Elder Financial Abuse: Awareness Is Key As you are preparing for the contingencies that you may face as you reach an advanced age one thing to keep in mind is the possibility of elder financial abuse. As difficult as it is to comprehend, elder abuse and neglect is a big problem during the current era, and it seems to be growing. Elder financial abuse is challenging to put into full perspective because of the fact that a very significant portion of the instances of this abuse that take place are never reported to the authorities. Why is this so? For one thing, there are some seniors who feel ashamed at having allowed themselves to be abused so they keep the matter under wraps. Others may well not even realize that they are being abused. But the most common reason why cases of elder financial abuse go unreported is because in the majority of instances the perpetrator is a family member or someone otherwise known to the victim. The MetLife Mature Market Institute does a lot of work on subjects that are of interest to the elder law community, and they have recently put out an interesting publication that is titled The MetLife Study of Elder Financial Abuse: Crimes of Occasion, Desperation, and Predation Against America’s Elders. The study found that the losses incurred due to cases of elder financial abuse increased by 12% between 2008, when losses totaled a minimum of $2.6 billion, and 2010, when $2.9 billion was lost. The MetLife study found that women were almost twice as likely to be victims of elder financial abuse than men, and the majority of perpetrators (60%) were male. Most of the victims of elder financial abuse were individuals between the ages of 80 and 89. Elder financial abuse is something to be aware of as you start to enter your golden years. If you would like to explore your options with regard to legal protections, simply take a moment to arrange for a consultation with a licensed elder law attorney. Experienced estate planning attorneys Warren NJ of the Augulis Law Firm offers estate planning and business planning resources to residents of Warren, NJ. To learn more about these free resources, please visit http://www.augulislawfirm.com today.
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