Warning Signs of Elder Financial Abuse

Due to their vulnerability, the elderly are at high risk of becoming victims of financial abuse. Age-related issues can impact an elderly person’s cognitive skills, making it easier for perpetrators to take advantage of them and gain control of their assets. Critically, conditions such as Alzheimer’s, dementia, and other mental impairments can make it increasingly difficult for older adults to make sound decisions and understand their wealth. If you are caring for an elderly loved one, it’s essential to be aware of the warning signs of elder financial abuse — and what you can do about it.

What is Elder Financial Abuse?

Elder financial abuse occurs when a person or entity takes, obtains, or appropriates the real or personal property of an elder or dependent adult for wrongful use — or with the intent to defraud. This type of abuse can be committed by friends, family members, guardians, caregivers, strangers, or assisted living facilities. The wrongdoer may use manipulation, intimidation, or coercion to achieve their wrongful objectives, or they may deprive the older adult of life’s necessities.

Elder financial abuse can involve theft of valuables, taking control of an elder person’s power of attorney, or using the elder person’s cash or credit cards without permission. Elder financial abuse can also be much more complex and involve other crimes such as forgery, fraud, extortion, illegal property transfers, embezzlement, and conspiracy.

What are the Signs of Elder Financial Abuse?

While anyone can be at risk of financial abuse, older adults who live alone, have cognitive issues, and do not have a support network are typically at a greater risk. If no one is checking in on an elder, financial abuse can go unnoticed for a considerable amount of time. Often, the victim may not realize they are being tricked into providing financial information or are being exploited.

Elder financial abuse can be complex and there are a wide range of signs that such exploitation is occurring. Some of the most common signs of elder financial abuse can include the following:

• Changes to a will, power of attorney, or other estate planning documents
• Notices from a mortgage or credit card company
• A change in spending habits
• New accounts that have been opened without the elder person’s knowledge
• Checks that are made out to the perpetrator
• Suspicious signatures on checks
• Unpaid bills and eviction notices
• Large, frequent, or unexplained bank withdrawals
• New friends that seem to be controlling of the elderly person
• Expressing concerns about money
• Missing valuables
• Refusing to obtain medical care or treatment

Other indications of elder financial abuse can include mood changes, depression, and anxiety. In some cases, financial abuse may occur alongside physical, emotional, or psychological abuse.

Sometimes, it can be helpful to look for signs of financial abuse in the alleged perpetrator. For example, someone may be financially abusing an older adult if they make a lot of new financial decisions for the elder, show an unusual interest in how much money the elder is spending, and have financial problems of their own. Warning signs can also include being referred to as a “new best friend” by the elderly person or strange financial activity occurring after the new person has entered their life.

What are the Legal Remedies for Elder Financial Abuse?

If you suspect your loved one has been a victim of elder financial abuse, it’s critical to take prompt action in order to hold the wrongdoer accountable for their unscrupulous conduct. While these matters are often highly nuanced, an experienced financial elder abuse attorney can evaluate the situation and determine the best course of action.

An older adult who has been a victim of financial abuse may be entitled to a wide range of remedies. While elder financial abuse is a crime in California in many cases, they are typically handled as civil matters. A victim may be entitled to recover for the financial damages they’ve suffered — as well as for their emotional distress and mental anguish. In addition, California law provides for an award of punitive damages in elder financial abuse cases. These damages are meant to punish the wrongdoer and deter others from committing similar acts.

Under California law, an individual who has committed financial abuse may be disinherited from the victim’s will. Specifically, if clear and convincing evidence can be shown that financial abuse occurred, the wrongdoer may be deemed to have “pre-deceased” the victim, which effectively disinherits them.

Contact an Experienced Financial Abuse Attorney

If you or a loved one has been the victim of financial elder abuse, it’s essential to have an experienced attorney who can work to achieve a positive resolution in your case. At White and Bright, LLP, our financial elder abuse attorneys are skilled in securing positive results in even the most complicated matters. We welcome you to contact us online or call us at (760) 747-3200 to learn more about our trusts and estates litigation practice and how we can assist you.