Palmer Rodak & Associates
Palmer Rodak & Associates
Certified Family Law Specialists State Bar of California Board of Legal SpecializationServing your Community for 19 Years
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Understanding elder financial abuse

California residents who have loved ones approaching their later years have good reason to be concerned not only about their physical care and well-being but also about their financial protection. Elder abuse can come in many forms beyond physical abuse, sexual assault or neglect and lack of proper health care. Financial abuse is a serious problem for elderly people and their family members and understanding it is important.

As explained by the National Committee for the Prevention of Elder Abuse, there are different varieties of elder financial exploitation. Contrary to what some may think, it does not always require overt theft of money or assets although it may. One form of financial abuse is perpetrated by people who find ways to gain the trust of elderly persons and then use that trust to be given access to bank accounts or other financial assets. Another type of elder financial abuse is when a person coerces an elderly person to provide a signature on an estate planning document. Unbeknownst to the signer, they may be naming the financial abuser as the beneficiary of their estate.

Multiple factors may make an elderly person more likely to fall prey to a financial abuse than others. As Forbes notes, one problem happens when people are less able to get out of their homes and then become isolated from friends and family. They may then be more likely to connect with a person attempting to abuse them because it is at least some form of companionship.

Another problem is failing health. When mental cognition is impaired, people can be more easily exploited. Even impaired financial health opens up risks because of the greater number of people who end up involved in their personal lives providing care for them.

 

 

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Palmer Rodak & Associates
Certified Family Law Specialists State Bar of California Board of Legal Specialization

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