As you enter into the latter stages of your life you have to be very aware when it comes to how you handle your financial resources. For a number of different reasons senior citizens can be vulnerable to financial abuse, and this is a huge problem in the United States today. The MetLife Mature Market Institute estimates that some $3 billion is lost each year as a result of elder financial abuse and the problem appears to be on the rise.
It is very sad indeed, but a high percentage of the cases of abuse that take place are perpetrated by family members, so-called friends, neighbors, and others who are known to the senior who is being victimized. The statistics that are compiled with regard to the size and scope of the problem are probably conservative because many instances of financial abuse are not reported because of the fact that the victim is trying to protect the abuser.
Of course there are also countless cases of abuse perpetrated by predators as well. Scam artists often times like to target senior citizens, and now that we live in the age of the Internet they have an entirely new channel to utilize as they stalk their prey. Identity theft is common, and elders should be aware of this and keep sensitive information confidential.
Elder financial abuse is certainly a real and present danger as you start to enter into your senior years. To discuss prevention strategies with an expert, simply take a moment to arrange for an informative consultation with a licensed and experienced South Carolina elder law attorney.
John Kuhn, Estate Planning Attorney
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