Few people enjoy talking about aging and its social, mental, physical and other effects. Fewer still want to talk about elder financial abuse and exploitation. Dancing around this important subject can cause more harm than good, so we will take the risk of being direct here in an effort to shine a light on a serious problem.
Every day, countless cases of elder financial abuse occur, resulting in an estimated cost of $2.6 billion annually. What’s even more alarming is that research conducted by the National Center on Elder Abuse and the MetLife Mature Market Institute reveals that family members and so-called “trusted advisers” are often the primary perpetrators.
The statistics, though eye-opening, likely do not capture the full extent of the problem since victims often shield the abusers they know and, in many cases, love.
Many individuals prefer to keep their financial details close to their chests as they enter their golden years. They don’t want family members prying into their financial affairs. However, by keeping loved ones in the dark, even those who would never entertain dishonest intentions, there is no way for them to fully understand what to expect.
In many cases, your children who are totally self-sufficient and financially independent may not be as close to you as a particular child who has never strayed too far from the nest. But these loved ones may in fact be more trustworthy because they are in fact self-sufficient and have no pressing reason to be unduly concerned with the state of your finances.
While there are no simple solutions to this complex issue, knowledge is power. Stay vigilant about the possibility of elder financial abuse and consider initiating open and honest discussions with your loved ones long before you reach a stage in life where vulnerability to manipulation or deceit becomes a concern.
By fostering transparency and awareness, you take an important step in safeguarding yourself against potential abuse. Remember, prevention starts with open dialogue and a shared commitment to protect the financial well-being of our aging population.
If you suspect elder financial abuse or need guidance on how to navigate this sensitive topic, don’t hesitate to seek professional advice. Our law firm is here to assist you with expert insight and resources. Contact us today to schedule a consultation, either by email at info@kinghornlaw.com or by phone at 520.529.4000, and let’s work together to protect our seniors from financial exploitation.
