» Elder Financial Abuse On The Rise

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
Tel: 800.533.7227


  • SPECIAL NEEDS TRUSTS AND MEDICARE SET-ASIDE ARRANGEMENTS
    by Thomas D. Begley, Jr., Esquire, CELA Generally, Medicare Set-Aside Arrangement (MSA) funds are deposited in a custodial account with a professional trustee or given to the client to self-administer. For cases less than $100,000, giving the funds to the client to self-administer makes sense. CMS has issued a letter of instructions to be delivered to the client who would be administering his or her own custodial account. Even if a client misuses the money, the personal injury attorney should be off the hook with respect to a subsequent malpractice claim. If the MSA funds are self-administered by the client [...]
  • PROTECTING THE HOME FROM THE COST OF LONG-TERM CARE
    by Thomas D. Begley, Jr., CELA Seventy percent of Americans will require some form of long-term care be it nursing home, assisted living or home care. The cost of this care can range from $20 per hour or more for home care to $10,000 – $12,000 per month for nursing home care. Before becoming eligible for Medicaid in a nursing home or assisted living facility, an individual must list their home for sale and if it does not sell during the individual’s lifetime, Medicaid will place a lien on the home on death. If the individual is receiving home care [...]
  • TOP TEN MISTAKES IN DRAFTING SPECIAL NEEDS TRUSTS
    [This article was originally printed in the Straight Word, a publication of the Burlington County Bar Association.] by Thomas D. Begley, Jr., CELA There are a number of mistakes that scriveners make in drafting special needs trusts. This article will discuss those that frequently occur. Including a Payback Provision in a Third-Party Special Needs Trust. Payback provisions are a creature of Omnibus Budget Reconciliation Act of 1993 (OBRA-93).[1] This statute relates solely to first-party special needs trusts. There is no federal statute governing third party special needs trusts. These trusts are governed by the Program Operating Manual System of the [...]

See other news sources publishing this article. BETA | Tags: , , , , , , , , , , , ,



Get headlines from Law Firm Newswire sent right to your inbox.

* indicates required