Protecting Vulnerable Adults: How to Prevent Financial Exploitation in Florida
Financial exploitation of vulnerable adults is a growing concern in Florida, particularly for the elderly and those with cognitive impairments. Exploiters—whether strangers, caregivers, or even family members—often take advantage of their victims through fraud, undue influence, or outright theft. Florida law provides several safeguards to protect at-risk adults, and Bleakley Bavol Denman & Grace helps families in Tampa take proactive steps to prevent financial abuse before it happens.
Understanding Financial Exploitation in Florida
Financial exploitation occurs when someone improperly or illegally takes advantage of a vulnerable adult’s finances, assets, or property. Common forms of financial abuse include:
- Unauthorized use of bank accounts or credit cards
- Coercion or fraud in signing legal documents
- Forging signatures on checks or property transfers
- Misuse of power of attorney
- Pressuring an elderly person into making gifts or changes to their will
Florida law recognizes these forms of exploitation and provides legal avenues for recourse, but prevention is always the best approach.
Legal Tools to Prevent Financial Exploitation
At BBDG, we recommend several legal strategies to help protect vulnerable adults from financial abuse while preserving their autonomy.
- Durable Power of Attorney (POA) with Safeguards
A Durable Power of Attorney allows an individual to appoint a trusted agent to handle financial affairs if they become incapacitated. However, POAs can be misused if the agent takes advantage of their authority.
- Tip: Choose a financially responsible and trustworthy agent.
- Tip: Require dual agents or an oversight mechanism to monitor financial transactions.
- Tip: Specify limits on gifting or transfers to prevent unauthorized asset depletion.
- Revocable Living Trusts for Asset Protection
A Revocable Living Trust allows individuals to manage their assets while appointing a trustee to take over when needed. Unlike a POA, a trust offers more structured financial oversight.
- Tip: Name a professional or corporate trustee for added security.
- Tip: Require co-trustees or periodic financial reporting to beneficiaries.
- Guardianship as a Last Resort
In cases where a vulnerable adult is already being exploited, family members can petition for guardianship through Florida’s courts. While this removes some personal freedoms, it may be necessary to protect financial and personal well-being.
- Tip: Consider limited guardianship to preserve some decision-making rights for the adult.
- Tip: Seek legal counsel before initiating guardianship, as it is a complex legal process.
Warning Signs of Financial Exploitation
Family members and caregivers should be vigilant for red flags, including:
- Unexplained withdrawals or large bank transfers
- Missing valuables or property transfers
- Changes in wills or financial documents under suspicious circumstances
- Sudden close relationships with new “friends” or caregivers
What to Do If Financial Exploitation Is Suspected
If you suspect financial abuse, take immediate action:
- Contact Adult Protective Services at the Florida Department of Children and Families (1-800-96-ABUSE).
- Freeze questionable transactions by notifying banks and financial institutions.
- Consult an attorney to explore legal remedies, including restraining orders, asset recovery, or guardianship.
How Bleakley Bavol Denman & Grace Can Help
At BBDG, we help Tampa families protect their loved ones through estate planning, trust creation, and legal intervention when exploitation occurs. If you are concerned about financial abuse, contact our Tampa Estate Planning Attorneys at Bleakley Bavol Denman & Grace today for expert guidance.
Source:
myflfamilies.com/services/abuse/abuse-hotline
