Tuesday, February 4, 2014
Although rarely acknowledged, financial elder abuse is an increasingly common crime that impacts persons in all social classes.
The illegal use of an elder’s income or assets is a societal blight that has resulted in annual losses of an estimated $2.9 billion. One of every six adults over 65 has been a victim of elder financial abuse. Women are twice as likely to be victims, especially if they live alone and require health care assistance.
With the number of people over 65 expected to comprise 20% of the total U.S. population in 2050, up from 13% in 2010, the number of victims of elder financial abuse is also likely to increase.
See Financial Elder Abuse, Smith, Gambrell & Russell, LLP, Winter 2014.