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 FUTURE OF THE LEGAL PROFESSION
by Thomas D. Begley, Jr., CELA ABA Commission The American Bar Association has appointed a Commission on the future legal services. Legal services are expensive and are beyond the reach of many poor and even middle class individuals. Technology is becoming a game-changer and non-legal entities are engaged in providing legal services. The ABA Commission is holding a series of grassroots meetings to gather information and propose new approaches for the delivery of legal services. The Commission will look at data regarding what percentage of a lawyer’s time is actually spent practicing law as opposed to administrative, marketing, fundraising, etc. [...]
- PERSONAL INJURY SETTLEMENTS: HOUSING FOR PLAINTIFFS WITH DISABILITIES
by Thomas D. Begley, Jr., CELA Introduction Housing for an individual with disabilities is a major concern. The purchase of a residence is a very important decision involving a number of factors. This is particularly true where the individual is receiving means-tested public benefits such as Supplemental Security Income (SSI) and Medicaid. If there is a special needs trust involved, the SSI and State Medicaid Regulations must be carefully considered. Selecting the Right Home Often, a home must be made handicap accessible. In selecting a home, care must be taken to ensure that the home can be adapted for the [...]
- YOU HAVE JUST BEEN DIAGNOSED WITH EARLY ALZHEIMER’S: NOW WHAT?
by Thomas D. Begley, Jr., CELA Background on Alzheimer’s According to the American Alzheimer’s Association, Alzheimer’s disease is a progressive brain disorder that damages and eventually destroys brain cells, leading to memory loss and changes in thinking and other brain functions. It usually develops slowly and gradually gets worse as brain function declines and brain cells eventually wither and die. Ultimately, Alzheimer’s is fatal and currently, there is no cure. An estimated 5.3 million Americans of all ages have Alzheimer’s disease in 2015. Thirty-six percent are age 85 or older, 43% are between 75 and 84, 16% are between 65 [...]
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