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Elder financial abuse results in an estimated $3 billion in losses each year, but the actual amount may be much higher because some seniors don’t know they’re being victimized and others are unable or unwilling to report potential misconduct.
Every Wisconsin county—including Dane County—has an elder abuse agency that investigates reported neglect, abuse or financial exploitation of seniors, including those who reside in nursing homes or other assisted-living facilities. If you believe you’re a victim of financial abuse, or if you suspect a loved one is being financially exploited, it’s a good idea to talk to your local Adult Protective Services office as soon as possible. It’s also advisable to discuss your situation with a knowledgeable attorney.
The Madison nursing home abuse attorneys at Boller & Vaughan have an extensive record of success in elder abuse cases, including those related to financial exploitation.
Seniors are often targeted for financial exploitation due to perceived vulnerabilities. Many seniors, for example, suffer from mental health issues such as dementia; others may lack financial literacy, and others may struggle to navigate modern technology or misleading marketing.
There are numerous examples of financial abuse, but they tend to fall into one of two categories:
Common elder abuse scams include but are not limited to:
In some cases, the perpetrator may use threats or force to keep the victim silent, adding another layer of abuse to this tragic situation.
We live in Friendship, Wisconsin, and Boller & Vaughan came to our doorstep to discuss our mother’s wrongful death claim on a Saturday morning. Not only were we pleased with the large recovery, we were so thankful to have lawyers who were willing to explain to us every twist and turn along the way. It is great to know there is a law firm that will fight for the rights of elderly people all over Wisconsin.
Mr. Boller and Ms. Vaughan were incredible in working on my case and my daughter’s case. I was out of work and in the hospital with a new baby. Mr. Boller and Ms. Vaughan protected our rights and it was a pleasure to work with them. I hope never to be in another motor vehicle accident, however, if I am and I am injured, I will contact Boller & Vaughan immediately.
I was referred to Michelle through a friend. I have never had a better experience. It took a little over a year to get my settlement but the staff there stayed in constant contact and kept me in the loop. Oh, and Michelle actually got me MORE money than we discussed. I will refer anyone to this firm. Words cannot do justice the thanks that I have for Michelle and her staff (Mary especially) thank you guys so much!
After my husband died as a result of a motor vehicle accident, Boller & Vaughan spent countless hours talking with me, meeting with me in person, and making sure that I was okay. The drunk driver who hit us did not have any insurance, and we had to make a claim through our own insurance. Boller & Vaughan was fantastic at explaining the law to me and the handling of our claims.
After my son was injured in a daycare setting, Ms. Vaughan took the time to thoroughly investigate our case and my son’s injuries. Michele was approachable and had answers to our questions. Talking with her helped to relieve many of our anxieties.
According to the National Adult Protective Services Association (NAPSA), only 1 in 44 financial abuse cases is reported. Not all seniors are aware of misconduct, and others are helpless to do anything about it.
It’s important that family members, caregivers and friends know how to detect signs of elder financial abuse and what to do in the event of suspected abuse. Red flags include:
If you suspect the financial exploitation of an elderly loved one in Wisconsin, your first step should be to contact the state’s Adult Protective Services agency. It’s also a good idea to discuss your situation with an attorney who has experience in elder abuse cases. A knowledgeable lawyer may be able to help protect your loved one—and other at-risk seniors—from further exploitation and pursue financial compensation for damages.
Your initial consultation with our lawyers is FREE. During your consultation we will evaluate the merits of your case and give you our honest opinion of whether or not it is worth pursuing.
Some have called senior financial abuse “the crime of the 21st century.” An estimated 37 percent of seniors has experienced, or will experience, some form of financial abuse.
And the problem is expected to grow with the senior population over the next three decades. According to a census report, “In 2050, the population aged 65 and over is projected to be 83.7 million, almost double its estimated population of 43.1 million in 2012.”
This is significant because most financial abuse victims are between the ages of 80 and 89, and most require some level of help with either health care (particularly those dealing with cognitive disabilities like Alzheimer’s disease) or home maintenance because of physical limitation. By 2050, all surviving baby boomers will be at least 85 years old.
Perpetrators of financial exploitation are rarely strangers to the victims. The Washington Post reports that 75 percent of elder financial abuse is initiated by a family member or a known acquaintance; as much as 90 percent of elder abuse or neglect cases involve close friends or family.
Common ways family members or caregivers exploit vulnerable adults include:
The Madison attorneys at Boller & Vaughan have considerable experience with nursing home abuse cases and other forms of elder neglect and exploitation. Our accomplished lawyers are dedicated to protecting the rights of victims throughout Wisconsin.
If you believe a family member is a victim of elder financial abuse, call us today at 608-268-0268 or contact us online to arrange your FREE consultation.