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
- CORPORATE TRUSTEES HATE THIS! ONE SIMPLE TRICK TO SAFEGUARD YOUR TRUST
by Kevin M. Buttery, Esquire When planning your estate, it is often advisable to utilize a trust to effect one or more of your goals. The trustee of such a trust can, and in certain circumstances should, be a corporate entity, also known as a corporate fiduciary. However, you may not want to relinquish control of your assets to somebody outside of the family. To overcome this uncomfortable proposition, your attorney may suggest that you appoint a “Trust Protector” for your trust. While a Trust Protector may sound like a super hero wielding unending power, the role is really meant [...]
- ETHAN J. ORDOG RECOGNIZED BY SUPER LAWYERS
Each year Super Lawyers creates a credible, comprehensive and diverse listing of outstanding attorneys. This year Ethan J. Ordog has been selected as a Super Lawyers Rising Star. Each candidate is evaluated on 12 indicators of peer recognition and professional achievement. Ethan joined Begley Law Group in February of 2009 and became a partner in January of 2014. Ethan concentrates his practice in Estate & Trust Litigation, Estate & Trust administration and Guardianship. Ethan is licensed to practice law in New Jersey and the U.S. District Court for the District of New Jersey. He is a member of the New [...]
- Depletion Management
By Thomas D. Begley, Jr., CELA When a personal injury victim settles a case and the plaintiff is receiving certain public benefits such as SSL Medicaid, Medicaid Waiver programs, SNAP (Food Stamps), Section 8 Housing, or any other means-tested program, a Special Needs Trust is required. To qualify for a Special Needs Trust, the plaintiff must be disabled. How Lonn Should the Trust Last? Once the trust is established, the next issue is. How long should the trust last? The answer to that question depends, in part on how large the settlement is. If the settlement is small, the trust [...]
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