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Are Elder Financial Abuse Cases are on the Rise in Virginia?

The troubled economy is causing problems for elderly Americans, not because they are experiencing financial difficulties but because the people who care for them are taking advantage of them.

According to lawyers and financial advisors, the number of people turning to elders – parents, relatives, or acquaintances – for financial help is on the rise. Unfortunately for elders, in some cases their generosity is being taken advantage of in a way that has some claiming financial abuse.

Elder financial abuse can be defined as the illegal or improper use of the person's property, finances and other assets without their informed consent or where consent is obtained by fraud. The important point here is that financial abuse can occur even when an elder has given consent, because some elderly people can be easily manipulated by emotional pleas, by coercion, or simply because they are not mentally able to say no.

Elders are especially vulnerable to financial abuse because they are often targeted by the very people they depend on for their daily care and companionship. Adult children, nursing home nurses, long-term care facility staff, and friends can all put pressure on older people to enter into financial arrangements that the elder simply is not comfortable with – but they don’t know how to say no.

Signs of financial abuse include personal belongings disappearing from a nursing home resident’s possession, financial activity inconsistent with the elder’s activity level (e.g. ATM withdrawals from a bedridden senior’s account), reports of stolen social security or pension checks, and more. Please see our law library article “Financial Abuse at Nursing Homes” for more information.

To prevent financial abuse from becoming a problem, some experts recommend that bank, credit-card and investment statements be regularly reviewed by an outside party the senior knows and trusts. While this won’t prevent financial abuse from happening, it can ensure that any abuse is discovered quickly and prevented from continuing.

Lastly, if a caregiver or family member enters into a legitimate financial arrangement with a senior, it is in their best interest to put details of the transaction in writing to avoid any appearance of impropriety. Securing permission or including a trusted, impartial third person in the documentation process can further prevent later accusations of fraud.

If you suspect that a vulnerable elder in your life is being abused or neglected, please please contact the lawyers at the Norfolk office of Weisberg & Zaleski to review your options for no cost or obligation.

Weisberg & Zaleski, P.C.

112 College Place

Norfolk, VA 23510

Toll Free: (800) 690-0235

Phone: (757) 622-7740

Fax: (757) 533-9223




Michael S. Weisberg, P.C.
112 College Place
Norfolk, VA 23510
Phone: (757) 622-7740
Fax: (757) 533-9223
Toll Free: (800) 690-0235
Email: info@weislaw.com
www.weislaw.com