The large elderly population in Florida makes our state a prime target for elder exploitation. Financial exploitation is perhaps the most common form perpetrated on the elderly. Financial exploitation occurs when someone in a position of trust gains or uses the resources of an older person illegally, without their consent or knowledge. Our firm provides excellent guidance in how to avoid elder exploitation in Tampa Florida.
Elder exploitation cases are never simple and offer numerous complexities for prosecution. But the result is an elderly loved one losing a lifetime’s worth of resources, resulting in inadequate care and/or living arrangements. Florida law provides measures to fight against and prosecute elder exploitation, including financial exploitation. Mortellaro Law can help you prevent this calamity in your family by providing seasoned elder-focused estate planning.
Common Examples of Elder Exploitation in Florida – Elder Law
The elderly are frequent targets of exploitation because they are often easily confused or convinced due to reduced cognitive function. Sadly, family and other close relations are the most likely perpetrators of elder exploitation; but this is not always the case. Caregivers, financial advisors and others can perpetuate scams on unsuspecting elderly adults with the intention of stealing assets. Common examples include:
- Exploitation by the holder of a power of attorney
- Theft of money or property
- Investment fraud and scams selling unnecessary or fraudulent financial services or products
- Scams acting as a lottery or sweepstakes
- Grandparent/imposter scams
- Tax and debt collection scams
- Telemarketer scams
- Internet and email scams
- Contractor fraud and home improvement scams
How an Estate Plan Can Protect Against Exploitation Using Our Elder Law Firm
Elder-focused estate planning not only plans for the future after death, but for life before death, and especially to prepare for living in an incapacitated state. Mortellaro Law can recommend the best estate planning measures to protect you or your loved one against exploitation, including some of the following:
- Revocable Living Trust – The assets in your revocable living trust provide protection against would-be exploiters because the assets are owned by your trust, not owned in your own, individual name. They cannot be accessed except by the designated trust owner/administrator.
- Durable Power of Attorney – This protection names a select person to help with or make financial and legal decisions. This can be in effect before you lose mental capacities and after.
- Designation of Pre-Need Guardian – This person is named as your guardian in the event you are being exploited and have capacity issues.
Of course, it is vital to choose the best people to serve as successor trustees, hold powers of attorney for you and to serve as your health care surrogate. Mortellaro Law can work with you and your family to choose the best, impartial and trustworthy individuals to help shield elderly loved ones from exploitation.
Contact Mortellaro Law today for more information about elder-focused estate planning and protecting your elderly loved ones from exploitation.