Preparing assets to be passed on to your heirs after you pass away is a matter that is not especially difficult to face because we are all aware of the fact that we will die someday and most people can accept their own mortality. But the reality is that people don’t pass away suddenly for the most part without experiencing any decline. Medical science is capable of some amazing things these days and lifespans are getting longer. So there’s a very real possibility that you will live into your late 80s and perhaps beyond. You may do so while enjoying robust good health, but statistics would indicate that diminished faculties go along with reaching such an advanced age.
Considering the fact that dementia strikes about half of the people who reach the age of 85 you really have to take the matter seriously if you want to be prepared for all the eventualities that elders face. It is probably a good idea to engage in open dialogue with your trusted family members and friends long before you notice any decline so that everyone is on the same page and you can work together with your support system as years pass. With this in mind, we would like to highlight the disturbing problem of elder financial abuse.
The MetLife Mature Market Institute states that some $2.6 billion is lost each year due to instances of elder financial abuse. It is estimated that only one in 25 of these cases is reported because the perpetrators are usually family members or people who are otherwise known to the victims. The victims keep quiet to protect these people in most cases, and at other times they are simply embarrassed at having been taken or they don’t know that they’re being abused.
This is indeed a sad state of affairs, but bringing the issue out into the open can only help to raise awareness. Elder financial abuse is a very real danger, and if you have taken no steps to protect yourself legally now is a good time to contact an experienced elder law attorney to arrange for a consultation.
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- Planning for the Possibility of Dementia - January 20, 2023
- How to Prepare for Retirement - January 17, 2023
