Watching your loved ones grow old can be difficult. Taking care of those who once took care of you may seem strange and unnerving. Often, we entrust our elders to the care of someone we believe to be dedicated to protecting them, whether that be the nursing home you picked out for them or a trusted family member. Unfortunately, despite all the precautions one might take, elder abuse is a frequent crime that impacts the lives of nearly 5 million elders each year.
Elder abuse is an often misunderstood term. Legally, any type of mistreatment that induces harm, whether that be physical, mental, or financial, to an individual 65 years of age and older is “elder abuse.” As you can see, based on that definition, elder abuse is very common. But, according to the National Council on Aging, only 1 in 14 cases are reported to authorities and in about 60% of elder abuse cases, the perpetrator is a family member.
The elderly are particularly susceptible to mistreatment for a variety of reasons. Vulnerability is the leading cause of this form of abuse. Cognitive decline, social detachment, generational wealth, and frailty all are some of the reasons elderly people become a target for mistreatment.
It is reported that financial exploitation costs elders in America nearly $2.6 billion dollars every year.
Financial Elder Exploitation occurs when an individual knowingly takes assets from an elderly adult (65+) with ill-intent This often occurs when the elder has no knowledge of what is going on or when they have been manipulated into a situation where they feel this is their only choice.
The following are some red flags where Financial Elder Exploitation may be occurring:
● Signatures on checks that do not resemble the elder’s signature
● Legal documents signed by the elder when he or she is physically incapable of writing
● Inappropriate or unusual banking activity
● Sudden changes being made to wills or trusts
● Adding new individuals to private accounts
● Long-lost relatives or new friends spending time with the elder
● Missing cash or jewelry
At Tresp Law, APC we are committed to protecting those who find it difficult to protect themselves. You do not need to be a family member in order to pay attention to these signs. If you suspect that this is happening to you or someone you are close to contact us today for a consultation.
1.“Elder Abuse Statistics & Facts : Elder Justice.” NCOA, 15 June 2020, www.ncoa.org/public-policy-action/elder-justice/elder-abuse-facts/
2.“Elder Abuse Statistics & Facts : Elder Justice.” NCOA, 15 June 2020, www.ncoa.org/public-policy-action/elder-justice/elder-abuse-facts/.
3. MetLife Mature Market Institute, The National Committee for the Prevention of Elder Abuse, The Center for Gerontology at Virginia Polytechnic Institute and State University. Broken Trust: Elders, Family & Finances (PDF).
