Click below to learn more about protecting elders from financial abuse and how to take action if you suspect it.
Hi, my name is Steve Bennett, and this month’s video is about elder abuse. Elder abuse can take on many forms. Today I am going to focus specifically on financial abuse. Financial abuse is the unauthorized use of an elder’s funds or property, often by someone the elder trusts. The most common example is when an individual misappropriates funds held in a joint bank account or by taking money from an elder using a power of attorney. However, financial abuse can take other forms as well such as convincing an elder to add that person’s name to a deed to a house, asking an elder to co-sign a loan for that individual’s benefit, or using an elder’s credit card for personal expenses. With an aging population, we are seeing more instances of this unfortunate behavior. Individuals who are socially isolated, lonely, or suffer from dementia or other cognitive impairments are at a greater risk of financial abuse.
I believe the old adage that an ounce of prevention is worth a pound of cure. As such, we strongly encourage our clients to pick someone who they inherently and implicitly trust as their agent under their power of attorney. But in instances where an agent under a power of attorney or joint account holder goes astray, we are here to help. Please contact us if you believe an elder that you know has experienced financial abuse.
About Steve Bennett
Stephen “Steve” Bennett is a Partner with the firm. Steve graduated magna cum laude from the University at Buffalo School of Law with a concentration in Finance Transactions. He received his undergraduate and graduate degrees in Political Science from Villanova University. He serves on the board of Friendship Children’s Center, a local not-for-profit that provides early childhood education, and helps pro bono clients as part of JustCause (formerly Volunteer Legal Services Project). In his free time, Steve is an avid golfer and paddle player.
Visit our website to learn more about Steve, elder law or to talk with us about a potential matter.