The Risks Of Financial Exploitation
It seems unimaginable that people would specifically target our elders with a myriad of scams. Often the damage is done before family recognizes that an aging relative can no longer handle his or her own finances.
At the Torrance-based Law Office of Matthew C. Yu we help families protect aging loved ones. We can help protect loved ones from unscrupulous people. Based on your unique circumstances, our lawyers may also recommend conservatorship proceedings to avoid similar problems from recurring.
Elder Financial Abuse
The elderly are often targeted because they have substantial assets yet have lost the ability to properly manage their assets. They may have become dependent on others (family, friends, or strangers) who only have their own interest in mind.
The broad spectrum of elder financial abuse includes:
- Directly stealing money or property that is assumed will go unnoticed
- Refinancing the elder’s home
- Using deception or undue influence to have an older person to sign a deed, will, or power of attorney
- Promising to provide lifelong care in exchange for a valuable property and then not following through
- Phone scams where a perpetrator convinces an older person to send a box of cash in the mail.
Even more unfortunately, the perpetrators often include family members. A sense of entitlement, substance abuse and fear of a lost inheritance are some of the common reasons.
When you uncover any evidence that an elderly friend or relative has been a victim of financial exploitation, contact one of our experienced lawyers. You can schedule a free 30-minute consultation by calling us at 310-986-2364 or sending an online message.