Elder Financial Abuse Examined

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One of the biggest social epidemics in the United States is the trend of elders being taken advantage of for financial gain.  Classified as financial elder abuse, senior citizens often find themselves the targets of exploitation because of their weakened physical and mental states.

Often, the elderly have disabilities that make them dependent on others.  These caretakers often have access to the senior’s home and financial assets; making them extremely influential to the person they are caring for.  The most severely impaired elders often are not aware of their own financial situation.

Elder financial abuse can take many forms, and can be committed through a variety of actions.  Financial exploitation is not the only form of abuse of elderly victims; the abuse can also be physical, sexual, verbal, and emotional.

Forms of senior financial abuse include:

• Taking money or property
• Forging an older person’s signature
• Getting an older person to sign a deed, will, or power of attorney through deception, coercion, or undue influence
• Using the older person’s property or possessions without permission
• Promising lifelong care in exchange for money or property and not following through on the promise

Overview of Elder Financial Abuse

Different tactics are often used on senior citizens in order to gain access to their finances. These scams are often designed to build false confidence in the victims, making them believe they are making an investment with their savings. Perpetrators use deception, intimidation, or exaggerated claims to convince the seniors to send them their financial information, including credit card and account numbers.

The people who are most likely to commit senior financial abuse come in a variety of relationships to the elder.  Most commonly the abusers are other family members, close friends, spouses, financial advisers, or other trusted acquaintances. Elders who fall victim to these schemes often suffer from emotional distress, have suffered a loss, have mental or physical disabilities, lack familiarity in financial matters, and are lonely. Additionally, many seniors are not aware of the value of their assets, and are often loose in their decisions pertaining to them.

Signs of elder financial abuse include:

• Unpaid bills, eviction notices, or notices to discontinue utilities
• Withdrawals from bank accounts or transfers the elder cannot explain
• Bank statements and canceled checks no longer come to the elder’s home
• New “best friends”
• A caregiver expresses excessive interest in the amount of money being spent on the older person
• Belongings, money, or property are missing
• Implausible explanations given about the elderly person’s finances by the caregiver
• The elder is unaware of or does not understand the current financial arrangements that have been made for him or her
• Signs of life insurance fraud or annuity scams

Join an Elder Abuse Class Action Lawsuit

If you or a loved one have been victim of financial elder abuse or physical elder abuse, you have legal options.  Please visit the Elder Abuse Nursing Home Neglect Class Action Lawsuit Investigation.  There, you can submit your claim for a free legal review and if it qualifies for legal action, a seasoned elder abuse lawyer will contact you for a free, no-obligation consultation.  You will be guided through the litigation process at no out-of-pocket expenses or hidden fees.  The elder abuse lawyers working this investigation do not get paid until you do.