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Last Visited: 11/21/2008
Interview with Financial Elder Abuse Attorney Philip Brown
October 1, 2008.
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According to Philip Brown, founder and partner at Egerman & Brown, LLP, there are many ways seniors are cheated out of money.
"One thing that could happen is the abuser could lie to the senior," Brown says.
"For example, he could tell the senior he will take $500,000 of the senior's money and put it in treasury bills in the senior's name, when the abuser does not intend to do so."
Brown gives a second example: "Another way to cheat a senior is to tell the senior that his or her financial situation is so precarious that the senior should take out an annuity when it is not appropriate or necessary."
The salesman who makes such a pitch takes advantage of the senior's worries and makes a profit on commission from the annuity's sale.
In some situations an annuity can be a good idea but it is wrong when a salesman uses the senior's anxiety about his or her financial future for the salesman's financial benefit.
Brown says he has seen all kinds of financial abuse in his career.
One such case involved a grandmother who was 87 years old and was told by her doctor that she needed more exercise.
The senior wound up in a gym, where one of the gym's employees convinced her to purchase an unnecessary lifetime membership.
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Brown says this is financial elder abuse because competent help could be obtained for the woman for much less than $500,000.
The housekeeper knew the woman was vulnerable and knew she needed help.
Essentially, the housekeeper exploited her relationship with the senior.
This type of coercion by a trusted person comes under the heading of "undue influence" and is simply wrong.
The law looks unkindly on those who take unfair advantage of seniors.
According to Brown, there is a distinct line between a senior's generosity and financial elder abuse.
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"As soon as that person dies, the person who has the right to the funds has the right to take action," Brown says.
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"There are basic rules to financial elder abuse," Brown says.
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