Elder financial abuse occurs anytime there is a misuse of an older person’s financial resources be it their personal banking information, investments, Social Security benefits, or property, without their consent or capacity to understand and acknowledge the act. Elder financial abuse is one of the fastest growing forms of elder abuse because elders are a prime target for financial exploiters who believe that older Americans have some wealth accrued over a lifetime, higher likelihood of ownership of their home, medical and financial benefits, with some even having a living continuous pension. MetLife Mature Market Institute estimates that the cost of financial abuse to older Americans is more than $2.6 billion a year. Financial abuse often occurs in situations where the individual lacks capacity, meaning that they are unable to give informed consent to any financial decisions being made. The Centers for Disease Control and Prevention define financial abuse and exploitation as any time the unauthorized or improper use of the resources of an elder for the monetary or personal benefit, profit, or gain of another. Even with the best of planning, improper guardianships or power of attorney can occur, and trusted caregivers can fail to meet their standard of care by financially exploiting or abusing the elder who trusted and relied upon them. At the Philadelphia based law firm of Rosenbaum and Associates we understand the damage and violation that occurs when an older American is financially abused and exploited, with over 25 years experience we work hard for our injured plaintiffs so that they can regain just compensation and a peace of mind.
Financial exploiters can often be well hidden; it may be an individual working for a nursing home that incrementally takes from the institution. It could easily be a trusted loved one who has access to personal information and to the elder’s mailbox. Elder financial abuse often escalates into physical abuse as the financial exploiter becomes more brazen and willing to use any means to financially take advantage of the individual. In some extreme cases a care provider may medically sedate or physically hold captive the elder in order to steal not only their benefits but also their identity, thus enabling them to open illegal lines of credit on the elder’s behalf.
If you or a loved one have been a victim to financial elder abuse, the Philadelphia based law firm of Rosenbaum and Associates may be able to help you recover just compensation. In order to determine whether you have grounds for a case, please contact us online at your earliest convenince or call 1 800 7 LEGAL 7 or fill out a Free Case Evaluation.