Posted By Seamus McDonald on 07/02/2022 in Category 1

What is Financial Elder Abuse? (All you need to know) 2022

What is Financial Elder Abuse? (All you need to know) 2022

Abuse of the elderly is a growing problem that affects the most vulnerable sectors of society. 

California and other states' laws provide extra protection for those 65 years old or older who have been financially exploited by another person, often their family members in order to take advantage due to mom dad's aunt uncle when they are unable because these individuals cannot legally consent on behalf him/herself so there needs someone else to sign off before anything happens. 

Financial elder abuse can take many different forms, but all involve some form of financial exploitation of a vulnerable older person.

Financial abuse is a serious problem, and it is estimated that it affects between 2% and 5% of all older Americans. Financial elder abuse can have a devastating impact on victims, because the individual who does this with older, use their financial resources and leave them without the means to support themselves and often leading to financial ruin.

If you suspect that someone you know is being financially exploited, it is important to report financial abuse right away. There are many organizations and agencies that can assist with financial elder abuse cases, and there are also laws in place to protect victims of financial elder abuse.

If you are a victim of elder financial abuse, or if you know a victim and prove elderly financial abuse, there are a few things you can do to get help:

  1. Contact your local adult protective services agency. Adult protective services agencies are responsible for investigating reports of abuse with an elderly person, including elderly financial abuse.

  2. Contact your local police department. The police can help you file a report and may also be able to assist with an investigation.

  3. Contact your bank or other financial institutions. If you suspect that someone has stolen your money or is using your bank accounts without your permission, contact your bank or other financial institutions right away.

  4. Contact your state's attorney general. The attorney general's office can provide you with information about your rights and may be able to assist with an investigation.

  5. Contact a lawyer. A lawyer can help you understand your legal rights and options, and can also assist with an investigation.

This abuse is when an individual uses an older person for monetary or personal benefit. If you are a victim of financial elder abuse, it is important to know that you are not alone. There are many people and organizations who can help you, and there are many elder financial exploitation statutes in place to protect you if a family member, a service provider, or a neighbor and a friend entrusted you. You have the right to get help, and you should not hesitate to reach out for assistance and report elder financial abuse.