Elder financial exploitation

Elder financial exploitation is unethically exploiting an elderly person’s financial position for personal gain.

70,000 elderly people in New Jersey alone are at risk for being abused in some form, including through financial abuse.  Thus, it is evident that elder financial abuse is a problem in the United States.

In cases of financial abuse, an elderly person may give a financial gift to someone without being fully aware of what they are doing.  The elderly person might be pressured into doing this through a scam, or they might lack the mental capacity to understand what they are doing, or a family member may intimidate the elderly person into falling for the trap.  In these cases, an elderly person or the relatives of an elderly person can take legal action against those whom financially exploit them.

One of the ways of doing so is to challenge a gift made by the elderly person in a court case.  You can consult with and hire a qualified elder law attorney.  In these cases, you will typically have to prove that undue influence occurred which pressured the elderly person into making the decision to give the gift.  While likely difficult to prove, undue influence is often the necessary grounds for challenging a gift.

Elder financial abuse can ruin an elderly person’s life, and the life of a family.  The best way to prevent elder financial abuse is to make sure that you know what financial activities are occurring in the elderly person’s financial life.