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Elder Financial Abuse and Fraud

ElderLaw

Elder abuse comes in many shapes and forms, including physical and emotional abuse. The most common source of abuse comes from the older person’s own family members. This is also true of financial abuse. Family members, friends, hired help, and others are all typical perpetrators of elder financial abuse, which consists of fraud and theft. Older people are also likely victims of financial fraud via telemarketing, email, and other online scams because of cognitive impairment and unfamiliarity with computer and phone technology. If your older loved one is the victim of financial abuse or fraud, we strongly urge you to reach out to an experienced Anne Arundel County Maryland elder law attorney at once for assistance in getting these funds restored and having justice served.

Elder Financial Abuse is on the Rise

According to CNBC News, elder financial fraud amounted to $36.5 billion in 2015. Fraud cases are on the rise due, in part, to the fact that the generation that is retiring is one of the wealthiest generations in U.S. history. The vulnerability of older people, particularly when it comes to computer savviness, is another driving factor. The older the victim is, or if they have a cognitive impairment such as dementia, the more likely that they will become a victim of financial fraud through an online scam.

When the Thief is a Family Member, has Power of Attorney, or is Another Trusted Person

One in 20 older adults admitted to being financially abused by a family member in the previous year, according to U.S. News. Sadly, the people that we place our trust in the most are sometimes the people that take advantage. Whether a family member steals money from their older relative’s wallet because they believe that the older person has plenty to spare, or a financial advisor steals because they do not think the older person will notice, the same crime has been committed: theft. While the criminal court system takes care of penalties that the perpetrator will face, it is up to you and your attorney to ensure that your loved one is financially protected by taking legal action against the guilty party.

Call Anne Arundel County Elder Law Attorney Tara K. Frame Today

Whether a family member, a neighbor, a “close friend” of the older person, or a stranger on the internet stole from your elderly loved one or coerced them into giving them money through deceptive means, you need to take legal action. Theft of an older person’s limited resources could mean that they do not have the funds to pay for a future operation, proper food and shelter, or medication. And, the financial abuse will not stop unless you put an end to it by holding the perpetrator accountable. We encourage you to reach out to the compassionate elder law attorneys of Frame & Frame. Call our Pasadena, Maryland offices today at 410-255-0373.

Resources:

cnbc.com/2017/08/25/elder-financial-fraud-is-36-billion-and-growing.html

health.usnews.com/wellness/aging-well/articles/2017-03-07/financial-exploitation-when-taking-money-amounts-to-elder-abuse

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