Understanding Financial Elder Abuse

If you have an elderly family member or loved one living in California, you may benefit from learning more about financial elder abuse. This form of elder abuse involves someone using illegal, fraudulent, improper or unauthorized acts to access the resources of an elderly person to personally gain, profit or benefit from the victim’s assets or belongings. Researchers have found that over 37% of all U.S. seniors have experienced some form of financial abuse or exploitation.

Who Financially Exploits Elders?

Financial elder abuse and exploitation may occur in a domestic setting in which the elderly person and offender have a relatively close relationship, like a trusted friend, close relative or caretaker. This is one of the most frequent scenarios and, also, one of the most challenging, often involving deep-seated conflicts and complex family dynamics. Financial abuse may also be committed by institutions, like a nursing home, or strangers over the phone.

How Are Elders Financially Abused?

Financial elder abuse and exploitation involve taking advantage of an elderly person for financial gain. Strangers may be impersonators acting as home repair professionals, grandchildren, police or utility workers, among others, to access seniors’ resources. This may also be accomplished through email phishing or financial fraud involving investments or identity theft. Caregivers, family and friends may use tactics like withholding of care, power of attorney, accessing bank cards and checks, or violence to financial exploit their elders.

Recovering from Financial Elder Abuse

If you suspect an elder is being financially exploited or abused, contact legal counsel today. Lawyers who specialize in elder abuse/nursing home neglect possess the resources to investigate your claim and determine whether the elder is being victimized. Legal counsel may guide you through the legal process and negotiate on your behalf. Ultimately, attorneys may help you recover damages for restitution, pain and suffering, medical expenses, and lost income.