What Is Elder Financial Abuse and How Big Is the Problem?
Financial abuse of the elderly is a growing concern in the U.S. Losses of older adults who become victims of financial abuse total more than $28 billion a year, as stated by the National Council on Aging.
Elder financial exploitation can take many forms. It involves the misuse or withholding of a senior citizen’s resources, property, or funds by another.
What Are the Signs of Elder Financial Abuse?
Financial exploitation of older adults may be perpetrated by scam artists, caregivers, family members, or professionals. Given the vulnerability of older adults, it is important to watch for any of the following common signs and take action when financial abuse is suspected:
- Sudden changes in a will, power of attorney, or other financial documents
- Unexplained withdrawals from accounts
- Unusual transactions
- Changes in spending patterns
- Unpaid bills when there are sufficient funds to pay them
- Missing property or belongings
- Isolation from family or friends coinciding with the appearance of a new caregiver or friend
How Tough Is Ohio Law on Elder Financial Abuse?
Ohio has enacted several laws that help combat financial abuse of the elderly, including the following sections of the Ohio Revised Code:
- Sections 5101.60 to 5101.72: These Ohio statutes pertain to Adult Protective Services (APS), a system designed to protect individuals aged 60 and older from abuse, neglect, and financial exploitation.
- Section 2913.02. Theft: This section imposes harsher penalties for theft crimes committed against elderly persons.
- Section 2913.43. Securing writings by deception: Under this section, it is a crime to use deception to cause another person to execute any writing that encumbers or disposes of property or by which that person incurs a financial obligation. If the victim is an elderly person, the crime of securing writings by deception is a fifth-degree felony.
What Can You Do When Financial Elder Abuse Occurs?
If you know or suspect an older adult has been financially exploited, report the abuse to the appropriate county office of Adult Protective Services. APS is responsible for investigating reports of elder abuse or neglect. Gather as much evidence as possible to support the allegations. Evidence may include financial records, bank statements, legal documents, correspondence, or anything that indicates financial exploitation. It is important to document any unusual transactions or changes in financial patterns you observe.
What Legal Steps Can You Take to Intervene in Elder Financial Abuse?
Once you have reported the abuse to APS and gathered the needed evidence, the next step is to seek legal intervention. The following legal avenues are available to address financial exploitation of an older adult:
- Criminal prosecution: Present your evidence to the appropriate law enforcement agency and file a criminal complaint against the perpetrator. Law enforcement can investigate and prosecute the crime, and the court can impose penalties that may include imprisonment, fines, and restitution.
- Power of attorney: An older adult can sign a durable power of attorney granting a trusted individual the authority to make financial decisions on their behalf. This is one way to protect an elderly person’s assets and ensure they are correctly managed.
- Guardianship or conservatorship: If an older adult is mentally or physically incapacitated, the court may appoint a guardian with the authority and duty to care for the older person’s assets. A senior citizen who is mentally competent but physically incapacitated can petition the court to place his or her property under conservatorship. The court appoints a conservator to manage the elder’s assets.
- Civil action: If your elderly loved one has been a victim of financial exploitation, another option is to file a civil lawsuit against the at-fault party, seeking damages and recovery of stolen assets. Claims in such cases may include undue influence, fraud, theft, or breach of fiduciary duty.
Can Elder Financial Abuse Be Prevented?
After dealing with the threat to your loved one’s assets, prevention is key to protecting the elderly person from financial abuse in the future. Educate the older adult and any family members on the importance of safeguarding financial documents and personal information and the common signs of financial abuse. Consider setting up a trust to provide an additional layer of protection for the older person’s assets. Regularly review financial statements and accounts for any irregularities. If a power of attorney is granted, ensure it sets limitations on what the agent can and cannot do to prevent misuse. Utilize available community resources, which may include the following:
- Adult Protective Services to investigate instances of abuse
- Legal Aid for low-cost or free legal assistance to elderly financial abuse victims
- Attorney General’s Office for assistance in scams targeting the elderly and consumer fraud cases
How Can a Family Law Attorney Help?
Experienced Ohio family law attorneys can play a crucial role in addressing and preventing elder financial abuse. They have the knowledge and skills to navigate the legal system, offer sound legal guidance, and take action to protect older adults. They can identify signs of abuse, help family members recognize red flags, and help document the evidence for legal action.
Our seasoned trial lawyers at Lawrence Law Office have decades of experience. We can develop clear strategies to effectively address abuse tailored to the case’s specific circumstances. Our firm can help you file for guardianship or conservatorship if necessary. We can pursue legal action to seek damages and to recover stolen assets. If you suspect your loved one has been a victim of elder financial abuse, contact us at 614-363-1273.
