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
- Thomas Begley Jr to Present at Philadelphia Conference on Irrevocable Trusts
On Tuesday, August 27th Tom Begley Jr will be presenting at the Pennsylvania Bar Institute course on Irrevocable Trusts, being held at the CLE Conference Center in Philadelphia. Mr. Begley views irrevocable trusts as an important estate planning tool that can assist elder law attorneys in helping their clients protect assets. “Although often used for the very wealthy, we view irrevocable trusts as quite useful for clients in all income levels,” said Mr. Begley, “helping many with very high long-term health care costs, possible lawsuits as well as other concerns.” Irrevocable trusts are often used in estate planning for seven primary [...]
- Dana E. Bookbinder Article Published in Today’s Senior Magazine
Today’s Senior Magazine, South Jersey Edition recently published an article written by Dana E. Bookbinder about the New Jersey POLST legislation in their August 2013 edition. Below is the text of that article, which can also be found online at Today’s Senior Magazine’s web site. ——– Today’s Senior Magazine, August 2013 - New Jersey residents have a new tool through which they can ensure that their health care wishes are carried out by all medical providers. Signed into law on December 21, 2011 by Governor Chris Christie, the New Jersey POLST (Practitioner Orders for Life Sustaining Treatment) legislation became effective [...]
- Tom Begley Jr. to Present at 16th Annual Elder Law Institute
On Thursday, July 25th, Tom Begley, Jr. will be presenting at the Pennsylvania Bar Association’s 16th Annual Elder Law Institute at the Harrisburg Hilton in Harrisburg, PA. Last year’s day-long event hosted over 400 elder law attorneys and professionals, who gathered to learn about the latest changes in elder law as well as gain practical insights from fellow elder law professionals. Mr. Begley will speak at two different sessions including a presentation about the impact of the Affordable Care Act and SSA policy changes on Special Needs Trusts. Other topics at the Institute include Medicaid estate recovery, long term care [...]
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