Elder Financial Abuse Hits Close To Home
One of the issues that has been a frequent topic of discussion over the last several years in elder law circles is that of elder financial abuse. The statistics that are available on the subject only tell part of the tale, but a MetLife Mature Market Institute report estimates that some $2.6 billion is lost annually due to instances of elder financial abuse.
The reason why the actual amount of the losses may be much higher than this estimate is due to the fact that the majority of abusers are family members, caregivers, and trusted advisers. So when you see statistics on the subject you have to take under-reporting due to embarrassment and protection of family members into account.
Outside of individuals who have gained the trust of a senior citizen taking advantage of that position to improperly gain financial benefits, elders are also frequent targets of scam artists and con men of every ilk. There are the phony home improvement scams, get rich quick schemes, pyramid deals, telemarketing scams, real estate and mortgage scams, and many other traps that seniors can fall prey to. Identity theft is a problem as well, and elders are prime targets because they often own their homes outright and have excellent credit scores.
People have a tendency to tiptoe around sensitive realities, but ask yourself why elders are so frequently victimized when these same people did not fall into these traps when they were younger. In most cases it would seem to be connected to the natural mental decline that accompanies advanced age.
Rather than sweeping it under the carpet and hoping for the best, perhaps open communication and acceptance of the realities of aging would be the best way to combat elder financial abuse. The prudent course of action is to discuss elder financial abuse with your estate planning attorney and find out what legal steps you can take to protect yourself and the interests of your family as a whole.
