Elder Financial Abuse On The Rise
Moorestown, NJ (Law Firm Newswire) November 30, 2012 - According to The MetLife Mature Market Institute, approximately five million aging or elderly adults are prey to financial fraud.
MetLife's Investor Protection Elder Fraud Survey found that one out of every five elderly individuals surveyed had been victimized. Financial experts believe that the number of victims is on the rise, and that for every one case brought to the attention of authorities, 25 cases never get reported. Victims often do not know where to turn after experiencing financial fraud, or are too embarrassed or frightened to report the fraud.
The National Center on Elder Abuse states that the majority of incidences of financial fraud are committed by someone they know, such as a family member, a neighbor or a caregiver. There are also numerous reports of financial professionals, hired by the victim to manage financial affairs, who defraud the elderly. Fraud may take place as a crime of opportunity, or as part of a well-orchestrated, ongoing relationship with the planned intention to commit financial abuse.
"The betrayal is one of the hardest things about financial fraud," stated New Jersey elder law attorney Thomas D. Begley, Jr. "Most financial fraud crimes are committed against the victims by someone they know, or someone they have hired to protect their interests."
Financial fraud may include cashing the victim's Social Security checks without permission, stealing cash, forging the victim's signature to purchase goods or withdraw their funds, or tricking them into signing a will or contract that includes content they would not otherwise approve.
The older population is a prime target for financial fraud, as cognitive changes in the elderly can mean an increase in vulnerability to financial criminals, and neurodegenerative diseases such as Alzheimer's and vascular dementia are estimated to affect approximately 50 percent of people age 80 and up.
If there is concern that financial fraud has been committed, contact an experienced New Jersey elder law attorney.
To learn more about Begley Law Group call 1.800.533.7227 or visit www.begleylawgroup.com.
Begley Law Group, P.C.
509 S. Lenola Road, Building 7
Moorestown, NJ 08057
- SPECIAL PROBLEMS AFFECTING THE ELDERLY – PART 2
by Thomas D. Begley, Jr., CELA This article continues the discussion of special problems for the elderly. (Here is a link to Part 1.) Long-Term Care. About 70% of Americans will require some form of long-term care be it home care at $22 to $25 per hour, assisted living at $4,500 to $8,500 per month, or nursing homes at $10,000 to $12,000 per month. Only about 6% to 8% of Americans have long-term care insurance. Expenses of long-term care will wipe out most families very quickly. The Affordable Care Act has already covered between 10 and 13 million additional individuals. [...]
- 20 THINGS YOU NEED TO KNOW ABOUT ABLE ACCOUNTS
by Thomas D. Begley, Jr., Esquire, CELA On December 16, 2014, Congress enacted and the President has signed an Act known as Achieving a Better Life Experience (ABLE) Act of 2014. This Act is to provide a tax-favored account, similar to a 529 Plan, for individuals with disabilities to pay for qualified expenses. Highlights of this Act are as follows: State Established or Contracted. Each state is authorized to establish and operate an ABLE program. This must be done by each state before these accounts can be opened in that state. States may contract with other states to operate these [...]
- FINANCING LONG-TERM CARE IN NEW JERSEY
by Thomas D. Begley, Jr., Esquire, CELA INTRODUCTION Statistics show that approximately 60% of the population age 65 or over will require some form of long-term care. Some will be there for relatively short periods of time. These are usually stroke victims who are doing rehabilitation. A significant percentage will remain in a nursing home for an extended period of time. These are usually Alzheimer’s or Parkinson’s patients. A statistic widely quoted is that the average stay in a nursing home is 2.9 years. This statistic is somewhat misleading, because the persons receiving rehabilitation are often discharged in six months [...]
See other news sources publishing this article. BETA | Tags: new jersey elder law, new jersey elder law attorney, new jersey estate planning, new jersey estate planning attorney, new jersey estate planning lawyer, New Jersey personal injury settlement consultant, New Jersey Special Needs attorney, New Jersey Special Needs Lawyer, New Jersey Special Needs planning, new jersey veterans law, nj elder, nj estate planning, nj estate planning attorney