Without question, elder abuse is a terrible situation. When an elder has been physically injured, been left untreated or is isolated from family and friends it is called Physical Elder Abuse. A loved one could also become the victim of another form of elder abuse called Financial Elder Abuse.

Perhaps the most common example of Financial Elder Abuse is when a durable power of attorney is misused by the agent or attorney in fact. Often in this situation the agent or attorney in fact has transferred several of the elder's assets to themselves as an individual or even to a family member of the agent or attorney in fact, and sometimes create tax liability for the elder. As a victim of Financial Elder Abuse a loved one could lose ownership of important assets including:

• Real Estate
• Bank Accounts
• Brokerage Accounts
• Mutual Funds
• Vehicles
• And more…
  

Trustees, the people in charge of trusts, have been known to steal from elders in much the same was as agents or attorneys in fact under a durable power of attorney. Though many elders believe having a trust will protect them from this sort of financial elder abuse that is not always the case. A trust is only as good as the person selected to be the trustee. A dishonest trustee can (and will) steal no matter how well written the trust.

Another common means of committing financial elder abuse is for a Conservator to take the conservatee's (i.e. the elder's) money or property. California tries to prevent this by requiring conservators to submit an accounting to their local probate court, but dishonest conservators have been known to take money, jewelry and antiques from their conservatee by not filing an accounting or submitting a false accounting to the court.

An elder doesn't have to have a trust or durable power of attorney or be under a conservatorship to be the victim of financial elder abuse. All too often elders are coerced or misled by those close to them to make "gifts" or transfer assets, either by threats or simply convincing the elder it is good estate planning.

Even if your loved one has become incapacitated or died it is not too late to pursue a case for Financial Elder Abuse. A successful financial elder abuse case can result in the elder (or the elder's survivors) recovering the stolen property and the defendant could may be ordered to pay attorney's fees and court costs and be barred from any inheritance.

The Grossman Law Firm’s specialized financial elder abuse attorneys serve the San Bernardino, Riverside, and Northern San Diego Counties in California. If you feel you or a loved one has been a victim of financial elder abuse, please contact us through our online form or call The Grossman Law Firm, A.P.C. at (866) 540-0000 to schedule a free 30 minute telephone consultation.