California Financial Elder Abuse Lawyer

California Financial Elder Abuse Attorney

The attorneys at The Rosenberger + Kawabata represent seniors who have substantial investments or assets that were stolen or lost by unscrupulous brokers and agents.

Seniors who have substantial investments or assets can be attractive targets for unscrupulous individuals. This is particularly the case for elderly individuals who may not fully understand the nature of their investments or know how to manage their finances properly. Even seniors without substantial assets can be targeted, which is why it’s important to know what actions to take if you or a loved one is a victim. Luckily, a California financial elder abuse lawyer can help guide you.

California has taken important steps to curb elder financial abuse. In fact, anyone 65 or older who has fallen victim to financial abuse may be eligible to recover three times their losses as compensation as well as payment of their attorney’s fees by the responsible party.

What Is Considered Elder Financial Abuse in California?

Elder financial abuse refers to a person or entity taking advantage of an elderly person or dependent adult by taking, appropriating, obtaining, or retaining their property with the intent to defraud or for some other wrongful use.

California has the highest population of elderly people when compared to other states, with persons aged 65 or older making up approximately 11 percent of the state’s population. Moreover, this number is projected to grow within the next two decades, making it all the more important to understand how to identify and prevent elder financial abuse.

Senior financial abuse can involve all types of fraud or mismanagement, including:

• Boiler Room Scams
• Improper Private Placement Investments
• Improper Real Estate Investment Trusts (REITs)
• Junk Bonds
• Ponzi Schemes
• Selling Away
• Unauthorized Trading
• Unsuitable Investments

Seniors can also be taken advantage of by insurance agents who pressure them into buying disproportionate amounts of insurance in instances of insurance fraud.

How to Report Elder Financial Abuse in California

To report elder abuse, it’s important to follow the correct steps to ensure you’re covering your bases and protecting your elderly loved one. One of the most important things you must do to report elder financial abuse successfully is to document as much proof as you can and keep detailed notes of the ongoing situation. The more information you can present, the stronger you can make your case.

Here are five steps to take once you’re ready to report an elder financial abuse case in California:

• File a report with Adult Protective Services (APS). Each California county has a designated APS agency that handles cases of elder and dependent adult abuse. You can call the statewide hotline 24/7 at (833) 401-0832 or dial 2-1-1 to connect to your local county office. Once you notify APS, they open an investigation and can take matters from there.
• Notify law enforcement. If you are concerned about the immediate well-being of an elderly loved one, it’s wise to get in touch with local law enforcement to inform them of the situation, so they can take steps to intervene as soon as possible.
• Contact their financial institutions. If the financial abuse concerns your loved one’s bank accounts, credit cards, or investment accounts, it’s important to inform their bank or financial providers, so they can flag any suspicious behavior or freeze their accounts if necessary.
• Gather more evidence. It’s important to stay vigilant when it comes to recording suspicious activity, saving receipts, and finding witnesses to help bolster your case. By working with a California financial elder abuse lawyer, you can explore legal avenues to collect pertinent evidence and documentation of the abuse.
• Take legal action. There are a variety of civil remedies you can take to recover stolen assets and receive compensation for the financial abuse. You can explore all these options with a California financial elder abuse lawyer.

How to Prevent Elder Financial Abuse

California adopted the Elder Abuse and Dependent Adult Civil Protection Act (EADACPA) in 1992, which recognized the state’s responsibility to protect elders and dependent adults from different forms of abuse. Its purpose is to encourage people to report elder abuse and establish mandatory reporting requirements for independent caregivers and care facilities like nursing homes.

Along with the enactment of the EADACPA, California established APS so each California county now has an agency to help elders and dependent adults if they are experiencing some form of abuse.

Situations of elder financial abuse still occur throughout the state and across the country, and it’s important to understand what you can do as an individual to prevent these things from happening to a loved one.

One of the things you can do to prevent elder financial abuse is to plan ahead with trusted family members and/or a financial advocate. Some actions you and your elderly loved one can take together include:

• Appointing a trustworthy financial advocate
• Creating a power of attorney for property
• Communicating with their banker, attorney, or financial advisor on a regular basis
• Having an estate plan in place
• Keeping records of all financial transactions and legal documents
• Periodically checking their county registrar to review any property titles

It’s important to be cautious when it comes to handling any aspect of finances, including signing powers of attorney and making changes to a living trust, estate, or will. Additionally, you should caution your elderly loved ones to be aware of telephone and mail solicitations. Spam calls are getting more and more sophisticated, and it’s important to arm them with as much knowledge about them as possible.

FAQs About Financial Elder Abuse Law in California

How Do You Prove Financial Elder Abuse in California?

To prove financial elder abuse, you must establish that the victim is 65 or older and that financial harm occurred due to fraud, undue influence, or coercion. Identifying the responsible party is crucial, as multiple individuals – such as caregivers or financial advisors – may be liable. Due to the complexities of these cases, consulting a California financial elder abuse attorney can help in gathering evidence and pursuing legal action.

What Is the New Law for Elder Abuse in California?

California has been actively updating and refining its elder abuse laws under the EADACPA, including the introduction of Assembly Bill (AB 1417) in 2024. Existing laws require specific people (known as mandated reporters) to report cases of elder abuse through established procedures.
This bill expands the scope of mandated reporting and shortens the time a mandated reporter is required to submit a report in the case of observed abuse in a nursing home or other long-term care facility.

What Are Examples of Elder Financial Abuse in California?

Elder financial abuse can include actions such as forgery, identity theft, misuse of a power of attorney, unauthorized use of credit cards, and a variety of other schemes that involve obtaining an elderly person’s real or personal property with the intent to defraud them or to use it in some other wrongful manner.

Who Can Sue for Elder Abuse in California?

If you have an elderly loved one who has experienced financial abuse, you likely want to take legal action to help them receive compensation. In the state of California, multiple people are able to sue a person or entity for elder abuse, including the victim, their spouse, their heirs, or any family members with power of attorney.

Connect With a California Financial Elder Abuse Lawyer to Discuss Your Case

If you are concerned that your senior loved one has been taken advantage of financially, you can discuss the situation with the attorneys at Rosenberger + Kawabata. Our team of skilled attorneys can help you understand whether or not fraud has occurred and what can be done to rectify your loved one’s situation. Call our office to set up an appointment with a legal professional today.