Financial Exploitation and Your Aging Loved One
From telemarketing scams to forgery, identity theft or undue influence, the aging population is increasingly vulnerable to financial exploitation. Aside from their advanced age, Find Law explains that older adults are more dependent on others, not to mention many elderly individuals have more financial assets. Unfortunately, much of the exploitation experienced (up to 90%) takes place in a family setting where close family members are providing care or acting as power of attorney. Given the sobering reality concerning financial exploitation, it’s important to understand this type of elder abuse and how it could victimize your aging loved one.
The National Center on Elder Abuse estimates that financial exploitation costs older adults around $2.9 billion on a yearly basis, with projections that this number will increase. As such, financial abuse of aging individuals is one of the most frequently reported forms of elder abuse. As mentioned, the abuse is generally not a result of long-term care facilities, but rather close family members or friends that have access to a person’s financial assets. In some instances, a family member will insert themselves into the affairs of the aging loved one in order to gain trust and ultimately control over their accounts and/or property. This is one of the signs of financial elder abuse, as well as the following:
- Unusual bank account activity
- Financial transactions that cannot be explained by the aging adult
- Disputes among family members regarding an inheritance
- Declining health or mental capacity of an elderly loved one, especially dementia
While statutes are in place to protect against financial exploitation of the elderly, it remains an issue, even among those of sound mind. In other cases, the victim might be too confused to be able to identify the abuse, or he or she might be unwilling to report a family member. Even so, given the number of senior citizens across the U.S. that are projected to experience financial abuse and the small percentage of cases that are actually reported, it is important to contact an experienced estate-planning attorney that you can trust.
Attorney Robert Turner Takes Action Against Elder Abuse and Financial Exploitation
As a seasoned estate-planning attorney, Robert Turner of Turner Law, LLC, is committed to protecting the rights and well-being of the elderly. With proactive planning, Mr. Turner provides expert counsel with estate planning tools to protect and defend your loved one.
Call Turner Law, LLC for a free initial consultation to discuss your claim today.
Posted on the behalf of Turner Law, LLC