With 76 million people entering their golden years, the fight to combat elder abuse is more important than ever. The first step is informing Adult Protective Services and law enforcement about any suspicions of elder financial abuse. Then, it’s about preventing further harm and recouping any exploited assets.
Financial Exploitation
The theft of money or property from an older adult under pretenses, unfair influence, coercion, harassment, or intimidation is known as financial exploitation and is one form of elder abuse. It may involve cash, valuables, medications, personal belongings, and assets. It can include unauthorized transactions, forgery, falsification of records, property transfers, and denial of access to money or assets.
Many times, the perpetrator of an attack on an older adult’s finances is a trusted family member or friend. As a result, the victim of financial exploitation is often reluctant to report the abuse to a professional such as an attorney.
The legal strategies used to combat financial exploitation are often more complicated than those involved in prosecuting a criminal case and require much cooperation between attorneys, Adult Protective Services, and law enforcement agencies. Many of these cases are resolved without the filing of any lawsuits. An elder financial abuse attorney Portland OR, can help identify exploitation early and can assist with bringing it to an end.
Power of Attorney
When in the hands of a trustworthy individual, a power of attorney is a valuable tool for managing financial affairs if an older adult becomes temporarily or permanently incapacitated. However, when the agent is an evil family member, it can be abused to siphon money or assets away from the elderly individual. The key is for the person named under a POA to be thoroughly vetted before being selected. It includes ensuring that they are fully aware of their fiduciary duty to the elderly individual and that they are not profiting from decisions made by them under the POA.
Another key is for friends and family to talk openly about finances with their elderly loved ones and get a third party to review financial documents before any significant changes are made. It can help to deter trusted person abuse, which is one of the most common forms of financial elder abuse.
Identity Theft
An unfortunate fact is that identity thieves can victimize seniors. Criminals can use a senior’s personal information to steal money or property using their Social Security number and other personally identifiable information. It is essential to have a system in place for checking bank statements, credit reports, and other financial records regularly. This can help to catch suspicious activity. It is also essential to look for changes to powers of attorneys, wills, or life insurance policies. Seniors with an established system for monitoring their financial records can better recognize and report potential threats. When identity theft does occur, elderly victims often suffer significant financial and emotional distress. In a logistic regression model, several demographic and socioeconomic factors (including money lost, subsequent problems with friends/family, and time spent resolving issues) were significantly associated with distress.
Trusted Person Abuse
Trusted person abuse is a common yet underreported form of elder financial exploitation. It involves friends, caregivers, and relatives who steal or misuse an elderly victim’s money or assets. It can include purchases made without the victim’s knowledge or approval, forging checks, transferring ownership of property or assets, and changing legal arrangements (powers of attorney, titles to property, joint accounts).
Family members commit a significant portion of trusted person abuse because they often have a close relationship with the victim and can access their finances. Signs of trusted person abuse may include a sudden change in behavior, including isolation from other friends and relatives, suspicious or unauthorized wire transfers, or changes to the victim’s bank records. To help prevent this type of abuse, older adults should talk to their friends and families about their finances and be wary of anyone claiming to “help” them with their money or asking for their Social Security number or account information over the phone. Some states have laws allowing financial professionals to intervene or place holds on disbursements when they suspect a potential case of trusted person abuse.
