A Metro Vancouver family is at the centre of a legal battle over allegations of elder financial abuse, underscoring the significant emotional and financial toll this growing issue can take.
The case, which is outlined in detail in a recent article by the Investigative Journalism Foundation, revolves around accusations that a son, entrusted with managing his elderly parents’ finances, misappropriated millions of dollars, including profits from a $17-million real estate transaction.
According to court filings, the parents, who both faced health challenges in their later years, relied on their son’s financial oversight. It is alleged that he used his authority under a power of attorney to divert funds for personal benefit, including questionable loans and property transfers.
These actions reportedly left their bank accounts nearly empty. The son denies the claims, asserting that all financial decisions were legitimate and consensual.
The couple’s daughter, represented by Clark Woods LLP estate litigation lawyer Josh Woods, is pursuing legal action to recover the misappropriated assets and seek accountability for her parents’ estates.
Elder Financial Abuse A Growing Concern Across Canada
As Canada’s population ages, incidents of elder financial abuse are becoming increasingly common. However, advocacy groups warn the issue is severely underreported.
In British Columbia, reports of financial exploitation have surged, with local agencies and law enforcement seeing significant increases in calls.
“It’s one of the most common forms of elder abuse, unfortunately,” B.C.’s official seniors advocate, Dan Levitt, told the IJF. “People who are older are often seen as being vulnerable, and they may be more trusting of a family member or advisor.”
Estimates suggest Canadian seniors lose up to $3 billion annually to financial abuse, though experts believe the real figure may be higher. Shame, fear of retaliation, and a desire to protect relationships often prevent victims from speaking out.
How Families Can Protect Their Loved One From Elder Financial Abuse
As cases like this demonstrate, elder financial abuse can happen in any family. Proactive planning and early intervention are crucial in safeguarding the financial security of vulnerable loved ones.
Families can take the following steps to reduce risks:
- Shared Oversight: Involve multiple family members or trusted advisors in financial management.
- Transparent Documentation: Keep detailed records of transactions, especially large property or asset transfers.
- Legal Safeguards: Work with estate lawyers to draft comprehensive powers of attorney and financial agreements.
Clark Woods LLP: Advocates for Families in Estate Disputes
At Clark Woods LLP, we understand the complexities of estate disputes and the profound impact they can have on families. Whether it’s recovering misappropriated assets, addressing suspected financial abuse, or navigating complex estate matters, our experienced estate litigation lawyers are here to help. If you suspect elder financial abuse or need assistance with an estate dispute, contact Clark Woods LLP today.