Financial Elder AbuseIn California, it is anticipated that the elderly population will grow twice as fast as the rest of the population. Unfortunately, as the population of elderly persons or “Baby Boomers” continues to grow, so do the number of incidents of elder abuse.
Financial elder abuse is a nationwide epidemic. An estimated one in five elderly persons has been subject to financial elder abuse, but as few as one in forty-four cases is reported. In addition, it is estimated that approximately $18 trillion is in the hands of persons who are 65 and older.
All of this makes elderly persons a target for family members, caretakers, and others. Guardians, conservators, and caretakers may also find opportunities to take advantage of the elderly person they are caring for, even taking estate and trust assets.
The opportunity of abuse by guardians and conservators is so prominent that Congress passed S.178 (the Elder Abuse Prevention and Prosecution Act), and this was signed into law by the president.
If you are concerned that a family member or loved one is a victim of financial elder abuse, it is important to get them help as soon as possible. Failure to get a victim of financial elder abuse can result in depletion of their assets, inability to access medical care, and isolation of the elderly person, among other things.
There are ways to get an elderly person who is the victim of financial elder abuse help. There are ways to safeguard the estates, trusts, and assets of your family members and loved ones.