Fiduciary abuse is a serious issue that can have devastating consequences for elderly individuals. It occurs when someone entrusted with managing another person’s finances or affairs takes advantage of that position for their own personal gain.
Who Qualifies as a Fiduciary?
A fiduciary can be anyone appointed to handle the financial or legal affairs of another person. This includes guardians, conservators, trustees, executors, power of attorney agents, and even family members who are entrusted with managing an elderly person’s finances.
What Are Examples of Fiduciary Abuse?
Fiduciary abuse can take many forms. Some common examples include:
- Misappropriating funds for personal use
- Making unauthorized withdrawals from bank accounts
- Using an elderly person’s credit cards without permission
- Selling assets below market value
- Failing to pay bills or provide adequate care
How Common is Fiduciary Abuse?
It’s difficult to say exactly how common fiduciary abuse is, as many cases go unreported. Studies suggest that financial exploitation of older adults is a significant problem, with estimates ranging from 1 in 20 to 1 in 5 seniors experiencing some form of financial abuse.
What Are the Warning Signs of Fiduciary Abuse?
There are several warning signs that may indicate fiduciary abuse. These include sudden changes in an elderly person’s financial status, unexplained withdrawals from bank accounts, unpaid bills, missing possessions, and reluctance to discuss their finances.
How Can I Protect Myself or a Loved One From Fiduciary Abuse?
There are several steps you can take to protect yourself or a loved one from fiduciary abuse. These include carefully choosing fiduciaries, monitoring financial statements regularly, establishing clear communication and expectations, and seeking legal advice when necessary.
What Happened When My Grandmother’s Finances Went Missing?
My grandmother, bless her soul, always prided herself on being financially independent. As she aged, managing bills became a challenge, so she appointed her son as power of attorney. We trusted him implicitly. A few years later, alarmingly, her bank accounts were significantly depleted.
How Did We Uncover the Abuse and Recoup the Losses?
We contacted Ted Cook, an experienced Elder Protection Attorney in San Diego, who meticulously investigated the situation. He uncovered evidence of unauthorized withdrawals and suspicious transactions made by my grandmother’s son. Through legal action, we were able to recover a portion of the stolen funds and hold him accountable for his actions.
What Role Does Legal Counsel Play in Preventing Fiduciary Abuse?
Experienced elder law attorneys like Ted Cook play a crucial role in preventing and addressing fiduciary abuse. They can help individuals establish appropriate safeguards, such as appointing trustworthy fiduciaries, creating clear financial management plans, and drafting legally sound documents.
What Resources Are Available for Victims of Fiduciary Abuse?
Victims of fiduciary abuse have several resources available to them. These include adult protective services agencies, law enforcement, and legal aid organizations specializing in elder law. Consulting with an experienced attorney is essential for navigating the complex legal issues involved.
Who Is Ted Cook at Point Loma Estate Planning Law, APC.:
Point Loma Estate Planning Law, APC.2305 Historic Decatur Rd Suite 100, San Diego CA. 92106
(619) 550-7437
Map To Point Loma Estate Planning Law, APC. An Elder Protection Attorney: https://maps.app.goo.gl/JiHkjNg9VFGA44tf9
About Point Loma Estate Planning:
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Point Loma Estate Planning Law, APC. area of focus about elder protection law:
An Elder Protection attorney, also known as an Elder Law attorney, specializes in legal issues affecting older adults, including estate planning, guardianship, long-term care, and elder abuse, providing legal advice and representation to protect their rights and interests.
What They Do:
Estate Planning: Wills, trusts, and other documents to ensure assets are distributed according to the client’s wishes.
Guardianship and Conservatorship: Representing the interests of individuals who are unable to manage their own affairs due to incapacity.
Long-Term Care: Advising on Medicaid eligibility, nursing home care, and related issues.
Elder Abuse and Neglect: Investigating and pursuing legal action against those who abuse or exploit older adults.
Other Legal Issues: Medicare, Social Security, retirement planning, disability, and other legal matters affecting seniors.
Advocacy: Providing legal advice, counseling, and advocacy for the rights of older adults.
Why you might need one:
● Suspect elder abuse or neglect.
● Need help with estate planning or probate.
● Facing guardianship or conservatorship proceedings.
● Dealing with long-term care issues or Medicaid eligibility.
● Need assistance with other legal problems affecting older adults.
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