Elder financial abuse is clearly a reprehensible phenomenon and to make matters worse, a significant percentage of the cases that take place are perpetrated by caregivers, so-called friends, and family members of the exploited senior citizen in question.
This problem is resulting in the loss of billions of dollars each year, so it is widespread and according to a recent study by the MetLife Mature Market Institute losses are on the rise.
Throughout your life you are generally going to learn a lot about the various ways that people try to take advantage of others, and you may be rather adroit at steering clear of them.
However, when people get older they sometimes do not have the same type of razor sharp acumen that they may have had in the past. This makes senior citizens prime targets for con artists, people who perpetrate various types of scams, and unscrupulous family members and other people known to the victim.
It should be noted that there are plenty of honest people out there taking care of their older relatives, friends, and neighbors and they should be honored and not looked at with suspicion. There are also legitimate enterprises that offer their goods and services to senior citizens.
Yet, it is important to be aware of the fact that elder financial abuse does exist and be pragmatic about communicating openly and honestly with family members in light of the problem.
In addition to awareness, education, and communication, legal action can be of assistance as well. If you would like to discuss the topic of elder financial abuse and other challenges that face our nation’s seniors with an expert, simply take a moment to arrange for a consultation with a good Central New Jersey elder law attorney.
- Important Subjects to Discuss with Your Estate Planning Attorney - January 23, 2023
- Planning for the Possibility of Dementia - January 20, 2023
- How to Prepare for Retirement - January 17, 2023
