Financial Elder Abuse: Pathetic

Written by Adam Peck Category: Elder Law January 26th, 2013 2 min read

Many Americans in the 60-plus age group are victims of financial abuse, often by a close relative, caregiver, friend or acquaintance.

The National Center on Elder Abuse said there may be at least 5 million financial abuse victims in the United States each year.

Signs that Indicate Possible Financial Abuse of a Senior Citizen

You may see unpaid bills stacking up. Numerous checks may be written to “cash.” The person may have a new will, though they seem incapable of making one.

The person may be engaging in some uncharacteristic activity, such as withdrawing large sums of money in a secretive manner, selling property, changing a car title, cashing in a life insurance policy or changing beneficiaries, says elder financial abuse attorney Steven C. Peck.

He or she may have a new acquaintance who may now live in the house. A new acquaintance may be encouraging the elderly person to withdraw funds and may appear to have undue influence.

Also, an elderly person that usually is friendly now may have become withdrawn or subdued.

Perhaps the person seems fearful of a caregiver or relative.

Someone may be writing or signing checks or other documents for the elderly person.

Maybe the elderly person has signed a power of attorney, yet seems confused about what that means.

Or somebody is using the person’s power of attorney, even though the person is fully capable of making decisions.

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Written by Adam Peck

Expertise: Personal Injury

Adam J. Peck, ESQ is a principal with Peck Law Group, APC. In 2008, Mr. Adam Peck received his Juris Doctorate from Whittier Law School where he graduated Cum Laude. His practice is primarily dedicated to representing Elders, Dependent Adults, along with their loved ones and family members, who have suffered horrific personal injuries.