Seniors get old and lose their ability to distinguish between trustworthy and un-trustworthy acquaintances and strangers. (Learn more.) The elderly often rely upon others for their care and well being, including their financial responsibilities, which places them in a vulnerable position. They are dependant and trusting and can easily be taken advantage of by the people they entrust to oversee their financial responsibilities. Instead of being cared for with respect and care, the financial abuser can be a family member, caregiver or nursing home staff. This article discusses some of the scenarios that lead to defrauding of elders and their kin.
Financial elder abuse can take several different forms;
Obviously, a lawyer, old or even new “friend”, or family member can do this the easiest. It can be in the form of a family member who convinces the elderly parent or relative to place all their property and assets into their name. This leaves out other siblings or family members when the elderly person dies, since this elderly financial abuse results in one family member owning all properties outright. This can also be perpetrated by a caregiver that is not a member of the family, but financially gains by convincing the elderly person to sign over property and assets to them.
Another type of elderly financial fraud that the elderly person can suffer is taking money from their wallet or purse and convincing them to spend money on items or memberships they cannot use. These things are often done without the elderly person’s consent or they feel defenseless to agree to allow this person to take advantage of them, by taking cash or charging items.
Financial elder abuse can be in the form of telemarketing fraud or identity fraud, and medical fraud, all which take funds from the trusting elderly person. These things are done often by putting pressure on the elderly person, where they feel they have no choice, but to give out financial information.
The elderly victim normally will not accuse their financial abuser and it falls to the family to expose this person with the assistance of a financial elderly abuse attorney. It is important to stop financial elderly abuse and when a family believes this member of their family has put their trust in a person that has taken advantage the financial elder abuse attorney should be contacted. This is a legal counselor that can discuss the legal options available and advise the steps to take to recover the property of the elderly family member or friend that trusted the wrong person.
We hope you have enjoyed our discussion on identifying financial exploration of elders and their legal heirs. When an elderly family member or friend might be a victim of financial elder abuse contacting a financial elder abuse attorney can discuss the situation and provide legal options to remedy the situation and protect the graying, and vulnerable victim’s rights. Ehline Law Firm PC 213.596.9642