Have You Run Into Financial Wrongdoing?
Get Your Fair Remedy
Financial fraud and related misdeeds are rampant. The ways of taking or withholding money from you that is rightfully yours are numerous and opportunities all too frequent. Complex regulations and emotional stress can keep you from sorting through what might have seemed like a straightforward matter relating to taxes, theft from an elderly person or an insurance claim payment. That’s where AGNEWBRUSAVICH comes in. Our attorneys can seek redress if you have been a victim or prevent victimhood from happening.
Contact us today!
The IRS Has a New Tool to Seize Foreign Assets
The Internal Revenue Service (IRS) is relentlessly cracking down on U.S. residents with money in overseas accounts by pursuing account holders for tax evasion and tax fraud. In 2010, the Foreign Account Tax Compliance Act began requiring overseas banks to report information about U.S. clients to the IRS. The agency is using the new law to pursue not just millionaires and billionaires, but anyone with foreign financial assets valued at more than $50,000 – and sometimes less.
The law has led thousands to enter into voluntary disclosure pacts with the tax agency and pay penalties, taxes and interests that frequently have totaled half the amount in an account. Others face possible charges for tax evasion, a crime that carries heavy punishments:
- A person can be sentenced to up to 10 years in prison.
- The statute of limitations for prosecution can be up to six years from the time a tax form is filed.
- A criminal fine can be up to $250,000 or exceed the value of the account.
If your financial advisor put your money in these foreign accounts and you face civil or criminal exposure, you may have a claim against your advisor.
Financial Abuse can Hit the Elderly the Hardest
Elderly people are particularly vulnerable to financial fraud. Any significant wealth built up over a lifetime can be a magnet to thieves, and loneliness or declining mental capacity can keep older people from detecting fraud.
As such, older people are frequently financial fraud victims. One study found 41 of 1,000 seniors reported major financial exploitation – a rate higher than that for emotional, physical or sexual abuse or neglect. Separately, MetLife researchers reviewed 266 newspaper articles on elder financial abuse and found the following:
- Perpetrators were most often people known to the victim, such as relatives, friends and caregivers. Businesses were next, followed by strangers.
- Losses totaled almost $400 million in three months.
- About 100 of the articles listed no dollar amount for losses, and researchers estimated the actual total for one year would be $2.6 billion.
If you or a love one is a victim of financial abuse, call AGNEWBRUSAVICH.
Hold Insurance Companies to Their Word
Insurance policy holders depend on carriers to reimburse them for losses promised with coverage. However, some insurance companies neglect their obligations by denying claims or imposing burdens on clients who deserve compensation – an illegal activity known as dealing in bad faith.
However, California offers remedies to those who want to sue insurers over poor handling of claims. Causes of action include:
- Unreasonable denial of a claim
- Unreasonable delay in payment
Courts may award damages for:
- Emotional distress
- Lost earnings
- Punitive damages
- Attorneys’ fees
If you have been denied insurance benefits, contact AGNEWBRUSAVICH.
Protect Yourself and Your Loved Ones
Insurance companies can give you the runaround and make getting the money you deserve as difficult as possible. In other cases, you may have to stop a company or person from taking financial advantage of an elderly person. If you’re worried about the IRS, be aware that the new laws reporting of foreign financial assets are extremely complex and can catch innocent people off guard. All of these matters require experienced legal representation. If you have or think you will have financial legal trouble, contact AGNEWBRUSACICH now. Our attorneys can advise you on the best course of action and help you stay safe.
All cases are dependent upon the law and facts of a particular matter.