Every year, more and more seniors are victimized by financial abuse. Phishing scams, telemarketing scams and undue influence in testamentary documents are just a few examples of this financial abuse. The abuser is generally a family member or other trusted individual — yet, it’s usually a family member or trusted individual who reports such abuse. Such reports can steer your loved one toward achieving financial recovery.
Financial exploitation is not just a temporary inconvenience. Financial exploitation can have long-term consequences for your loved one’s fiscal and physical health. A Santa Barbara elder abuse attorney can help prevent elder financial exploitation in several ways, including:
- Inter vivos trusts — Anyone who has a large amount of cash is a target for thieves. By removing cash from your loved one’s bank account and placing those funds in a living trust, you give thieves nothing to steal while preserving your loved one’s quality of life. There may be some tax advantages, as well. An elder abuse lawyer in Santa Barbara can give you more ways to protect your family’s financial resources.
- Power of attorney — Another way to curb financial exploitation is with a power of attorney, which gives you direct control over your loved one’s financial decisions.
Whatever method is the most appropriate in your situation, an elder abuse lawyer in Santa Barbara can give you the tools you need to protect your family. We practice personal injury law at McCarthy and Kroes, and we understand that personal injury includes financial as well as physical injury. We are committed to a safer Santa Barbara. Contact McCarthy and Kroes for your free consultation.