Elder law attorneys assist clients that are concerned about the eventualities of aging. One of the major issues that are we are dealing with at the present time is the matter of elder financial abuse.
Exploitation of Vulnerable Seniors
There are not many things that are more despicable than crimes committed against people that are not in a position to protect themselves. Elder financial abuse comes in a number of different forms, and one of them is probably the most disturbing.
In some instances, a family member that is providing care for a senior citizen will be given power of attorney, so the caregiver has complete access to the elder’s assets. In all too many cases, they abuse it.
Sometimes relatives that are not agents under powers of attorney use their relationships to separate seniors from their money. There are also professionals that are given fiduciary powers that commit acts of elder financial abuse.
The United States Consumer Financial Protection Bureau (CFPB) has been compiling elder financial abuse statistics over recent years. According to their research, if a non-family caregiver was the perpetrator, the average loss for a given senior was $57,800. For abusers that were family members, the figure was $42,700, and the average loss was $17,000 when the culprit had no personal connection to the victim.
In addition to these crimes of opportunity, scam artists of every ilk often gravitate toward seniors that may be easier to trick.
Many elders are quite lonely because they have lost their spouses, family members, and friends, and they no longer interact with coworkers on the job. A lot of them are all too willing to engage strangers that appear to have an interest in them.
Though it is not the only underlying reason why seniors are victimized so frequently, cognitive impairment is definitely a factor.
The Alzheimer’s Association does a lot of effective work educating the public about this disease. In addition to the information sharing, they connect people with helpful resources. There is actually a Greater Cincinnati Chapter of the Alzheimer’s Association that you can contact if you need support.
According to their website, 32% of individuals that are 85 years of age and older have contracted this disease. Alzheimer’s is a leading cause of dementia, but it is not the only one, so a very significant percentage of elders experience some degree of cognitive impairment.
This is a fact of life, and it is wise to accept the reality head on when you are planning ahead for the eventualities that you may encounter during your twilight years.
There are things that you can do from a legal perspective to minimize your exposure to elder financial abuse. Your family dynamic will definitely have a lot to do with the viability of certain courses of action. You should definitely explore your options and make fully informed decisions with the benefit of legal counsel.
Attend a Free Webinar
We are conducting a series of webinars over the coming weeks, and you can obtain a great deal of very important information if you attend one of these sessions. A lot of us have extra time on their hands because of the pandemic restrictions, so this is a good way to spend some of it constructively.
There is no charge to attend our webinars, but we ask that you register in advance so we can save your spot. You can see the dates and obtain detailed information if you visit our webinar page. When you identify the session that works for you, follow the simple instructions to register.
Take Direct Action!
If you know that it is time to develop a plan for aging, we would be more than glad to help.
We can gain an understanding of your situation and explain your options so you can make fully informed decisions. When you decide to move forward, we can apply our expertise to create a plan that ideally suits your needs.
You can schedule an appointment right now if you give us a call at 531-721-1513, and there is a contact form on this site you can you send us a message.