Financial Elder Abuse Claims

In the U.S., individuals over 50 score low in measures of financial knowledge and financial literacy, yet their self-confidence in financial decisions may actually increase with age.  Each year, hundreds of thousands of elderly people are taken advantage of physically, financially, and emotionally. They may be victims of their financial advisors and professional, life insurance salespersons, scam artists, and also their own family, friends, romantic partners, and caregivers. 

The abusers may exploit a senior’s worries about financial independence, liquidity, loneliness and isolation, physical impairments, and cognitive impairment.  Some seniors are too afraid to speak up, some are too embarrassed, and others may not be aware that they are taken advantage of. Friends and family may be unsure of the signs of elder abuse are, or, when they recognize it, may be unsure how to response.

Often, an elder or dependent adult may lack capacity to make certain decisions for him or herself.  Many people have difficulty understanding or recognizing a lack of capacity because it can manifest in different ways.  Forgetfulness, a lack of orientation to persons, places or things, hallucinations, and delusions may all be signs of diminished capacity, but those same symptoms do not necessarily mean that a person lacks testamentary capacity or the ability to make certain decisions for themselves.

The best thing you can do to help prevent and reduce instances of elder abuse is to arm yourself with the knowledge, resources, and tools to make sure you become aware of instances of elder abuse and neglect and are able to take action. If you suspect someone you care about is a victim of elder abuse, you can always report it to Adult Protective Services, in order to make a record.

Also, consider advising the elder to seek counsel, who may be able to assist to stop the elder abuse, and unwind financial transactions and property transfers that were procured through fraud or undue influence.  An attorney may also be able to offer advice to an elder or dependent adults who wants to change their estate plan or transfer assets, while protecting the beneficiary or recipient from later challenges and allegations against them.

Will and Trust Contests

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