Get help finding the Right Elder Abuse Law Lawyer for your case
Elders over the age of 65 can often be targets of financial abuse. One such type of financial abuse that is becoming increasingly more common is elder annuities fraud. Elder annuities fraud happens when a financial advisor or agent sells long term insurance annuities to individuals that do not need it by tricking them into it with misinformation or not enough information. The agent or advisor typically tries to get the individual to invest a large sum of money into an annuity and tells them that they will then receive profitable payouts each month. What these elder annuities fraud victims do not know is that they cannot withdraw from the annuity until it matures ÃƒÂ¢Ã¢â€šÂ¬Ã¢â‚¬Å“ which can take anywhere from 8 - 20 years. Thus, the victim's money becomes locked up in an untouchable account.
Unfortunately, financial advisors and agents often see people over the age of 65 as easy elder annuities fraud victims because they don't know a lot about investments and they may be easily scared with stories of worst-case scenarios or other misinformation fed to them. Having one's money tied up in an untouchable annuity can be devastating to the elder annuities fraud victim and his or her family. Usually, the agents make the elderly victims sign a waiver stating that they cannot sue them, which makes this form of financial abuse even harder for these elder annuities fraud victims.
Luckily, there is help for elder annuities fraud victims. Elder abuse attorneys have experience with this type of financial elder abuse and can help rectify the situation. An elder financial abuse attorney can help an elder annuities fraud victim by filing a claim and demanding their money gets returned to them from the agent or the company they work for. Experienced lawyers can help prove that the elder annuities fraud victim did not understand the terms of the annuity. Because there are laws that specifically prohibit this type of fraud, an elder abuse attorney can help the victim and his or her family file a lawsuit to recover financial damages or losses that have occurred. There are harsher punishments for those that target elderly people as elder annuities fraud victims.
If you believe you or your loved one may be an elder annuities fraud victim, Attorney Search Network can help you find an elder abuse lawyer who can assist you. Call today to be connected to an elder abuse lawyer.
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