Tidal wave of financial elder abuse cases will hit after COVID

Before the pandemic forced millions of elders into lockdown, some in their homes but many others in care facilities, estimates showed losses to elder Americans from financial exploitation to range from $2.9 billion to as high as $36.5 billion a year. In a post-2020 world, that number will grow significantly.

Elder members of our communities have been separated from their friends and families for at least seven months, canceling their holiday and birthday visits, poker games and book clubs. They aren't active in their communities like they once were and their communities aren't coming to them. This lack of contact has created a unique opportunity for predators -- whether family, caregivers, neighbors or "friends" -- to exploit our elders for their own financial gain.

Probate, probate litigation and conservatorship attorneys across the country are expecting a wave of financial elder abuse cases to come crashing down over the next few years, and in metropolitan areas, the large population, lengthy and restrictive quarantine orders, and wealthier residents means more victims.

Prevention is better than any treatment

In a short time, someone can take over an elderly person's finances and divert their assets or trust to someone else. Making your presence known to whomever is taking care of your elder family members can be the difference-maker in deterring such theft.

The oversight and checks and balances that were naturally in place before the pandemic have greatly diminished, so it is now up to you to be informed about your parent's finances. Don't wait until you receive a call from them saying their bank account has been emptied.

Speak with your parents and their caregivers or care facilities frequently. Use the technology around you like video calls through Zoom or FaceTime. These are great, readily available resources that will give a real-time glimpse into your loved one's home and life.

A house alarm doesn't stop someone from breaking in, but it does make your house a more difficult and less-appealing target than your neighbor's house. Let everyone know that you are involved in your loved one's life, are paying attention by looking at their financials and bank accounts, and know who their financial advisors, bankers, doctors, caregivers and community are. When dealing with elderly parents, we always advise people to "stay vigilant and stay involved." Because in our experience, financial abuse most often occurs when predators know no one is paying attention, and the current state of the world creates ample opportunity.

If you think someone is being victimized, your best first option is to locate the adult protective service organizations in your county or find the police department and ask for their elder abuse division. There are also elder abuse specialists that we sometimes refer people to. If you hit a dead end, consulting with an elder abuse attorney may be your best recourse.

Lawyers should also note that, once you catch on to a scam, you should not hesitate to coordinate with the police if the case warrants it, but be prepared. Many of our police forces are overworked and under-resourced, and while they do a great service in our communities, all-too-often elder financial abuse becomes a lower priority than other issues. Still, if your case warrants police involvement -- where civil litigation simply cannot not do enough to protect your elderly loved one -- arm yourself with the Penal Code sections that make financial elder abuse a criminal matter. It also doesn't hurt if you, and your lawyer if you have one, gather and present all relevant evidence in a clear, concise presentation. If the police and district attorney need to be involved, make it easy for them to do their job.

Signs to look for

When it comes to identifying financial elder abuse, the signs often are subtle at the beginning and become more aggressive over time. Identifying even small changes in behavior, such as getting off the phone quickly, sudden unavailability, irritability, complaints about money or being unable to afford even life's necessities, then it is a good idea to do some more digging. If they suddenly become reliant on a new friend or neighbor, especially one you don't know who is "helping" them with groceries or any other money handling task, that should raise an immediate red flag.

We get calls all the time where people are confused as to why their parents are suddenly stressed about finances even though they have (or had) plenty of money. In these cases, it's all-too-often because someone is stealing their money. It's certainly worth looking into.

If you are still unable to see them in person, video chat with them and check for any signs of physical abuse such as a black eye or bruising. This is important because in our experience when there are signs of physical abuse, 99 times out of 100 financial abuse is also occurring.

The surface doesn't show the whole picture... yet

Estimates from the National Center on Elder Abuse show at least 10% of our elderly population experience some form of elder abuse, with one study finding major financial exploitation to be the most common form of abuse. These numbers will bloat in the coming months.

As so much of the elder population is still quarantined, we likely won't see an accurate rates of financial abuse for quite some time. Not until these people return to their communities and we are able to hear their stories.

Right now the swell of financial elder abuse is growing deep out at sea, and once some of these quarantine restrictions loosen, it's likely that a tidal wave of cases comes crashing down. 