Seeking legal and emotional help is vital.
Some criminal scammed money out of your elderly parent.
Such crooks are the lowest of the low.
Perhaps the crime was committed by a stranger.
Maybe it was even by a family member or caregiver.
Either way, your parent would rather pretend it did not happen.
But it did.
What can you do?
According to a recent Yahoo Finance post titled “What to Do If You or Someone You Love Has Been Financially Exploited,” your parent will need love and support to seek justice.
Explain elder financial exploitation is more common than they might think.
As Baby Boomers age, the problem will only get worse.
The good news?
States are taking more targeted action against perpetrators.
In fact, financial elder abuse has been criminalized in most states.
What does this mean?
There are greater penalties in these cases than exist for mere theft—often including more time in jail.
Some states also allow victims to sue specifically for elder financial abuse.
What does it mean to sue for elder financial exploitation?
The victim is allowed to seek recovery of up to two to three times the amount lost as well as payment of their attorney fees.
Those are pretty high risks for being caught.
Now, legal action is only part of what you should do.
Your loved one will have experienced a very personal trauma and very real sense of betrayal.
Counseling or similar services may be necessary to help them move on.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Yahoo Finance (March 14, 2017) “What to Do If You or Someone You Love Has Been Financially Exploited”