Seniors in nursing homes, assisted living facilities or tended to by a caregiver can be vulnerable to a less publicized form of elder abuse: financial elder abuse or exploitation. Financial elder abuse is defined as theft, unlawful seizure or misuse of an elderly person’s money, property or person for financial gain. This type of exploitation may be accomplished without consent, or via intimidation, deception, duress or undue influence.
Some of the most common forms of financial elder abuse include:
- Theft of money or property
- Signing of deeds, will or power of attorney through coercion
- Use of property or possessions without permission
- Deceptive schemes, scams and fraud for financial gain
Elderly residents under supervised care are an attractive target, particularly if they are isolated from family or vulnerable due to deteriorating physical or mental condition. It may also be easy to restrict access to their financial information, or abuse their lack of familiarity with financial matters.
Common Signs of Potential Financial Elder Abuse
Financial abuse is uncovered when alert individuals take notice that there is a problem. Common signs of potential financial elder abuse include:
- Notices of unpaid bills or late payments
- Unexplained bank account withdrawals or transfers
- Bank and financial records are missing or no longer arrive to the resident
- Legal documents that the senior does not understand or cannot explain
- Nursing home staff or a caregiver with an unusual interest in the resident’s finances
- Missing belongings or property
- Suspicious signatures on checks, legal documents or investment instruments
- Implausible explanations of financial activity from the resident or staff
California Financial Elder Abuse Lawyers
If you or an elderly loved one has been exploited or financially abused, Moran Law can help end the abuse and hold the perpetrators accountable. Contact us to learn more about your rights from Los Angeles’ leading team of elderly abuse attorneys.