Elder financial abuse is a growing concern in today’s society, with increasing cases Elder financial abuse is a growing concern in today’s society, with increasing cases being reported every year. Understanding the signs, preventive measures, and legal actions available can help protect our seniors from exploitation. Matias Baker Masucci recently sat down with Ingrid Evans, an experienced litigator specializing in elder financial abuse, to shed light on this critical issue.
Understanding Elder Financial Abuse
Elder financial abuse involves the illegal or improper use of an elder’s funds, property, or assets. As defined under California’s Welfare and Institutions Code, it includes taking, secreting, or appropriating an elder’s property through wrongful use, intent, fraud, or undue influence.
Common Tactics of Elder Financial Abuse
Ingrid Evans highlights several alarming tactics used by perpetrators:
- Caregiver Manipulation: Often, private caregivers gain undue influence over seniors, becoming their power of attorney for financial and healthcare decisions, isolating them from family and friends, and manipulating them into altering deeds and wills.
- Scams and Frauds: Unscrupulous individuals might pose as legitimate financial advisors, convincing elders to hand over control of their finances or invest in fraudulent schemes.
- Isolation: Perpetrators often isolate seniors from their families to control and exploit them without interference.
Recognizing the Red Flags
Identifying elder financial abuse early can prevent significant losses and emotional trauma. Some red flags include:
- Unusual Spending Patterns: A sudden change in spending habits, such as large cash withdrawals or unusual transactions, is a major warning sign.
- New Power of Attorney: If a new, unfamiliar person gains power of attorney, this could indicate potential exploitation.
- Isolation from Family: When a senior is suddenly isolated from their family or friends, it could be a tactic used by abusers to gain control.
Preventive Measures
Preventing elder financial abuse involves proactive steps:
- Transparent Communication: Encourage elders to discuss their finances openly with trusted family members. Regularly review bank statements and financial transactions together.
- Setting Up Power of Attorney: Establish a power of attorney early, ideally appointing two trusted individuals to act jointly. This can provide checks and balances, reducing the risk of exploitation.
- Life Estate Planning: Consider setting up a life estate where the surviving spouse can use the assets for life but cannot transfer or alter them, ensuring the assets eventually go to the intended heirs.
Legal Consequences and Actions
Legal actions can be taken against perpetrators of elder financial abuse. Ingrid Evans explains that there are both criminal and civil remedies available:
- Criminal Prosecution: In some cases, perpetrators can face criminal charges, especially in severe cases involving significant theft or harm.
- Civil Litigation: Victims or their families can sue for the recovery of stolen assets, potentially receiving double damages and attorney fees under California’s robust elder financial abuse laws.
Success Stories
Evans shared a particularly egregious case where a caregiver manipulated multiple elderly individuals, changing their wills and taking their money. Through diligent legal action, her firm was able to recover the stolen assets for the rightful family members, highlighting the importance of competent legal representation in these cases.
Conclusion
Elder financial abuse is a serious issue that requires awareness, vigilance, and proactive measures to prevent. By understanding the signs and taking preventive steps, families can protect their loved ones from exploitation. Legal avenues are available to recover lost assets and hold perpetrators accountable. As Matias Baker Masucci and Ingrid Evans emphasize, clear communication and careful planning are key to safeguarding the financial well-being of our elders.
Notable Quotes:
“Consider leaving it to your surviving spouse in as a life estate meaning they get to use it for the rest of their life but they are not able to give it away.”
Watch The Full Interview Now:
Connecting with Heather:
LinkedIn: https://www.linkedin.com/in/ingridevans
Website: https://www.evanslaw.com/
DISCLAIMER: The Probate Realtor® Matias Baker Masucci is a licensed real estate broker in California DRE # 02054763. Any legal information provided is for informational purposes only and NOT for the purpose of providing legal advice. Contact an attorney to obtain advice with respect to any particular legal issue or problem. We make no guarantees as to the accuracy of any information.