A growing number of states are requiring financial planners to report elder abuse, say California financial elder abuse attorneys. Eleven states now have statutes with mandatory reporting requirements for elder abuse for financial planners, and another six states have statutes requiring anyone who has any level of suspicion of elder abuse to report it.
Adult children of elderly parents should be alert for any major changes in cash flow, and should be copied on bank, investment, and insurance account statements. They should also regularly review credit reports, to ensure that no new accounts have been opened in the parent’s name without his or her knowledge. If necessary, their credit can be frozen to prevent this. In the case of diminished mental capacity, children should attempt to get power of attorney and have titles of accounts and assets put into their own name. For children of elderly parents who are in long0-term care facilities, they should plan to visit regularly.
California financial elder abuse attorneys say that financial planners can also look for strange requests for withdrawals or numerous ATM cash withdrawals. Sudden changes of power of attorney or signs of nervousness from an elderly client can also be signals that something is not right. Relatives should look for these signs as well, but it can be complicated considering a high percentage of elder abuse is committed by family members.
Evans Law Firm, Inc. handles all types of elder abuse cases, including financial elder abuse lawsuits. If you or a loved one has been a victim of elder abuse, please contact Evans Law Firm, Inc. at 415-441-8669 or via email at firstname.lastname@example.org.