Financial elder abuse occurs when people cheat senior citizens out of their money or their property. Such elder exploitation can be committed by people the senior knows, such as family members, or complete strangers. Elder abuse cases are often underreported, for a number of reason, but seniors who are victims of financial elder exploitation can file lawsuits to recover their lost money and property.
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Financial Elder Abuse Law
 Financial exploitation of seniors occurs when a person is victimized because the senior's age makes him vulnerable to exploitation. Seniors are vulnerable to crime because they may be dependant on other people for their care or because they are not capable of fully understanding their financial situation. Unfortunately, financial elder abuse may be committed by people the senior loves and trusts, such as children, or by strangers looking to profit from another person's vulnerability.
Anyone who is in a position of trust, control or authority and uses that position to profit from the senior's dependence or vulnerability may be guilty of financial elder abuse.
Financial Elder Abuse by Family Members or Caregivers
Senior citizens may be victimized by their children, grandchildren, spouses, siblings or caregivers. Such activities may involve unauthorized use of the senior's funds or properties, including stealing cash, income checks or household items, forging the senior's signature, identity theft, convincing the senior the sign over property or money, or threatening not to care for the senior unless he signs over property or money.
 According to a 2003 study by the National Center on Elder Abuse, two thirds of elder abuse cases are committed by a family member.
One of the most high-profile court cases regarding financial elder abuse involved Brooke Astor and her son, Anthony D. Marshall. Marshall was accused by Astor's friends and other family members of creating a fraudulent will that increased his inheritance by tens of millions of dollars when Astor, a New York socialite and philanthropist, was not capable of understanding the changes to her will.
The New York Times (12/21/09) reports Marshall was found guilty and sentenced to one to three years in prison for first-degree grand larceny. The grand larceny charge stemmed from Marshall giving himself a retroactive lump-sum raise of approximately $1 million as compensation for managing Astor's finances.
Financial Elder Abuse by Strangers
Financial elder abuse can also be perpetrated by people the senior does not know. This includes identity theft, investment fraud, phony charities or convincing the senior to buy something he cannot or will not use, such as a lifetime membership to a gym.
Financial Elder Abuse Lawsuits
For elderly people who have fallen victim to financial elder abuse, a lawsuit can provide a variety of remedies. First, the victim can recover money that was taken or can recover property itself, such as when a valuable item is taken. Second, victims can recover attorney's fees because the statute protecting elderly citizens provides for attorney's fees in a lawsuit. Third, although rare, victims may be able to recover punitive damages.
 The National Center of Elder Abuse notes that approximately 1 in 25 financial elder abuse victims ever report the abuse, suggesting that there may be at least five million financial abuse victims every year. The senior may be embarrassed at having been victimized or may be conflicted if the perpetrator is a family member or close friend. The senior may also fear retaliation or believe that if he reports the abuse, no one will take care of him. Usually, it falls to family members who become suspicious that their loved one has been cheated or a friend who notices unusual behavior to contact authorities.
Signs of Financial Elder Abuse
Following are some signs that financial elder abuse may be occurring:
- Senior is not allowed to spend money the way the senior wants
- Senior's bills are not paid on time even though the senior has financial resources to pay bills
- Senior is forced to sell or give away property
- Senior is forced to sign over Power of Attorney
- Senior is offered care in exchange for property or access to bank accounts
- Senior's account shows activity the senior couldn't have done, such as making an ATM withdrawal when the senior is bedridden
- Senior's financial situation suddenly changes
- Senior's account shows significant withdrawals
- Senior suddenly changes title of property to someone else
- Senior's belongings are missing
- Senior's will is suddenly changed
- Senior's bank account shows unusual activity
- Senior makes changes to financial decisions but seems incapable of comprehending those decisions
- Senior is isolated from friends and/or family
- Senior is afraid to speak in front of caregiver/companion/family member
Elder Abuse Laws
Every state has at least one toll-free number—either an elder abuse hotline or helpline—that people can call to report elder abuse. California has the Elder Abuse Act, which provides a remedy for elders who have been financially abused.
Financial Elder Abuse Legal Help
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Last updated on Jul-23-10 |
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Chicago, IL: Illinois Governor Pat Quinn recently signed a bill into law to protect senior citizens from financial elder abuse 
Los Angeles, CA: Three men have been arrested on various charges, including financial elder abuse, following investigation into a bait-and-switch home loan scheme 
