Elder financial abuse, also known as elder financial exploitation (EFE), is a growing concern as older adults become more vulnerable to manipulation by caregivers, family members, or fraudsters. This development is due in large part to limited familiarity with technology and a necessary reliance on caregivers.
Since these issues are rarely resolved, it is vital that people with a connection to or responsibility for their aging loved ones learn to recognize the signs of EFE early and understand the legal options available to them should they need to step in to protect their loved ones’ rights and assets.
Defining Elder Financial Abuse
Before deciding to seek an elder financial exploitation lawyer or other legal counsel, it is important to understand exactly what EFE is and how it looks in practice. US Bank defines elder financial abuse as “the illegal, unauthorized, or improper use of an older person’s property or financial assets,” clarifying that “an older person refers to someone 60 years old or older.”
EFE can be a highly emotionally charged crime due to the shame, confusion, or fear it can cause, thereby lessening the likelihood it is reported. Common perpetrators, such as family members and caregivers, are also usually quite close to the elder(s) they abuse, further introducing emotional and personal complexity to many cases. Forms of abuse can vary widely, ranging from unauthorized withdrawals to forged checks or coercion into changing wills.
Warning Signs of Financial Exploitation
On the whole, when seniors experience cognitive decline or social isolation, their risk of receiving financial abuse significantly increases. Although all older adults are vulnerable to EFE, those experiencing these circumstances should be monitored closely, especially regarding their finances.
Loved ones and professionals should watch for sudden changes, such as unexplained bank withdrawals/transfers, missing belongings or funds, new acquaintances posing as friends or caregivers with access to finances, and sudden modifications to legal documents, such as wills or powers of attorney. Bear in mind that, although these are some of the most common warning signs of exploitation, this list is by no means exhaustive.
Legal Protections for Elder Abuse Victims
States such as Nevada have laws in place to protect seniors from financial exploitation, including criminal penalties and civil recovery options. For example, people in Nevada can pursue legal action that could involve restraining orders, restitution, and asset recovery.
Additionally, victims or their families can file reports with Adult Protective Services (APS) or law enforcement. When victims pursue justice sooner rather than later, they may be able to hasten their emotional and financial recovery. It is important to note that states may differ in how residents should legally address ESE cases, so research should always be a priority.
When to Seek Legal Help
If you suspect a loved one is being financially exploited, you must respond to the situation as quickly as possible, as the longer this abuse goes on, the more serious its repercussions could be.
An experienced elder abuse attorney can assess the situation, help recover stolen assets, and prevent further abuse by initiating investigations and pursuing civil litigation. If necessary, an attorney can also guide families through guardianship or conservatorship to provide a loved one with a capable caretaker.
Elder financial abuse can be an incredibly personal and emotional matter, particularly when it involves family members or other trusted individuals. As such, EFE cases are often complex yet delicate, making them suitably matched to experienced legal expertise.
One has to recognize elder financial abuse before they can address it; however, making it vital for those with elderly loved ones to learn to recognize the most common warning signs of EFE and the kinds of people who most often perpetrate the crime. In doing so, family members and caretakers can rest easier knowing they have the information needed to protect people who may not be able to protect themselves.
FAQ
Q: What are the most common forms of elder financial abuse?
A: Unauthorized access to bank accounts and misuse of the power of attorney are some of the most common forms of EFE.
Q: Can family members be held legally accountable for elder financial abuse?
A: Yes. If found guilty of exploitation or theft, even relatives can face legal consequences.
Q: Can stolen assets be recovered through legal action?
A: Yes. An attorney may be able to help recover funds, freeze accounts, and seek compensation for damages through civil court.
