Tuesday, June 27, 2023
The improper or illegal use of older adult's funds, property, or assets is "elder financial exploitation." It often goes unreported, and in 88% of cases, the victim knows the individual who is exploiting them.
The AARP Public Policy Institute conducted a study in 2022 which concluded that the rate of financial exploitation has doubled since COVID-19 sent the world into lockdown in March 2020, fueled by the pandemic's social isolation. Most older victims do not get their money back, which can impact the entire family if loved ones contribute more money to care for their family members.
For more information see Suzanne Wooley “Older Americans Robbed of $20 Billion A Year by People They Know” Financial Advisor, June 15, 2023.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.