The elderly can easily be taken advantaged of and exploited in many ways. These abuses can be physical, emotional, sexual and, yes, financial in nature. In New Jersey for example, financial elder abuse is a criminal felony that can get perpetrators – caregivers, estate plan executors and even trusted family members – into serious legal troubles if found guilty.
In a 2011 report, it was found that New Jersey has one of the highest percentages of financial abuses in relation to its senior citizen populations amounting to 11 percent. On that report, it was found that 176,000 cases were reported in 2010. The state’s law offers varying degrees of criminal charges and corresponding penalties depending on the amount and gravity of the crime or abuse committed.
According to experts, measures should be taken to avoid exploitative actions before it happens or once suspicions are raised. If the elder is still capable to manage their affairs, it is advisable to stay connected with family members as abusers are less like to commit any exploitation if more concerned relatives are continuously involved in the elder’s life. Concerned relative are also encouraged to report any suspicions to adult protective services.
Suspicions of financial exploitation may require renewed estate plans, wills and trusts. Through revocation, an elder can remove an abusive caretaker and prepare a new set of estate planning tools. Old documents should be disposed of completely and new bank accounts should also be opened if possible.
To minimize risks posed by suspicions of fraud and abuse, a court intervention may be required to issue injunctions and keep abusers from accessing the elder’s accounts. When the victim has diminished capacity, an application for guardianship may be filed in the courts.
A persons twilight years is a time when the fruits of one’s lifetime of labors are enjoyed. Financial abuses can lead to its deprivation. Without financial resources, the emotional and physical well-being of an elder will decline. Suspicions of financial exploitation should be reported immediately to the proper authorities and a trusted estate planning professional.
In a 2011 report, it was found that New Jersey has one of the highest percentages of financial abuses in relation to its senior citizen populations amounting to 11 percent. On that report, it was found that 176,000 cases were reported in 2010. The state’s law offers varying degrees of criminal charges and corresponding penalties depending on the amount and gravity of the crime or abuse committed.
According to experts, measures should be taken to avoid exploitative actions before it happens or once suspicions are raised. If the elder is still capable to manage their affairs, it is advisable to stay connected with family members as abusers are less like to commit any exploitation if more concerned relatives are continuously involved in the elder’s life. Concerned relative are also encouraged to report any suspicions to adult protective services.
Suspicions of financial exploitation may require renewed estate plans, wills and trusts. Through revocation, an elder can remove an abusive caretaker and prepare a new set of estate planning tools. Old documents should be disposed of completely and new bank accounts should also be opened if possible.
To minimize risks posed by suspicions of fraud and abuse, a court intervention may be required to issue injunctions and keep abusers from accessing the elder’s accounts. When the victim has diminished capacity, an application for guardianship may be filed in the courts.
A persons twilight years is a time when the fruits of one’s lifetime of labors are enjoyed. Financial abuses can lead to its deprivation. Without financial resources, the emotional and physical well-being of an elder will decline. Suspicions of financial exploitation should be reported immediately to the proper authorities and a trusted estate planning professional.
About The Author
Victor Dela Casa is
a Filipino-Canadian who spent over a decade working as a business
professional in Canada. Worked in IT, finance, marketing, international
trade, public service, project management and the maritime industry.
Degree in Economics from the University of the Philippines and Honours
Diploma from Eastern College. Currently based in the Philippines and
working as a professional writer for a multi-national business processes
firm.
Tags: financial elder abuse, criminal felony, financial exploitation, estate plans, wills and trusts
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