Financial Elder Abuse
Also takes a variety of forms - the most common is where people who the elderly person entrusts with their finances - as trustee, power of attorney, or in whatever other capacity - take advantage of the person’s trust and use the elderly person’s assets for themselves.
We also sometimes see abuse by professionals, such as stock brokers, investment advisors, and insurance agents who churn accounts or sell inappropriate financial vehicles to elderly people which generate high commissions but don’t benefit the elder.
The EADACPA statute defines financial elder abuse as “the taking, secreting, appropriating, obtaining, or retaining the property of an elder or a dependent adult for a wrongful purpose or with the intent to defraud”. It is also elder financial abuse for one to assist someone else in doing those things, or to accomplish those things through the use of undue influence. A person or entity is deemed to have taken the property of an elder for a wrongful use if, among other things, the person or entity knew or should have known that their conduct was likely to be harmful to the elder.
If you believe that you or a loved one has been the victim of elder physical or financial abuse, the experienced attorneys at Len Tillem and Associates can help you receive the compensation you deserve for the harms you have suffered. Contact us today by phone at 800-996-4505 or by e-mail at firstname.lastname@example.org for a free consultation.