Unfortunately, far too many elderly people are exposed to financial exploitation every year. This problem is likely to get worse, which is why the government and family members are increasingly concerned about the possibility of exploitation.
There are three primary sets of factors that work that make elderly more likely to be associated with financial exploitation. These include financial and retirement plans, the health-related impacts of aging and demographic trends.
The wealth of older generations and cognitive decline are other factors that play into the high risk of financial exploitation. Today’s retirees are even taking on more student debt which could have impacts in the future.
The prevalence of elder financial exploitation ranges between 3% and 6.6% although it is likely that this number is underestimated since not every instance of financial exploitation is known. Far too many of the incidents associated with elder financial exploitation are not reported to authorities.
In fact, one New York study found that for every single documented case of elder exploitation, 44 went unreported. This can have significant impacts on your overall wealth and on your estate plan.
Scheduling a consultation with an MA estate planning attorney is one of the best things you can do to guard your estate and a loved one against the possibility of financial exploitation. Set up a meeting with a trusted estate planning lawyer today to learn more about the tools you can use, such as a power of attorney to protect yourself.
