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
- THE ALTERNATIVE TO A SPECIAL NEEDS TRUST IN PERSONAL INJURY CASES
1. Is the Trust Necessary? Are public benefits, such as SSI and Medicaid, important to the client? The attorney must consider the restrictions on distributions. There are three important factors that must e considered before determining to use a self-settled special needs trust: Sole Benefit of Rule. Distributions from self-settled special needs trusts must meet the “sole benefit of” rule. This means that distributions can only be made for the beneficiary of the trust. This is frequently a problem with family members who tend to look at the personal injury settlement as the family bank account. Payback Rules. Under federal [...]
- USE OF CREDIT CARDS AND GIFT CARDS IN ADMINISTERING A SPECIAL NEEDS TRUST
[This article was originally printed in the Straight Word, a publication of the Burlington County Bar Association.] In administering a special needs trust, it is crucial that the trustee not advance cash to the beneficiary. Historically, beneficiaries have sent their bills to the trustee for payment. An easier way to accomplish this objective is to obtain a credit card for the trust beneficiary. If the beneficiary has good credit, the card can be obtained in the beneficiary’s name. If the beneficiary does not have good credit or is a minor or is incapacitated, a credit card could be obtained in [...]
- PROTECTING YOUR ASSETS FROM CREDITORS: ARE YOU BULLET-PROOF? PART 1
[This article was originally printed in the Barrister, a publication of the Camden County Bar Association in November, 2014.] Many business and professional people, including lawyers, have worked a long time and accumulated significant assets. There is an old saying: “It not what you earn, it is what you keep.” We live in a litigious society. Business and professional people have significant exposure to claims from creditors, because of the activities in which they engage and because they have assets and, therefore, make good targets. This is the first of a three-part article exploring strategies to protect hard-earned assets from [...]
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