Breach of Fiduciary Responsibilities
South Florida elder law attorney Randy A. Bryant represents elderly clients who may have been the victim of financial mismanagement by money managers, financial advisors, or even close family members. At the Bryant Law Firm we recognize that the loss of retirement funds or savings can have a significant impact on quality of life, and we are committed to helping clients obtain justice and recover the financial resources that were taken from them.Fiduciary Responsibility
Issues of financial management often arise for older clients as they move into retirement and begin to rely on the funds they may have accumulated over years of hard work and savings. While some individuals may manage their retirement resources entirely on their own through savings accounts or other means, many rely on the help and assistance of trusted financial advisers, money managers, or even qualified friends and family members. In certain unfortunate circumstances this reliance may lead to problems, such as when someone you know engages in fraud or exploitation of the resources you have entrusted to them.
Under such circumstances, a breach of fiduciary duty may occur. Under Florida law, a fiduciary relationship and duty is created whenever a person places confidence or trust in another person regarding a particular transaction or general financial affairs.Fiduciary Liability
When an individual or organization fails to uphold the confidence or trust that another has placed in them regarding financial matters, they may be held liable for a breach of fiduciary duty. A breach of duty occurs when (1) a fiduciary relationship has been created (2) a breach of trust or responsibility has occurred and (3) that breach is the cause of the plaintiff’s financial damage or harm.
Additionally, Florida law provides for liability where an elderly individual has been subject to “exploitation,” including through a breach of fiduciary responsibilities. Elderly exploitation occurs when a person who is in a position of trust and confidence knowingly uses, or attempts to use, an elderly individual’s funds, assets or property with the intent to temporarily or permanently deprive the individual of such resources.Recovery for Breach of Fiduciary Responsibilities
Where an elderly individual has shown that a fiduciary duty or exploitation occurred, he or she is entitled to recover for the actual damages incurred, which may include money or assets lost, or gains that were not realized due to financial mismanagement. Additionally, punitive damages are often also available to punish the individual or organization that engaged in improper and illegal actions.Helping You Fight Financial Mismanagement and Exploitation
If you or a loved one has been the victim of financial mismanagement, breach of fiduciary responsibilities, or exploitation by a trusted financial advisor, Miami elder law attorney Randy A. Bryant is here to assist you. With over a decade of experience in elder law issues, including pursuing breach of fiduciary duty claims, the Bryant Law Firm has the knowledge and experience to help you recover financial loses that may have occurred, and seek justice against the terrible breach of trust and confidence that you or your loved one have experienced. We understand the particular laws and avenues of relief available to elderly clients in such circumstances, and are dedicated to representing your interests in the courtroom. Contact us to schedule a free consultation by calling our Coconut Grove office at (305) 456-2777. You can also contact us online.