Money is a driving force behind many different crimes, and elder financial abuse is no different. It’s important to understand how to establish legal protection against elder financial abuse in California. That way, you can know how to navigate situations that involve the financial exploitation of elderly adults.
Elder financial abuse, also called financial exploitation, is a form of elder abuse wherein a person steals or misuses the victim’s money or assets.
More than 200,000 abuse cases against elderly and dependent adults are reported in California every year, with financial abuse being the most common type of elder abuse in Orange County. That’s why financial institution employees became mandated reporters as of January 1, 2007. Mandated reporters are individuals or entities that are legally required to report suspected abuse or neglect.
People over the age of 50 own 70 percent of the nation’s private wealth, whether it’s through their savings, real estate, or other investments. This makes them a big target for financial exploitation. Moreover, many elderly adults are physically vulnerable and, sometimes, mentally vulnerable, too.
In cases of financial elder abuse, the perpetrator is often someone the victim knows and trusts. In fact, approximately 47 percent of financial elder abuse incidents are perpetrated by a family member, and another 13 percent by medical caregivers. Elderly adults are also proportionally more at risk than the rest of the population for losing money to scammers. Due to the financial exploitation of elderly adults, national losses total over $28 billion annually.
Since elderly adults are so much more vulnerable to financial exploitation, it’s important to understand how to prevent these situations from happening in the first place. Luckily, there are ways you can protect your elderly loved ones from financial exploitation in California. These include:
Every county in California has an Adult Protective Services (APS) agency that investigates claims regarding all types of elder abuse, including financial exploitation. If your loved one lives in a nursing home or assisted living community, you can also report abuse cases to the California Department of Public Health (CDPH) or the state licensing board for the facility. Furthermore, it can be vital to report your claim to any financial institutions or banks that were compromised.
If the APS discovers financial abuse from your report, you can file a claim and seek legal recourse. While most elder abuse claims must be filed within two years of discovering the situation, financial elder abuse cases are a bit different. If you wish to file a claim for financial elder abuse in California, you can do so within four years of discovering the abuse.
Many financial exploitation cases are settled outside of court through negotiations. Even in this case, it’s beneficial to work with a California financial elder abuse lawyer or hospice care abuse lawyer in Fullerton. You can win both economic and non-economic damages from a financial elder abuse case, including:
Financial elder abuse refers to a person taking or misusing another person’s money or assets for their own benefit (or the benefit of anyone except the victim). Examples of financial elder abuse include:
Identifying financial elder abuse can be challenging on its own. Even once you do notice the signs, the hard part isn’t over. Fortunately, you don’t have to go through this all on your own. At Hunter Law, our goal is to provide sound legal counsel and explain your options when filing a claim.
Moreover, we can build a case and fight for the justice you deserve in the wake of these terrible situations. If you’re ready to discuss your case with us, contact our office to set up a consultation with our skilled team today.
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