Posted on Wednesday, March 23rd, 2016 at 5:48 pm
It is estimated financial elder abuse costs victims more than $2.9 billion each year. An estimate states that senior citizens lose 12 times more money each year than previously thought. During a five-year period, 37% of seniors are the victims of some type of financial elder abuse. Most people with family members in nursing homes and assistance living facilities are careful to watch for signs of physical or mental abuse, they fail to watch for signs of financial elder abuse until it is too late.
Types of Financial Elder Abuse
According to the National Committee for the Prevention of Elder Abuse (NCPEA), financial elder abuse takes several different forms including but not limited to:
- Using the person’s property or possession without the person’s consent
- Taking property or money from the person without his or her consent
- Forging the person’s signature
- Promising long-term care or lifelong care for money or property and then failing to follow through
- Scams involving fraud and/or deceptive acts
- Using trickery, dishonest acts, deception, or false pretenses to perpetuate a fraud for financial gain
- Telemarketing scams
- Convincing an older person to sign a will, deed, power of attorney or other financial document through undue influence, deception, or coercion
Signs of Financial Elder Abuse
Family members with loved ones in nursing homes and other facilities should watch for the following signs of financial elder abuse. Families with loved ones who live on their own should also be vigilant in watching for signs of financial abuse.
- Senior person is forced to sell or give away property
- Senior person cannot pay his or her bills
- Senior person’s belonging begin to be missing
- Senior person is isolated from family and friends
- Senior person’s will is suddenly changed
- Senior person signs a power of attorney, deed, or other financial document without discussing it with family members
- Senior person’s financial situation suddenly changes without explanation
- Senior person’s bills are not paid on time even though he or she has the resources to pay the bills
- Senior person is receiving care that is well below the care the person should be able to afford
- Senior person has purchased items or services that he or she cannot or will not use (i.e. gym membership, mountain bicycle, skis, etc.)
- Senior person is afraid to speak in front of a caregiver, companion, or facility staff
What Should I Do If I Believe Someone is the Victim of Financial Elder Abuse?
If you believe your loved one is the victim of financial elder abuse, you need to contact our elder abuse attorneys immediately. The California Elder Abuse Act provides a legal remedy for holding a person accountable for financial elder abuse.
Contact Tiemann Law Firm to discuss the need to file a financial elder abuse lawsuit. We offer free consultations so that you can get the information you need to hold the parties responsible for elder abuse accountable for their actions. Call our office at (916) 999-9000 or chat with a representative on our website. We want to help you protect your loved one from financial elder abuse.