Be Alert for Financial Exploitation of the Elderly

After World War II, the U.S. has seen a huge amount of money accumulated. Now, a lot of that money is being passed down to the next generation, with estimates predicting over $60 trillion transferred in the next few decades. This isn’t just about the super rich; there are millions of millionaires in the U.S. and their money is at risk of being taken by fraudsters, con-artists, and even people they trust. Lawyers in Florida are likely to see more cases of elderly people being exploited for their money, and there are legal ways to fight against this kind of exploitation. Florida has a lot of elderly people, more than any other state. The number of elderly people in the country is going to double by 2050. Florida has laws to protect elderly people from being taken advantage of financially. This includes penalties for people who take money from elderly people without permission or misuse their money. The law also covers people who are trusted by an elderly person and then take advantage of them. A vulnerable adult is someone 18 or older who has a hard time taking care of themselves due to a disability or aging. It doesn’t mean they’re incompetent, but they could still be taken advantage of. If someone harms a vulnerable adult, they can be sued for money and have to pay for the victim’s legal fees. These rules are in addition to any other ways the victim can seek justice. Some people take advantage of elderly people by stealing their money. This can include family members, caregivers, and financial advisors. In Florida, there are laws to protect elderly people from this type of exploitation. One well-known case involved a banker who stole millions of dollars from his mother, who had Alzheimer’s disease. Elder financial abuse is a serious issue in Florida, with vulnerable elderly people being taken advantage of by others for their money and assets. Some cases involve lawyers and financial advisors taking advantage of their elderly clients, while others involve fraudulent activities by individuals seeking to exploit the wealth of elderly people. It’s important for Florida attorneys to be aware of the state’s laws protecting the elderly and to be prepared to take legal action to help vulnerable clients who may be at risk of financial exploitation. The Great Wealth Transfer is when older people pass down their money and assets to younger generations, like Millennials. This transfer is expected to be around $30 trillion. There are a lot of millionaires in the United States, and their numbers are growing. However, financial exploitation of elderly people is a problem, and there are laws to protect them from this type of abuse. A law firm and its attorneys in Florida often represent people in financial and investment disputes. They recently won a case against a big financial company, getting $34 million for the family of a former business executive. They are part of a group of lawyers who want to help the public, make sure justice is fair, and improve the legal system.

Source: https://www.floridabar.org/the-florida-bar-journal/be-alert-for-financial-exploitation-of-the-elderly/