Financial Exploitation of Vulnerable Adults
Taylor & Lihn exists to serve our Arizona community by educating, empowering, and advocating for individuals and their loved ones who want to create a meaningful life and legacy.
Financial Exploitation of Vulnerable Adults in Phoenix
Misuse of Power of Attorney & Elder Financial Exploitation in Arizona
As the elderly population continues to rise as Baby Boomers age, the financial exploitation of vulnerable adults has skyrocketed. Older adults may be at risk because of age or infirmity, or because they have physical, cognitive, and/or mental impairments that require them to rely on others for assistance. Their vulnerability makes them easy targets for exploitation.
Arizona law prohibits the financial exploitation of vulnerable adults, but unfortunately, it still occurs with alarming regularity, mainly because it is difficult to detect if the elderly individual is isolated or fearful of making a report, or it goes unnoticed by loved ones. Thankfully, if financial abuse or exploitation is detected there are remedies available.
Serving Phoenix and the surrounding areas, we at Taylor & Lihn, PLLC are passionate about protecting the rights of the elderly. We help families who have witnessed elder financial abuse recover compensation and seek justice for the wrongs their elderly loved ones have experienced. Our attorneys have over 30 years of collective experience in estate planning, probate and trust litigation and administration, will contests, and other key practice areas to apply to these cases.
What Does Elder Financial Abuse Include?
Examples of financial exploitation of a vulnerable adult include:
- Coercion to change a will or estate plan: The abuser may coerce the victim into changing their estate planning documents, such as a power of attorney or will with the goal of skewing the estate in their favor.
- Changing the title to a bank account or property: Someone known to the victim may persuade him or her to place assets in the hands of the abuser. The abuser may take control of jointly title his or her name on the vulnerable adult’s bank account, investment account, car, or house title.
- Exploitation of the elder’s valuables: An exploiter may attempt to convince a vulnerable adult to remove jewelry or valuables from the elder’s home and pawn them for the benefit of the exploiter.
- Coercion to buy or give inappropriately: It’s shockingly easy for a scammer to simply pick up the phone and pretend to be an elderly individual’s grandchild who needs a wire transfer after a car accident; the elderly person may comply simply because they are cognitively impaired and cannot tell they are being duped.
Financial exploitation can leave vulnerable adults with depleted resources that inhibit their quality of life. Once you’ve uncovered such exploitation, it’s important to contact an experienced attorney to assist in recovering the assets for the vulnerable adult and seek all available remedies against the exploiter.
What Should I Do if I Suspect Financial Exploitation?
Contact a Phoenix elder financial abuse attorney who has the knowledge to advocate for your loved utilizing all available legal options and remedies, with the empathy to connect to your loved one’s situation. Often, these matters are very private and families do not like discussing their finances, but at Taylor & Lihn, PLLC, we take pride in ensuring your privacy.
Call us at (602) 900-9860 for a consultation with a compassionate lawyer at our Phoenix office.
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