Elder Financial Abuse Is A Growing Problem

Posted On July 24, 2018 Uncategorized

Elderly men and women often have a lot of money that they saved up over their lives. Unfortunately, it is quite common for family members and unscrupulous caregivers to take advantage of an elderly person’s trusting nature and, in some cases, diminished cognitive ability to fleece them out of tens or hundreds of thousands of dollars.

If your elderly loved one is suffering due to abuse of their finances by a friend, family member, or caregiver, call Travis Siegel as soon as possible at 562-273-9118 to schedule your free consultation.

What Is Elder Financial Abuse?

Elder financial abuse can take many forms. It may occur when an individual convinces the elderly person to write them into the will. It can also occur when family members or so-called friends ask to borrow large sums of money but then never pay it back. Forgeries and outright theft are also common, as it is sadly fairly easy for a caregiver or someone close to the elderly person to obtain access to their bank accounts.

Elderly victims are often embarrassed that they were taken advantage of, so they are hesitant to tell anyone what happened. In other cases, they may not even realize what happened due to dementia or Alzheimer’s. However, there are signs you can keep an eye out for that may point to financial abuse:

• Large sums of money being withdrawn without explanation
• Reluctance to talk about finances
• Sudden changes in the will
• Smaller sums of money going missing at intervals, potentially getting bigger over time
• Large transfers of money to another person

Financial abuse often goes unnoticed for a long time. If you know that your loved one is in a position to be taken advantage of financially, try to watch over their bank statements and make sure to review any changes to wills or financial documents. If you notice that your loved one is struggling with their bills or budgeting more strictly than usual, it may be time to investigate.

What Can You Do About Elder Financial Abuse?

If you suspect that your loved one is a victim of financial exploitation, don’t hesitate to act. The longer financial abuse goes on, the more money your loved one will lose, and it may not be possible to get it all back.

The first thing to do is to call the Los Angeles Elder Abuse Hotline. They are there specifically to provide support and instructions to help you with your case. Next, you should call elder abuse lawyer Travis Siegel. He will help you take legal action to recover compensation for your loved one.

Having a lawyer experienced in elder financial abuse cases on your side is invaluable in making sure you navigate all the legalities and paperwork properly, and in ensuring you get maximum compensation for your loved one.

Schedule Your Free Elder Abuse Consultation

Don’t wait to schedule your free, no-obligation elder financial abuse consultation. Call Travis Siegel today at 562-273-9118. We serve clients in Long Beach, Tustin, Huntington Beach, Irvine, Santa Ana, and nearby areas of Southern California.