Financial Elder Abuse Can Strike Any Senior
High Achievers Vulnerable Too
Dangers In Covering Up Cognitive Impairment
Financial elder abuse can strike any senior, rich or poor, man or woman, living at home or in a care facility. Financial predators such as insurance agents, financial planners, and caregivers especially target high net worth seniors. Some of these seniors, high achievers in their working lives, are more vulnerable than they may be willing to admit. Even when they fall victim to suspected abuse, they may not reach out for help. The Marin County, San Francisco, and California elder abuse attorneys at Evans Law Firm, Inc. know how devastating financial elder abuse can be, particularly if it is not curtailed upon the first suspicion of abuse. If you suspect financial elder abuse of a loved one here in Marin or elsewhere in California, call the elder abuse attorneys at Evans Law Firm today at 415-441-8669 upon your first suspicions, and we can help.
In this time of social isolation, even high achieving seniors are at risk of financial exploitation. Some common tactics include caregivers who may remove checks from the back of a senior’s checkbook, use a senior’s ATM card, or make purchases with a debit card online. But caregivers are not the only potential predators. Some insurance agents and financial advisors prey on wealthy seniors too. Here are some common tactics:
• Selling unsuitable investments such as selling an annuity with a 25-year payout to an 89-year-old.
• The “Source Credibility” Tactic —trying to build credibility by claiming to be with a reputable firm or to have a special credential or expertise.
• The “Social Consensus” Tactic —leading would-be victims to believe that other savvy investors have already invested in what is being offered.
• The “Reciprocity” Tactic —offering to an existing or prospective elderly client a small favor in return for a big favor. “I’ll give you a break on my commission if you buy now—half off.”
• The “Scarcity” Tactic—creating a false sense of urgency by claiming limited supply. “There are only two units left, so I’d sign today if I were you.”
Red flags of elder financial abuse range from unusual investment activity such as liquidating a portfolio or changing investments to unusual activity in bank accounts such as sudden withdrawals or transfers of large sums. Other tell-tale signs of potential financial abuse include suspicious signatures, new bank accounts, new trust agreements, unpaid bills, a caregiver who tries to isolate elder from other relationships, and payments to individuals, businesses or charities that are “out of character” compared to the elder’s previous spending habits. If you spot any of these telltale signs of financial elder abuse call counsel such as the financial elder abuse lawyers at Evans Law Firm today.
If you or a loved one is or has been the victim of financial elder abuse in Marin County, San Francisco or elsewhere in California, contact Ingrid M. Evans and the other nursing home abuse attorneys at the Evans Law Firm at (415) 441-8669, or by email at <a href=”mailto:firstname.lastname@example.org”>email@example.com</a>. We can help guide your case through a jury trial or toward an equitable settlement. We handle cases involving physical and financial elder abuse, qui tam and whistleblower law, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.