00:04
the financial elder abuse happens in a
00:06
variety of fashions
00:08
um but it always involves someone
00:10
manipulating or flat out just stealing
00:12
assets
00:13
from an elder so what we’ve seen
00:16
is someone convincing the elder
00:19
manipulating
00:20
them to change the beneficiary
00:23
designations on their ira
00:25
or their retirement accounts we’ve seen
00:28
it where someone
00:29
presents a document to an elder and says
00:31
hey you need to sign this
00:33
so i can claim you as a dependent on my
00:36
income taxes
00:37
well it turns out that that was just a
00:39
quick claim deed
00:41
that has the legal effect of
00:43
transferring the elders
00:45
property their house from themselves
00:48
to this person and oftentimes a family
00:51
member
00:51
we’ve also seen it we’re someone who has
00:54
access to the elders finances for
00:57
example they’re on their bank accounts
00:59
or their power of attorney
01:01
for the elder or their successor trustee
01:04
of the elders
01:05
trust these people who have access to
01:08
the elders finances
01:10
steal the money steal their assets and
01:12
so those are some common types of
01:14
financial elder abuse that we see
01:17
in addition to the more commercial
01:18
defendants such as banks
01:21
financial advisors we’ve had numerous
01:24
cases where the banks and financial
01:26
advisors
01:27
take advantage of the elders by selling
01:30
them
01:31
improper unsuitable investments we’ve
01:34
seen it with life insurance
01:36
companies selling elders completely
01:38
improper and unsuitable
01:40
annuities and the common denominator for
01:42
the defendants is financial gain
01:44
why do they do that they are making a
01:46
lot of money
01:47
off an elder who trusted him and they
01:50
betrayed that trust for their financial
01:52
gain