5 Warning Signs of Financial Exploitation of Elderly In Florida

Most probate attorneys in Florida are familiar with financial exploitation and elder  abuse.

Sometimes, as we age, we slow down and are more susceptible to the advances of wrong doers. Sometimes, if dementia or Alzheimer’s kicks in, our mental capacity can diminish quickly if not treated.

Here are 5 Warning Signs of Financial Exploitation of the Elderly which many Florida probate lawyers see.   If you have questions about whether a loved one is being financially exploited, or whether you need a Palm Beach guardianship, talk to a Florida elder law attorney who handles guardianship litigation or financial abuse litigation.  You can also contact the State Attorneys Office or law enforcement if you believe that a crime is being committed.

1. It often starts by going to the bank with the senior citizen.  “Just” to put someone’s name on the bank account, or to create a joint account.  That can open the door to financial exploitation:  now, someone, has access to the $$$.  Do you know the difference between a Florida bank account that is a “convenience” account and a true right of survivorship account?   How about the difference between being a “signer” on the account from being a co-owner.
2. Cash withdrawals and ATM abuse.   Look for unusual, or unusually large, withdrawals of cash, either from the ATM or via check.   When you see money leaving the account, it can be a red flag.
3. Radical change in lifestyle.  You know that thrifty uncle who never spends a dime and who leads a simple life?  Well, if he starts buying Mercedes and eating out in Palm Beach restaurants or gets charge cards at Neiman Marcus or Saks Fifth Avenue, you have to wonder why there is such change, right?  It could all be simply explained, but who knows, right? The real question is what, or WHO, prompted this spending spree ?
4. Drastic change to estate plan.   If someone new in  your dad’s or mom’s life is calling Florida estate attorneys and making appointments for a new will or trust: watch out.   There may be very good reasons why there is a change to the estate plan, but trying to get control of the estate or the Florida trust can be warning signs of financial exploitation.   Also, inserting themselves a major estate beneficiaries or trust beneficiaries is also a huge red flag.
5. Power of Attorney   Everyone seems to know that having a power of attorney in Florida is powerful.  Especially since Florida probate law, Chapter 709, was completely re-written.  While Florida’s power of attorney laws are new, mis-using a power of attorney is not.  An attorney in fact, a power of attorney, is a fiduciary under Florida probate law.  When the POA uses money for his or her own benefit, and NOT for the benefit of the one they are supposed to be helping, that is a generally a big violation and damages can be assessed in power of attorney lawsuit.

Now, look, there can be some simple reasons that mom or dad or uncle Lou or Aunt Thelma are changing their estate plan, or putting their neighbor on a bank account.  There might be a perfectly sensible reason that that new girldfriend or boyfriend is involved in a family member’s financial life.   But when will you really know?