Financial Abuse of Elders: Fraud, Scams, & Improper Use of Funds

Financial Exploitation of Seniors

The improper use of an elder’s funds, property or assets constitutes financial exploitation or abuse. An exploiter can be an individual, an institution, or even someone who has power of attorney for the elder.

Obvious examples of financial exploitation include cashing an elderly person’s checks without authorization; forging an older person’s signature; or misusing or stealing an older person’s money or possessions. Another example is deceiving an older person into signing any contract, will, or other document.

How to Recognize Elder Financial Abuse and Scams

Symptoms of financial exploitation may include:

• sudden bank account changes, especially an unexplained withdrawal of large sums of money when accompanied by another;
• additional unexplained names on an elder’s bank signature card;
• disappearance of funds or valuable possessions;
• the provision of substandard care despite adequate finances;
• sudden transfer of assets or changes in a will;
• an elder’s report of financial exploitation.

Problems With Some Pre–Need Funeral Packages

Financial exploitation of loved ones does not stop even at the grave. Some senior citizens have purchased pre–need funeral packages, only to have their heirs discover that the funeral providers failed to provide adequate burial services. The American Association of Retired Persons was recently involved in such a case in Santa Cruz, California on behalf of the family of a deceased widow. The organization stresses that some pre–need funeral providers aggressively market products and services that consumers don’t want and don’t need, inflating prices and including vague terms and conditions in their contracts. Major problems have also arisen with funeral providers mismanaging and even embezzling the prepaid money that was supposed to be in trust to pay for the funeral services.

Robbing the Senior’s Pride

Financial abuse can rob a senior of self–esteem and trust, as well as of his or her means of subsistence. Although financial exploitation does not leave physical scars, it is a serious and shameful crime. If you or your elderly relative has been a victim of financial abuse, we would like to be of assistance. You may contact us at Brayton Purcell to explore your legal options.

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Recognizing Abuse:

• Physical abuse
• Sexual abuse
• Emotional abuse
• Neglect
• Financial exploitation

We represent clients in all 50 states and have offices located in:

California:

222 Rush Landing
Novato, CA 94945

Oregon:

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Suite 250
Portland, OR 97201

Utah:

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Suite 900
Salt Lake City, UT 84111