What Do You Do If You Suspect Financial Abuse of the Elderly or Financial Exploitation?

Do you suspect that someone has mis-used a power of attorney in Florida or taken money from your elderly relative or grandparent in Boynton Beach? Is your friend’s son-in-law or step child abusing their privileges to an elderly person’s bank account? What do I do if I suspect that my elderly friend or parent is being financially exploited? According to Florida law, what is financial exploitation? Ask any West Palm Beach trust lawyer and they will tell you that financial abuse of the elderly in Florida is a serious concern.

What to Do If You Suspect That An Elderly Person Is Being Financially Abused or Exploited

1)    File a report with local law enforcement.  Many state attorneys’ offices, or district attorney offices, and sheriff departments (police departments) have elder abuse or elder exploitation “teams” which devote their time to financial crimes against the elderly.  They have investigators and lawyers and police officers who can evaluate the allegations, speak with witnesses, gather evidence and decide whether senior citizens are at risk or may have been financially exploited.  In Florida, we see a very unfair share of financial abuse of the elderly. Our law enforcement and state attorneys offices know this and are well equipped to investigate.  The downside is that many times if the “wrongdoer” is a family member, they are apt to halt an investigation and determine that what is going on is a “civil” matter.

2)    Contact the client’s other advisors.  They may need to act quickly to seek the return of the property or money.  In many states, like Florida, there are not only causes of action which can seek the return of money or property that was improperly used or taken, but also specific statutes intended to help senior citizens who have been financially exploited. So, if you see, or believe, there may be financial elder abuse, you need to know who to contact.  First, consider telling your client.  If they are of diminished capacity, or if they are involved with a family trustee (such as the trustee of a revocable living trust) or they have a power of attorney, inform the trustee, power of attorney, or the estate planning attorney for the client.   They can begin to analyze whether there really was financial abuse or elder exploitation and what legal steps can or should be taken to seek the return of the improperly taken money or property.   If the power of attorney or the trustee is the one who is committing the elder abuse, consider contacting family members.  They may wish to determine whether a guardianship should be created to protect the property of the client if all else fails.  Guardianship courts are set up to protect the person and the property of adults who may be “vulnerable” or who may not be able to exercise all of their rights or who may have diminished capacity.