Vincent, Romeo & Rodriguez, LLC
Call Now, Free Initial 15 Minute Phone Consultation
Denver Metro Office 303-500-5859
Boulder County Office 303-720-7260

3 facts about elder financial abuse

Financial exploitation is a form of abuse that occurs often against the elderly or disabled. Vulnerable people can be targets for financial exploitation, which is why it is important to understand how this occurs and take steps to prevent it.

If you have an elderly family member who may be at risk for financial abuse, learn some of the basic facts about this issue and take steps to protect your family member from becoming a victim. There are warning signs of financial abuse that can tip you off, so you can take steps to prevent it or stop it if it is already taking place.

1. Strangers often use scams

When strangers perpetrate financial abuse, the tactic they often use is in the form of a planned-out scam or fraud. Some examples of these include false claims of having won a contest or a sweepstakes but needing to send money to cover administrative expenses or taxes. In other cases, someone may impersonate an employee or official from a legitimate company, such as a utility company, to gain access to the home in order to steal.

2. Family members are frequent perpetrators

A wide range of people may commit financial abuse, from caregivers to financial professionals. However, elder financial exploitation occurs frequently with family members. In fact, the National Adult Protective Services Association reported that a full 90 percent of elder financial exploitation takes place at the hands of family members or trusted others.

3. Conservatorships can provide protection

A legal tool that can provide protection for your elderly family member is a conservatorship. A conservatorship is when a judge appoints a conservator to handle the financial affairs of someone who is unable to adequately do so for themselves, due to incapacitation or old age. Planning ahead for a conservatorship can help protect your family member from the risks of financial abuse. 

 

 

No Comments

Leave a comment
Comment Information
Email Us For a Response

Contact Our Firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location:

Louisville Office
1805 Hwy. 42
Suite 100
Louisville, CO 80027

Phone: 303-720-7260
Fax: 303-604-6052
Louisville Law Office Map

Englewood Office
5460 South Quebec Street
Suite 333
Englewood, CO 80111

Phone: 303-500-5859
Fax: 303-723-8814
Englewood Law Office Map

Phone Numbers:
Phone Numbers:
    • Super Lawyers
    • Super Lawyers
    • ACTEC | The American College Of Trust And Estate Counsel
    • Top Lawyers 2015 | 5280
    • ACTEC | The American College Of Trust And Estate Counsel
    • Top Lawyers 2015 | 5280
    • Life Care Planning Law Firms Association
    • National Academy of Elder Law Attorneys, Inc
    • NELF | National Elder Law Foundation