Undue Influence and Elder Financial Abuse
A San Francisco financial elder abuse attorney can provide help in circumstances where a senior has been victimized and experienced monetary loss as a result. Financial abuse is a very common type of abuse perpetrated upon vulnerable seniors, and it can have major consequences.
Financial abuse takes many forms, including insurance agents and investment advisors providing bad financial advice or caregivers stealing from those who they are supposed to be helping. Undue influence is also a type of financial abuse and, according to Kiplinger, it is an especially common form of financial abuse.
Evans Law Firm, Inc. has the necessary experience to provide assistance in undue influence cases and in other circumstances where financial abuse has caused loss. We can help you to determine if you can recover the lost funds and who you can pursue a claim against. We can also represent you in your case to maximize the chance of recovering as much lost money as possible under the circumstances. Give us a call as soon as you or a loved one suspect financial elder abuse or have been victimized by elder financial abuse to learn more.
Undue Influence as a Form of Financial Abuse
According to Kiplinger, seniors lose around $6.7 billion annually because caregivers, family members, friends, financial or investment advisors, or other people in a position of trust exploit their position and prey upon the senior. Many of these individuals convince the senior to provide them with generous gifts, give them money, or make bad financial decisions that harm the senior and enrich the abuser.
Kiplinger also indicates that this problem is likely worse than it initially appears at first glance because many cases of undue influence end up going unreported. Experts estimate that anywhere from 80 to 95 percent of cases of undue influence are not reported in part because victims may not even really be aware they are being abused.
In cases of undue influence, the abuse is not as clear-cut as it is with many other types of elder financial abuse. Victims are not threatened in undue influence cases, and they aren’t coerced. Instead, they are manipulated into making bad financial decisions and harming their own financial security – and they may not even realize what has happened.
When and if they do discover that the abuse has occurred, they may not speak up because they are embarrassed or because they fear retribution on the part of their abuser – especially if the abuser is a caregiver or close family member.
To help reduce the likelihood that seniors end up falling victim to undue influence, seniors should stay connected to other family members who can watch for changes in behavior or who can be vigilant for signs that someone is improperly interfering with financial decisions.
When undue influence occurs or when any type of financial abuse occurs, it is also important for the victim to reach out to a San Francisco financial elder abuse attorney to get help trying to recover the funds and hold the abuser accountable for damages. Evans Law Firm is here to help. Contact Evans Law Firm online or call 415-441-8669 to schedule a free initial consultation today.