If you discuss the eventualities of aging with a licensed elder law attorney, you may find out about some possibilities that are quite disconcerting. No one is especially anxious to confront these types of things, but at the same time, sticking your head in the sand can make you vulnerable in the long run.
One of these elder law issues is the matter of elder financial abuse. This problem started to come to light a number of years ago, and research has been done that sheds some light on the issue.
Back in 2011, the MetLife Mature Market Institute conducted a rather in-depth study that put the problem under the microscope. At that time, they estimated annual losses due to instances of elder financial abuse at $2.9 billion.
They emphasized the fact that it was indeed an estimate, because it is hard to put your finger on the exact extent of the problem. This is because of the fact that most instances of elder financial abuse go unreported.
Sadly, in many cases, the perpetrators are family members and caregivers. This is one reason why there are so many unreported cases. The victims do not want to get these people into trouble, and they may also be afraid of retribution.
In addition to this type of scenario, there are also many elders who simply are not aware of the fact that they are being abused.
How many cases actually go unreported? The answer is rather astounding. The New York State Elder Abuse Prevalence Study found that 43 cases go unreported for every one that is reported.
Abuse that is perpetrated by people that are close to the victim is one form, but there are many other forms of elder financial abuse.
The $2.9 billion figure that the MetLife Mature Market Institute arrived at back in 2011 is attention-getting enough, but a new study has been released by True Link Financial. This study places the number at a mind-boggling $36.5 billion per year.
As you can see from these figures, the elder financial abuse problem is widespread, and the losses are very significant. Fortunately, government agencies are starting to get more and more involved, and increased resources are being devoted to get a grip on the problem.
Schedule a No Obligation Elder Law Consultation
The elder financial abuse situation is a top priority, but there are other elder law issues that you should discuss with a licensed professional if you want to be prepared for the future.
Our firm offers no obligation consultations, and we would be glad to answer your questions and help you understand the contingencies that you may face during the latter portion of your life. To set up an appointment, send us a message through this page: Long Island NY Elder Law Attorneys.
Mark S. Eghrari, Estate Planning Attorney
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