By Illinois Elder Law Attorney Rick Law of the Estate Planning Center at Law Elder Law. Serving seniors and their families in Kane and Kendall Counties, Law Elder Law is a multi-generation law firm located in Aurora, IL.
When an exploiter promises the clients that they would get this great rate of return and that was not true, that is fraudulent misrepresentation under the common law. Many states have great consumer fraud statutes that are very consumer friendly and in some cases allow for attorney fees.
When lawyers sue under the theory of fraud, the client can be awarded punitive damages, which is a great incentive when it comes time to talk about settlement talks. When it’s time to sit down to talk settlement, lawyers can state that all they really want is the money that was stolen and the assets that were stolen. They can tell the other side that they are not really looking for a windfall and will go away if they just give back what was taken.
However, if the case goes to trial, they have intentional counts pending, including fraud, and they’re going to ask for punitive damages as well as giving back the money that was stolen. That is a very helpful bargaining chip in settlement talks.
If the victim of financial exploitation was adjudicated disabled and/or had a guardian appointed at the time the document was executed, the document is void as a matter of law (in most jurisdictions). However, if documents were signed before the date of adjudication, there will need to be a hearing to demonstrate incapacity at the time of the signing. In order to show incapacity, lawyers will usually need expert medical testimony.
Too many families needlessly lose everything they have. Don’t let that be you. If you need help building a fortress around your estate to protect it from creditors, predators, and the cost of chronic disease, give our office a call at 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now, because when you’re out of money, you’re out of options!
Rick L. Law, Attorney, Estate Planner for Retirees.
Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Call 800-310-3100 for your free consultation now!