The Horror of Financial Elder Abuse

With more officials and regulators becoming concerned about financial elder abuse, more of the public learns about this horrible crime committed against a vulnerable population. Unfortunately, seniors are increasingly becoming victims of financial abuse and, too often, they think there is nothing they can do about it. California has financial elder abuse law designed to protect the senior population, but seniors and their family members must be willing to take action so that their rights can be protected.

Financial elder abuse is a crime that many people do not know about until they or someone they love has become a victim of it. Then they realize just how vulnerable seniors are to the many people who would willingly take advantage of them to make some easy money.

Sometimes, it is the family that takes advantage of the senior—convincing her to sign over money or other assets that she would not normally have signed over. Other family members are left to determine whether or not the senior's wishes really were being followed—and often the family is torn apart in the process. Of course, when the senior is abused by a relative (especially a child) it can be very difficult for the senior to understand what is happening. After all, who wants to believe that her own child would use her for money or lie to her or steal from her?

But the truth is that it does happen. Some children see their parents as an easy way to get extra money. It does not take much—it does not even have to involve the signing over of assets and bank accounts to be financial elder abuse. Financial abuse of an elder can be as simple as gaining access to the senior's bank information and taking money out without permission and using it for personal gain rather than to benefit the senior.

Of course there are also con artists out there, willing to take advantage of seniors. Some take their time and win the senior's trust before they help themselves to the senior's assets. They may convince the senior to turn over some money with promises of great investment returns—only to run off with the money and never come back. Others do not rely on a personal relationship but on a professional one. They may show up at the senior's house offering to look over the home for possible repairs—and then charge an outrageous rate for needless repairs to the home.

So what can be done to prevent elder abuse? Seniors are at their most vulnerable when they are cut off from family and friends. If someone is trying to isolate you (or an elderly relative) from loved ones, you should be on alert. If you are a senior, stay active and in regular contact with your family and friends. If this is happening to a loved one, make regular phone calls and visits to prevent your loved one from being isolated.

It is critical to remember that even loved ones can victimize family members. Take the case of James and Anne Morgan, as reported in The Oregonian. They lost their life savings. Now in their 90s, they are penniless, despite having saved approximately $500,000 for their old age. The woman who took their money spent it on speedboats, trucks and gambling—and she is their granddaughter. In fact, she was their favorite granddaughter, although now she spends her days in jail. She went so far as to take her grandparents' wedding rings, which they never got back.

How did Connie Cole get access to her grandparents' money? She was given power over their finances and convinced them to move into her home—where she charged them $7,000 a month for inadequate care. She then convinced them that she needed more money to cover some of her expenses. Within 10 months everything that the Morgans had saved over the years was gone and they now live in a nursing home with the state paying for the majority of their care.

If you do suspect financial elder abuse is occurring, it is important to take action as quickly as possible to give you the best chance for recovering lost assets. This can involve contacting authorities or speaking with a lawyer about financial elder abuse regulations.

The Horror of Financial Elder Abuse

Financial Elder Abuse Legal Help

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