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October 18, 2024

Texas Penal Code §32.55: A New Law Protecting Elderly Individuals from Financial Abuse

The Texas Legislature has recently enacted a new penal statute, “Financial Abuse of Elderly Individual,” designed to protect elderly individuals from financial exploitation. This law, codified under Texas Penal Code §32.55, provides a clear legal framework for addressing and prosecuting instances of financial abuse against the elderly.
The statute defines “elderly individual” in accordance with Section 22.04 and outlines specific acts that constitute financial abuse. These include:

  • Wrongful taking or appropriation of property: This encompasses a broad range of actions, such as theft, embezzlement, or misuse of funds.
  • Exerting undue influence: This refers to situations where a person uses their position of authority or trust to coerce or manipulate an elderly individual into making financial decisions that are not in their best interest.
  • Financial exploitation: This specifically targets individuals who have a relationship of confidence or trust with the elderly person. It includes actions like misappropriating funds, abusing guardianship powers, or failing to use the elderly person’s resources for their support.

Relationship of Confidence or Trust
The law defines a relationship of confidence or trust as existing between an elderly individual and a person who is:

  • A relative by blood or marriage
  • A joint tenant or tenant in common
  • A legal or fiduciary representative
  • A financial planner or investment professional
  • A paid or unpaid caregiver

Implications for Professionals
This new law has significant implications for professionals who work with elderly individuals, including:

  • Financial advisors: Advisors must exercise utmost care when handling the financial affairs of elderly clients, ensuring that their best interests are always protected.
  • Caregivers: Caregivers should be aware of their responsibilities and avoid any actions that could be construed as financial abuse.
  • Attorneys: Attorneys who represent elderly clients should be familiar with the law and be prepared to advise their clients on how to protect themselves from financial exploitation.

Conclusion
Texas Penal Code §32.55 is a crucial step in safeguarding the financial well-being of elderly individuals. By providing a legal framework and defining specific acts of financial abuse, Texas Penal Code §32.55 is designed to empower law enforcement and prosecutors to hold perpetrators accountable.
Disclaimer: The Estate Lawyers attorneys are licensed to practice law in California and do not intend to solicit legal business in jurisdictions where its lawyers are not licensed.
Additional Reading
Professionals who work with the elderly in Texas should be familiar with this law and take proactive measures to protect their clients from financial exploitation. To assist estate attorneys and planners in this mission across the country, The Estate Lawyers has prepared a paper titled Undue Influence: Protecting Clients and Their Estates by Amy Gostanian, Managing Partner. Complete this form and download the paper now!

bio-Amy-L-Gostanian-Esq

Amy L. Gostanian

Founder/ Managing Partner

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Amy is the founder of The Estate Lawyers. Amy opened the Firm (Formerly the Law Offices of Amy Gostanian PC/Gostanian Law Group, PC) in June 2005 with the fervent desire to help people solve legal problems through tenacious advocacy.

For more than a decade, Amy has sought out other superstar talent that have a passion for helping people during incapacity and death. She has strategically sought out knowledgeable individuals to provide our clients with the very best legal counsel.

She has been a certified Estate Planning and Trust Specialist by the California State Bar since 2010—an accreditation held by only a select group of attorneys.

She is a member of the American Bar Association, California Bar Association, and Orange County Bar Association, and is licensed to practice in both California State and Federal Court. Amy also served as Chair of the OCBA Conservatorship Section and has spoken on multiple legal panels.

She has been recognized as a Super Lawyer in Trust and Estate Litigation from 2020–2023, placing her among a small group of top attorneys in Orange County.

Conservatorships
Financial Elder Abuse
Elder Abuse Restraining Orders
Trusts and Wills Contest
Probate and Trust Administration
Breach of Fiduciary Duty
Probate and Trust Administration
Inheritance Disputes

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Mackenzie has been exceptional throughout the entire process. Probate matters can be complicated and stressful, but she has consistently made me feel informed, supported, and confident that my case is being handled with great care. She is extremely knowledgeable, professional, thorough, and responsive, and she has an excellent ability to explain complicated legal issues in a way that is clear and easy to understand. I would highly recommend her!

Jessica Tran

a month ago

I had the pleasure of working with Stephanie, and I truly couldn’t have asked for a better experience. From start to finish, she was incredibly helpful, attentive, and supportive. She always kept me updated, was quick to respond whenever I had questions, and made sure I understood what was happening every step of the way.

There were definitely moments when the process felt overwhelming, but Stephanie made everything feel so much more manageable. I really appreciated how detail-oriented and proactive she was, and it was clear that she genuinely cared about helping me and making sure everything went smoothly.

Stephanie is professional, reliable, responsive, and truly goes above and beyond for her clients. I’m so grateful for all of her help and would absolutely recommend her to anyone looking for someone they can trust.

ben ogo

5 months ago

One of the best decisions I made when it comes to my estate portfolio was hiring The Estate Law. The did an amazing and outstanding job, I am still amazed at the results and outcome of their diligence and outstanding deal! Great Job Amy and Michelle, I really appreciate your hardwork and effort!

David Nye

5 months ago

I can’t express how valuable and supportive Carl and Cara was for us! Carl was not only supportive, but also helpful when it came to navigating through the ins and out of our case. Carl never steered us in any way, but was more supportive in advising us as to where we were at all times in our case and helpful when it came to times on making a decision to make on the case itself. I would highly recommend them to any friend or family that are in need of an attorney.

Brian Robinson

3 months ago

When things aren’t going well, these are the people to turn to. Very strong litigators, and solid advocates for your estate and or probate matter controversies.

Sergio Men

2 years ago

Amy and her team are excellent. They formed the Special needs trust form my daughter and helped us with the administration of it during my daughter’s life. The law firm who we were dealing with the claim of the accident and who we are very grateful with, because of their humbleness and experience in accidents, they did what others firms didn’t even consider trying. After the accident case was settled, we needed a trust to receive the funds on behalf of my daughter and they try to set it up, but after a few hearing with the courthouse they just said, go see Amy, We did, and oh my goodness, they were able to set and get it approved in just one hearing. This is amazing for what I saw in the court room. Some cases NOT HANDLED by Amy, that I was able to hear during the several times we were in the court room with the accident attorney, some cases were already into 2 years and not resolved. When Amy took our case in her hands. Her staff was so professional that in the first try, the trust was approved by the court. In addition, they were very caring and supportive to us during the time of our relationship as client and attorney, and even though our relationship has ended after the passing of our daughter, I know that if in any case I need someone who I can fully trust blindly this is Amy and her team. If you are looking for fast, reliable and a accurate results look no more, Amy and associates is who you are looking for.

Sincerely

Sergio Mendoza

Daniel Rodriguez

10 months ago

This is a firm with top-notch litigators. I have personally met Amy Gostanian and Michelle Bartolic. Amy and Michelle are some of the best legal minds I have worked with. Aside from being excellent attorneys, Amy and Michelle are some of the most caring and compassionate people you will meet.

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