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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Protecting a loved one from financial abuse

When it is time to begin drafting one's will in California, one of the most common concerns revolves around the protection of loved ones. While the amount of assistance one might need with estate planning can vary depending on his or her health, making big decisions can seem daunting. If a family member is not mentally capable of making independent decisions, the steps of estate planning can become all the more sensitive.  

The National Adult Protective Services Association immediately expresses worries over the fast-growing trend of elder financial abuse across the country; according to reports, this form of abuse has skyrocketed in the last decade. Furthermore, a shocking 44 percent of abuse cases go unreported. The NAPSA also shares that a large majority -- 90 percent -- of abusers are not deceptive strangers, but instead family members and close friends. Common forms of financial deceit can be found in lottery sweepstakes scams, home repair and yard work, telemarketing scams and charity scams -- all pursuits that trick elders into believing they are spending money with good and productive intentions. 

In addition to the aforementioned warning signs, family members and friends can help prevent cases of financial abuse by taking a few proactive steps. First, as Consumer Reports states, communication is key: according to CR, a huge risk for financial exploitation can occur when an elder is left in prolonged periods of isolation. Staying in touch can help family members detect any suspicious activity in nursing homes or from misleading services. Another way children can protect their parents from abuse is by keeping an eye on accounts, as consolidating accounts can make them more manageable. However, by the same token, it is important to pay attention to 401k plans and other details when making these changes. Discovering that a loved one has become victim to financial abuse is no light matter, but by referring to a few financial tips, families can help reclaim personal information, as well as one's dignity.   

 

 

 

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

Del Mar Office
445 Marine View Ave Ste 300
Del Mar, CA 92014

Phone: 858-356-4568
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Oceanside, CA 92054

Phone: 760-712-3889
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