How Estate Planning Can Help Prevent Elder Exploitation

Older generations of Americans are vulnerable to financial exploitation by a broad spectrum of perpetrators. Unfortunately, this includes not only strangers, but also people they know, trust, and welcome into their lives.

Elder exploitation cases are normally complex and can be difficult to fully investigate and pursue. Elders can lose their life savings and can have little to no opportunity to gain them back, which can result in an inability to procure the health care they would choose for themselves as they age. Very often this leads to an unnecessary loss of independence.

What is Elder Financial Exploitation?

Financial exploitation is the term used to pinpoint fraudulent or otherwise illegal, unauthorized, or improper actions taken by a person’s caregiver, fiduciary, or other individual in which an elderly person’s resources are used by another for their own personal profit or gain; or otherwise deprive the elderly of benefits or assets that they are entitled to.

Florida law states that the elements necessary to establish that the requisite exploitation occurred are:

• the victim was a vulnerable adult;
• the victim’s property was wrongfully appropriated by the defendant;
• the defendant knew or should have known that their conduct was wrongful.

Examples of Elder Exploitation

Some common examples of situations that have led to elder abuse include:

• Exploitation by an agent who has been granted authority via a power of attorney
• Theft by a family member, caregiver or in-home helper
• Investment fraud
• Many, diverse scams

An Estate Plan Can Help Protect Against Exploitation

One of the main things you can do to protect against Elder exploitation is to proactively create an estate plan that prepares for the potential of future diminished mental capacity.  Several estate planning tools exist that can help safeguard you and your family, including:

• Trusts: Placing assets in trust helps to protect against exploitation by minimizing outside access to funds or other property and assets. There are many different types of trusts that can operate in different ways to serve diverse needs. An esteemed wills & probate attorney at Suncoast Civil Law can discuss options with you.
• Creating a Durable Power of Attorney: carefully choosing who you appoint with a power of attorney can do a lot to prevent potential abuse.

Ways to Minimize Risk of Elder Exploitation

When creating your trust and power of attorney, it is essential to choose carefully. Remember to:

• Trust, but verify: Appoint someone you have a great deal of trust in, and ensure they know your wishes and preferences. If the person you designate later becomes unreliable, you can update your Power of Attorney to choose another designee. Again, be careful that the person you choose is trustworthy and has your best interest at heart.
• Avoid appointing someone with a history of money mismanagement or addiction struggles.
• Avoid appointing paid helpers or caregivers as your agent under a power of attorney.

Contact Suncoast Civil Law

The experienced Sarasota wills & probate attorneys at Suncoast Civil Law can help you, or your loved one, craft a thoughtful estate plan that accounts for all of their present needs and future designs for their estate and legacy. And if you suspect that exploitation occurred and a lawsuit is necessary in order to challenge a last will and testament, our team can work with you to ensure that your loved ones true intentions are honored. Contact our team to discuss your needs today.

Sources:

rollingstone.com/music/music-news/priscilla-presley-elder-abuse-lawsuit-california-florida-auctioneer-1235099203/

cbs12.com/news/local/new-fl-law-could-protect-seniors-from-getting-scammed