Elder Financial Abuse occurs when someone takes money or property from an older person without their knowledge, understanding, or consent.
Some forms of elder financial exploitation are simple and straightforward such as forging a signature on an older person’s check, or using their ATM card to take their cash.
Other forms of financial abuse can be quite complicated, such as getting the deed to a property, identify theft, accessing and spending down an inheritance, or gaining control of assets.
The National Adult Protective Services Association (APS) reports that one in nine seniors reported being abused, neglected or exploited in the past twelve months; the rate of financial exploitation is extremely high, with 1 in 20 older adults indicating some form of perceived financial mistreatment occurring in the recent past.
As people age, they may need the help of others to manage their finances and care for them. This is especially true in cases where someone has Alzheimer’s or dementia, as these conditions cause mental functioning to decline.
Unfortunately, elders may put their trust in people who do not have their best interest at heart. Whether it’s a relative, friend, or a caregiver, anyone may try to steal an elder’s finances in various ways.
Here are some startling facts about Elder Financial Abuse:
Elder abuse is vastly under-reported; only one in 44 cases of financial abuse is ever reported.
Abused seniors are three times more likely to die and elder abuse victims are four times more likely to go into a nursing home.
90% of abusers are family members or trusted others.
Learn more about how to identify and prevent elder financial abuse by registering for the next Dessert with Andrew and Yvonne Zoom Seminar this Thursday, September 30th at 7PM.
Seminar hosts are Yvonne Murphy of Beacon Eldercare, and Andrew Jaloza of The Estate Planning and Elder Law Group.
Yvonne Murphy and her team at Beacon Eldercare, located at 69-23 Grand Ave. in Maspeth, has been helping families throughout New York City to find the best practices and solutions to healthcare needs for decades.
As owner, CEO and Principal Attorney of the Estate Planning & Elder Law Group, Andrew L. Jaloza takes pride in helping families prepare for their future. He specializes in assisting families with preserving their generational wealth and passing on their legacy that they have spent most of their lives building.
This month’s guest panelists are Laura Jackson of Maspeth Federal Savings Bank, and Peter Gordon of New York Financial Organizers.
Laura Jackson is the Vice President and Chief Compliance Officer (CCO) at Maspeth Federal Savings Bank.
Peter Gordon is the president of New York Financial Organizers (NYFO). Peter began NYFO in 2015 with the goal of helping others gain peace of mind and security with their families, or their own, financial affairs.
Register for the FREE Zoom seminar by clicking here.