Financial elder abuse can deprive an older adult of savings, property, and the ability to pay for care. Abuse may involve theft, coercion, deception, or misuse of a power of attorney. If you suspect financial exploitation, a Chicago financial elder abuse attorney can help you understand potential protective and legal remedies. Peck Ritchey, LLC represents older adults, families, trustees, and other clients in elder law and probate disputes.
How Peck Ritchey, LLC Helps with Financial Elder Abuse Matters
Peck Ritchey, LLC handles elder law and probate litigation matters involving financial exploitation. The firm’s attorneys can help identify potential misuse, preserve records, and discuss options for protecting an older adult’s assets. Kerry R. Peck and Timothy J. Ritchey assist clients with disputes involving fiduciaries, agents, trustees, and family members.
The firm can help with issues involving:
- Unauthorized withdrawals or transfers
- Misuse of a power of attorney
- Changes to wills or trusts under questionable circumstances
- Abuse of a joint bank account
- Unpaid bills or unexplained financial transactions
The firm’s case results demonstrate matters it has handled in elder law and estate litigation.
What Is Financial Elder Abuse?
Financial elder abuse occurs when someone takes, controls, or uses an older person’s money or property without permission or through deception, coercion, or undue influence. Illinois law defines financial exploitation of an elderly person or person with a disability as the wrongful or unauthorized taking, withholding, appropriation, concealment, use, or attempt to take the person’s property or assets through deception, intimidation, or undue influence. The Illinois Adult Protective Services Act contains the state’s statutory framework.
Financial exploitation can occur through a single transaction or over time. It may involve a family member, caregiver, friend, professional advisor, or another person who has access to the older adult’s finances. An older adult’s consent does not necessarily defeat a claim if another person obtained it through deception, intimidation, or undue influence.
Common Types of Financial Elder Abuse
Misuse of Powers of Attorney
A power of attorney allows an agent to act for the principal within the authority granted by the document. An agent must follow the document and applicable law. Misuse may include using the principal’s money for personal expenses, making unauthorized gifts, changing beneficiary designations, or transferring assets to the agent.
Illinois’s Power of Attorney Act addresses an agent’s authority and duties. A financial elder abuse attorney can review the power of attorney, account records, and transactions to identify potential concerns.
Unauthorized Bank Transactions
Unexplained withdrawals, checks, wire transfers, or changes to account ownership may indicate financial exploitation. Banks and other financial institutions may have records that help show when a transaction occurred and who authorized it. Prompt action can help preserve records and limit additional losses.
Real Estate and Property Transfers
An older adult may transfer a home or other property under pressure or based on false information. Deeds, loan documents, and closing records can help establish what happened. A lawyer can explain whether an action involving the property may be available.
Changes to Estate Planning Documents
A new will, trust, beneficiary designation, or trust amendment may raise concerns if it substantially changes an older adult’s prior plan. Relevant circumstances may include the person’s mental or physical condition, who arranged the document, and whether someone isolated the person from family or advisors. The firm’s trust contest and will contest pages provide additional information about these disputes.
Warning Signs of Financial Exploitation
Potential warning signs include:
- Unpaid bills despite adequate income or assets
- Sudden withdrawals or changes in spending patterns
- New people added to bank accounts or financial documents
- An older adult who appears confused, fearful, or isolated
- Missing personal property, checks, or financial statements
- A caregiver or relative who controls access to money and discourages questions
One sign alone does not prove abuse. However, multiple signs may warrant a closer review. The Illinois Department on Aging provides information about reporting suspected abuse and obtaining protective services.
What to Do If You Suspect Financial Elder Abuse
If you believe an older adult faces immediate danger, call 911. For suspected abuse, neglect, or financial exploitation of an Illinois resident age 60 or older, contact the statewide Adult Protective Services hotline at 1-866-800-1409. The Illinois Department on Aging explains how to report suspected abuse and what happens after a report.
You should also consider notifying the older adult’s bank or financial institution, preserving account statements and communications, and contacting trusted medical or social-service professionals. Do not confront a suspected abuser if doing so could place the older adult at greater risk.
A financial elder abuse attorney can help preserve evidence and discuss civil remedies. Potential options may include seeking an accounting, petitioning for guardianship or another protective arrangement, challenging a transaction or estate document, or pursuing recovery of misappropriated assets. The appropriate response depends on the facts.
Frequently Asked Questions About Financial Elder Abuse
Who is most likely to commit financial elder abuse?
A person who has access to an older adult’s finances may commit financial exploitation. This can include relatives, caregivers, agents under a power of attorney, trustees, professionals, or other trusted individuals. Access alone does not prove abuse.
Can I recover money taken from an elderly person?
Recovery may be possible through negotiation, a civil action, a probate or trust proceeding, or another legal process. The available remedy depends on the transaction, the evidence, the person’s legal capacity, and applicable deadlines.
Can a power of attorney be revoked?
A principal who has capacity may generally revoke a power of attorney by following the applicable legal requirements. If the principal lacks capacity or faces ongoing exploitation, an attorney can discuss protective options, including court proceedings.
What evidence helps prove financial elder abuse?
Useful evidence may include bank statements, canceled checks, wire records, deeds, account agreements, powers of attorney, wills, trusts, text messages, emails, medical records, and witness statements. Keep originals when possible and avoid altering electronic records.
Contact a Chicago Financial Elder Abuse Attorney
If you suspect financial exploitation, Peck Ritchey, LLC can review the circumstances and discuss possible next steps. The firm’s legal team represents clients in Chicago and throughout Illinois. Call (312) 201-0900 to schedule a consultation.