Temecula Financial Elder Abuse Attorney

Recognizing Signs of Financial Elder Abuse

We complete both simple and complex tasks every day of our lives. We take care of our personal needs, manage our finances, and make decisions about our health care. The elderly are not always able to manage all of these tasks on their own, and many families need to hire in-home help or explore retirement homes. These solutions can potentially make the elderly particularly vulnerable to financial abuse. 

Many types of people can perpetrate financial elder abuse. An abuser may be your loved one’s caregiver, housekeeper, financial adviser. It may even be another member of your family.

Protecting your elderly loved ones from financial exploitation involves vigilantly watching for signs. Keep in mind that your loved one may not necessarily recognize that they are being manipulated, so the onus is often on you to detect and act on red flags.

Your loved one may be a victim of financial elder abuse if you notice:

• Missing property and/or significant financial discrepancies
• Suspicious bank withdrawals and/or fund transfers
• Unexplained checks directing significant funds to a possible abuser
• Unexplained changes to estate planning documents
• Unpaid bills and/or threats from creditors or collection agents
• Your loved one has little to no understanding of their current financial circumstances

In addition to the above signs, victims of financial elder abuse often display symptoms of anxiety and depression. Keep an eye on any sudden mood changes, unusual irritability, or any other behaviors that seem out of the ordinary.

Financial abusers will also often take steps to isolate their victims. They may try to turn your loved one against you and will create conditions where it becomes difficult to impossible to contact them. If you are suddenly and unexplainably having trouble getting in touch with your elderly loved one, you should consider seeking legal assistance. 

A common and devastating scenario involves a family hiring an in-home caregiver to assist an elderly loved one with everyday tasks that have become difficult in their advanced age. The caregiver initially appears professional but takes steps to gain the elderly loved one’s confidence. Before long, the caregiver convinces the elderly loved one to stop talking to you and other family members. With the elderly loved one sufficiently isolated, the caregiver preys on their vulnerability and exploits it to steal personal property and manipulate their finances. 

Many elderly loved ones will not realize that they are being abused, while others will become defensive when concerns are raised. It can often be beneficial to have an objective third party evaluate the situation. As a financial elder abuse attorney, I can conduct a thorough investigation and advise what steps you should consider taking.

Where to Report Financial Abuse of Elderly

In the United States, if you suspect financial abuse of an elderly person, contact your local Adult Protective Services (APS) immediately. Keep in mind that APS operates differently in each state and they may not always be able to take action against the perpetrator—but they will be able to provide resources and advice on how to protect the individual’s finances. You can also contact your local law enforcement agency or District Attorney's Office and file a complaint.

You may also choose to file a complaint with the Financial Industry Regulatory Authority (FINRA), if you believe that an investment broker, financial advisor, or other financial services provider is taking advantage of an elderly person financially. FINRA will investigate and take action if they find any wrongdoing.

If the crime is serious enough, you can also report it to the Federal Bureau of Investigation (FBI). The FBI has special agents who specialize in elder financial exploitation, so they may be able to pursue criminal charges against the perpetrator.