Financial Elder Abuse

Not all elder abuse involves physical harm or neglect. Financial elder abuse is on the rise as a growing number of people are living past the age of 65 with significant assets. These “wealthy” seniors can become a target for people seeking to exploit the weak and vulnerable for their own financial gain.

Financial abuse involves the mishandling of money, property, or other assets that belong to a senior. Anyone with access to your personal details—like bank account numbers, credit cards, or checkbooks—could potentially take advantage of you. Be mindful of who you trust and take proactive steps to safeguard yourself from financial exploitation.

The Los Angeles County District Attorney Office has many resources to help protect our seniors.

According to the DA’s office, the following signs below can indicate that you or a loved one may be a victim of financial abuse if:

1. You see unusual activity or attempts to withdraw money from financial accounts.
2. There are changes or additions of new names on a bank account or credit card.
3. There is a change in your trust, will or power of attorney that you did not authorize.
4. Essential bills are not being paid.
5. A caregiver restricts access to you or the older person, not allowing friends and family to visit or to review bank statements or documents.
6. You lack amenities, such as clothing and grooming items, although you have the means to pay for these items
7. The older adult in your life suddenly appears confused, unkempt and afraid.
8. In addition, email fraud is rampant, so it is wise to regularly check the email of the older people in your life for solicitations for products, services, subscriptions, and fraudulent requests for payment.

If you or someone you know is the victim of this kind of abuse, contact our office at (310) 376-9893.  In addition, you can also call the Los Angeles County Elder Abuse Hotline at (877) 477-3646. Visit the Los Angeles District Attorney Office website for more information on financial elder abuse.

One of the first steps is to see a qualified attorney to set up a sound estate plan and choose responsible people you trust to function as trustee and power or attorney for you.

We offer a number of options to clients wishing to prevent abuse, including trusts and powers of attorney. These can be customized to meet the unique needs of you or a loved one. Conservatorships provide another path for protection of our seniors, and we would be pleased to refer you to very competent counsel should a conservatorship seem to be the most appropriate way to protect your loved one.

Baker, Burton & Lundy’s services also include advising fiduciaries like trustees, conservators or persons entrusted with a power of attorney about his or her responsibilities.

Finally, Brad Baker stresses that staying in touch and spending time with the seniors in our lives is one of the very best ways to help protect them from financial elder abuse.