.
Financial Problems
While it doesn’t excuse theft, having financial problems can motivate some people to commit elderly abuse. Financial gain can be a powerful motivator, especially for someone who struggles to afford basic necessities.
Suppose a caretaker has considerable financial issues and sees an elderly person who has a large amount of money in savings. In that case, they might believe that they need the money more and are therefore entitled to it.
Nursing Home Negligence
Care facilities are supposed to be places where senior citizens feel supported, and the caretakers who work for them are in a position of trust. Unfortunately, some caretakers at nursing homes decide to take advantage of the vulnerable adults they’re responsible for.
When this happens, the individuals who commit the offense are responsible for their actions. However, in some cases, the nursing home or long-term care facility itself might also be legally liable because it failed to identify and stop the behavior.
Who Is Most at Risk of Financial Abuse?
While anyone can suffer from abuse, people who commit elder financial abuse often seek out specific targets they think may be easier to exploit. Often, older people with specific circumstances are more likely to be exploited:
They Have Few Close Friends or Family Members
Financial abusers know that if an elderly person has frequent visits from family members, someone is likely to see that something is amiss with their finances. However, if an elder is out of touch with their family and doesn’t have many close personal relationships, it may be easier for the abuse to continue undetected.
They Are Socially Isolated or Lonely
Similarly, if someone has very limited social contacts, they may make an easier victim for abusers. Lonely elderly people are also especially vulnerable to romance scams.
They Have Dementia or Another Age-Related Disability
It’s an unfortunate truth that having dementia or other age-related cognitive decline can make elderly individuals easy targets for those seeking personal financial gain. When someone has dementia, they may not understand what’s happening. Even if they do, they might not be able to effectively communicate that they have been made a victim of financial abuse.
How to Spot the Signs of Elderly Exploitation and Financial Abuse
- Sudden withdrawals from bank accounts
- New joint accounts or accounts created in your loved one’s name
- Sudden changes to a will, life insurance policy, or other important document
- Missing jewelry, cash, or other valuables
- Unpaid bills or other signs that routine expenses aren’t being paid
