Elder Abuse: Financial Exploitation of the Elderly

• Dan T. Matrafajlo
• Fri Sep 2021
• Elder Abuse,
• 0

Elder abuse is any intentional or knowing action by a caregiver or any other individual that results in harm or serious risk of harm to an elderly vulnerable adult. All 50 states have enacted Elder Abuse Prevention Laws to protect the elderly. There are many types of elder abuse, with the most prominent being financial abuse or exploitation.

What Is Financial Exploitation?

Financial abuse or exploitation is the misappropriation of assets of an elderly individual through coercion, theft or misrepresentation. The elderly generally fall victim to financial exploitation by the hands of those who are in a fiduciary capacity – such as a lawyer or guardian who is handling their money. 

Another type of financial abuse involves the misappropriation of funds by fraud, such as investments by unlicensed brokers, telemarketing schemes and unethical pre-paid burial practices.

Common Signs of Financial Elder Abuse

Elder abuse goes undetected in most cases. The elderly victims do not report abuse, especially financial abuse for many different reasons, including:

• Fear of retaliation
• Lack of physical and/or cognitive ability to report the abuse
• Not wanting to get their abuser in trouble

These reasons make it very important for loved ones to look for common signs that may indicate their elderly loved one is being financially abused. Some common signs of financial exploitation of the elderly include:

• Forcing a vulnerable elderly adult to change their will to benefit the perpetrator
• Forging the signature of an elderly adult
• Coercing or forcing an elderly adult to sign a deed, will or Power of Attorney through coercion
• Promising lifelong care in exchange for monetary compensation

If you notice any signs that may indicate your elderly loved one may be the victim of financial exploitation, it is imperative that you immediately remove your loved one from the situation and report the abuse. You should also consider hiring an experienced New Jersey elder abuse attorney to protect the legal rights of your elderly loved one and to seek money damages against the perpetrator.

Call a New Jersey Elder Abuse Attorney Today!

If you suspect a loved one has become the victim of elder abuse, don’t hesitate to take action. It’s important not to wait to speak with a lawyer in elder abuse cases. 

Our experienced New Jersey elder abuse attorneys will fight for the justice and compensation to which you are entitled. To schedule a consultation with one of our New Jersey elder law and senior law attorneys, call us at 908-355-7100. There are no fees until we win your case!