Elder Financial Abuse
According to the National Council on Aging, approximately 1 in 10 Americans aged 60 and older have experienced some form of elder abuse. Our law firm has worked with hundreds of senior citizens and their families to help recover millions of dollars on their behalf. The tragedy of these cases is the individual exploiting the senior citizen is often someone who is in a position of trust or has known the senior for a very long period of time. Sadly, this individual is often a close friend, family member, financial adviser, attorney or accountant.
Most states have special laws designed to prevent elder financial abuse. These laws also create special civil remedies for senior citizens who have been victimized. In our experience, most cases involving elder financial abuse also involve concurrent issues of theft, annuity fraud or excessive fees. It is also our experience that most elder financial abuse is only discovered after the senior citizen passes away. In those situations, the estate or other legal representative of the decedent can still maintain a legal claim against any responsible party.
If you believe that you or a family member has been a victim of elder financial abuse, please contact our office for a free and confidential consultation.
What is the Statute of Limitations for Elder Financial Abuse?
It depends on the state where the elderly person lived at the time of the abuse. Not every state has an elder abuse law. The states that have adopted elder abuse laws each have their own statute of limitation, which varies by state.
What Steps Can a Senior Citizen Take to Protect Themselves from Fraud?
There are a number of things that a senior citizen should consider. First, they should place themselves on the national do not call registry to limit the number of unsolicited calls they receive at home. Second, they should be suspicious of any unsolicited offers to invest, which appear to be “too good to be true.” Finally, if you have a medical condition that causes diminished memory or mental capacity consider having a trusted friend or family member assist you with your finances.
Can the Estate of a Senior Citizen Still Pursue Civil Remedies for Elder Abuse?
Yes. In fact, many of our cases involving elder financial abuse are discovered by adult children after their parents pass away.
What is FINRA Rule 2165?
FINRA Rule 2165 is a rule promulgated by the Financial Industry Regulatory Authority to regulate the financial exploitation of senior citizens.
How Do I Know if my State Has an Elder Abuse Law?
The United States Department of Justice maintains a list of every state’s elder abuse law. This database can be accessed here.