Signs of Financial Elder Abuse
What to Look For
Sadly, financial elder abuse has become a real epidemic in this country. As financial elder abuse lawyers at Evans Law Firm we see cases of financial elder abuse every day. More and more financial elder abuse stories are appearing all over mainstream media and the internet. Today, we want to share with you some important examples of what we mean by financial elder abuse in the hopes that you can prevent it in your family before it’s too late. If you think you or someone you love has been a victim of financial elder abuse in California, call Evans Law Firm today at 415-441-8669, and we can help.
Here are some of the most recurring types of financial elder abuse:
• Investments in unsuitable financial products, annuities, time shares, or real estate
• Inappropriate or worthless life insurance, including whole life insurance and indexed universal life insurance
• Reverse mortgages or larger than necessary home equity loans to finance investments
• Inappropriate banking activity such as unusually large withdrawals or withdrawals from automated banking machines
• Signatures on checks that do not resemble the elder’s signature
• Legal documents signed when the elder is physically incapable of writing
• Checks written out to “cash” being negotiated by caretakers
• Checks signed by the senior but filled out by someone else
• A surge of activity in accounts which have been dormant for years
• Expensive “gifts” made by the senior
• Checks or credit card transactions made out to direct mail or telemarketing promotions
• Contributions going to newly formed religious or non-profit causes
• Lotteries and other “prize” mailings
• Power of attorney and/or trustee fraud and abuse, including changing wills, trusts, and deeds of houses
• Threatening phone calls purporting to be from the IRS or other government agency
Scams like these succeed most often when the senior is isolated. As a friend or loved one don’t let that happen to the elders in your life. Loneliness and insecurity lay the groundwork for manipulation and undue influence. An isolated senior is easy prey to fraud. Stay involved. Monitor your loved one’s bank accounts. Engage in the everyday activities of their life and encourage their old friends to check in on them as frequently as possible. Do background checks on any caregiver and make sure they do not have access to ATMs, checks, credit cards or valuables. If you stay on top of these things you may be able to spare your loved one a lot of heartache and financial loss or ruin.
If you or a loved one been the victim of financial elder abuse in Santa Clara County, or in any California county, contact the Evans Law Firm financial elder abuse attorneys at (415) 441-8669, or by email at firstname.lastname@example.org. Our attorneys also have experience with investment and annuity fraud. We can help guide your case through a FINRA arbitration, 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.