Financial Elder Abuse Law: Protecting Those Who Can't Protect Themselves

San Diego, CAAs terrible as it is to conceive, sometimes those who violate financial elder abuse law are family members of the victims. These abusers know their victims well—they know their account numbers, they know their passwords and they know their habits. They know just about everything about the victim, which makes financial elder abuse seem like an easy way to make money.

What they may not know—or fully understand—is that they can be charged with a crime even if the victim is a family member. They may also not know that the victim can file a lawsuit to recover lost money and property.

According to the California Attorney General's office, financial elder abuse is, "the theft or embezzlement of money or any other property from an elder." For example, a grandson who makes unauthorized withdrawals from his grandmother's bank account is committing financial elder abuse, as is the person who manipulates a senior into turning over the rights to a property. Financial elder abuse can also occur when a person who has no interest in protecting a senior is given power of attorney and then uses the power of attorney to his or her own benefit.

Elderly people have worked and saved their entire lives to ensure that they are well taken care of in retirement. Unfortunately, they may not have the capacity to recognize that they are the victims of financial elder abuse. They may have turned over power of attorney to someone else without fully understanding what that entails, which can include the ability to transfer property and take money from accounts. Someone else could be taking care of the bank accounts and bill payments, leaving the senior with no idea that his or her bank account is being depleted, until it is too late. Even if the perpetrator starts off stealing small amounts, over a period of time that money can add up to hundreds of thousands of dollars taken illegally.

Of course, even those seniors who recognize that they are victims of financial abuse may not take action, especially if the guilty party is a family member. The senior may be reluctant to press charges against children or grandchildren—even if the relative has stolen most or all of the victim's money.

Sadly, sometimes seniors do not realize they have been victimized until almost all of their savings have been taken, leaving them with nothing to live on. The stress and strain of learning that they have no money can take a physical toll on the senior, causing depression and other health problems. Furthermore, the abuser may have cut the senior off from friends and family, leaving the senior feeling lonely and isolated.

With the population of seniors growing every year, there is also an increase in the number of people willing to take advantage of those who are vulnerable. Fortunately, laws in California allow victims and their families to seek remedies against such unscrupulous people. Unfortunately, in some cases that means pressing charges and filing lawsuits against family members who were dishonest enough to steal from an elderly relative.