Financial exploitation is a serious issue involving the illegal or fraudulent use of an adult’s financial resources. Activities can include stealing money, manipulating individuals for their assets, or misusing property without consent.
Perpetrators may include trusted individuals like family or caregivers, as well as scammers targeting the vulnerable. However, the consequences can be devastating. Victims often lose life savings, struggle to meet basic needs like food and housing, and face profound emotional distress, including feelings of betrayal, fear, and helplessness. This exploitation can harm credit history, restricting loans or housing options and lead to isolation, making victims reluctant to seek help. Fortunately, various agencies work to combat this issue by offering education, resources for reporting, and legal assistance for victims.
This guide offers insights for both individuals and professionals on how to prevent and respond to financial exploitation, raise awareness to safeguard vulnerable adults, and promote their financial well-being.
Reporting Financial Abuse
If you have concerns about financial exploitation of seniors, it is important to report your suspicions to Adult Protective Services (APS). APS is a network of social services programs that exist in every state, dedicated to safeguarding older adults and individuals with disabilities who may be at risk due to various forms of neglect, abuse, or exploitation.
If there is an immediate risk of harm to a loved one or any other individual, your first step should be to call 911. The police can respond quickly to ensure safety and take necessary measures. If the situation is not necessarily an emergency but still requires intervention, consider dialing the police non-emergency number or sheriff’s office to report your concerns. In certain states, laws explicitly define elder financial abuse as a specific crime, which might help guide your reporting process.
Finally, you can bring the situation to the attention of your local District Attorney’s office. By doing so, you can request that they investigate the matter further and potentially prosecute the individual responsible for taking advantage of your loved ones. Document as much evidence as you can, including any financial records, correspondence, or witness statements, as this information can prove crucial in any legal proceedings that may follow. Taking action helps protect your loved one and contributes to the greater effort of safeguarding others who might be vulnerable to similar exploitation.
Other Ways To Get Help
In addition to the services above, the following are other ways to help seniors in Virginia who are dealing with financial exploitation:
Reach Out To Ombudsman
The Long-Term Care Ombudsman program supports individuals in assisted living facilities, nursing homes, and other adult care settings. It can help advocate for your family and resolve problems. Each state maintains an Office of the State Long-Term Care Ombudsman.
Check with Financial Services
Work with your loved one to contact their bank, credit card company, credit union, or other financial services as soon as possible. Depending on the situation, the institution may be able to retrieve your loved one’s funds. In addition, try to verify if your loved one possesses insurance that might cover the loss.
Contact an Experienced Elder Law Attorney
An elder law attorney can help prevent the financial exploitation of elderly clients by reviewing financial documents, identifying abuse red flags, establishing legal protections like durable powers of attorney and trusts, and advocating for the client’s interests upon detecting suspicious activity. This includes monitoring bank statements, spotting unusual transactions, and pursuing legal action against suspected exploiters.
Contact Hollingsworth Law Today
To learn more about your legal options for protecting seniors in Virginia against financial exploitation, contact Hollingsworth Law today and speak with an experienced elder law attorney.