Don't Allow Your Loved One To Become The Victim Of Financial Abuse

Unfortunately, as an individual enters their golden years, they are much more likely to be susceptible to financial exploitation. As a result, it becomes more likely that they will be exploited financially by a caregiver or a family member. This can be very detrimental to the well-being of the elder and can also rob several beneficiaries of their inheritances. 

Types of Financial Abuse

Financial abuse often involves encouraging the elder to transfer funds from an account they control to the account of the perpetrator. This is often done while taking advantage of the cognitive decline of the elder. They might not understand the full extent to which their account is being drained. The perpetrator might continuously ask for the same sum of money and the elder might forget that they had already transferred that sum before. The reason for the transfer may also be nonsensical.

Fraudulent Financial Loans

Even if the elder does not have substantial assets, they might be tricked into taking out a loan on behalf of a caregiver or family member. This would then be a loan that might need to be paid off using the estate of the elder after they have passed away.

In some cases, the abused agrees to the financial arrangement because they are afraid they will suffer physical abuse or because they fear that they will no longer receive adequate care. If your loved one is undergoing this level of abuse, you are obligated to hold the perpetrator responsible.

When the Financial Abuse Is Uncovered

Oftentimes, it is not clear that someone is abusing an elder until after they have passed away and there is a financial audit. Once the financial abuse has been uncovered, you may be able to reverse the transactions and hold the perpetrator accountable through elder abuse litigation. 

Trying to reverse transactions and have gifts returned can be very difficult. Therefore, you will need to consult with an elder abuse litigation service that will help you overcome many of the logistical issues that might arise as you try to reverse these transactions. Will contests and litigation can be used to force gifts to be returned and to resolve wrongful account designations. 

You may run into jurisdictional issues and it might be difficult to determine which state or local government should oversee different aspects of the case or whether the federal government has jurisdiction. But with the right legal counsel, you may be able to reverse abusive financial decisions. To learn more, contact an elder abuse lawyer.