Who’s Protecting Your Financial Future?

41 Million Americans: That’s the share of our country estimated to be over the age of 65. Out of that number, 1 in 10 experienced elder abuse over the course of just one year, many cases involving more than one form of abuse.  However, the National Elder Abuse Incidence Study estimates that only 1 in 14 cases of elder abuse in even brought to the attention of authorities or reporting agencies.  While there is no national reporting mechanism to track the financial abuse of those over retirement age, financial abuse of the elderly accounts for over 10% of all types of elder abuse in the nation.  According to a National Institute of Justice survey taken in 2000 in Arizona and Florida, 5.6% of those seniors residing in planned senior communities were victims of financial abuse. As a population, older adult homes have 47 times more wealth than their younger counterparts. And Adult Protective Service agencies report that with constant economic uncertainty, the incidences of financial exploitation increase from year to year.

Only one national study has been performed to define the insidious scope of financial abuse, but it is believed that a full 90% of abusers are family members and loved ones. Family members who suffer from addictions or mental illness, as well as those who feel overwhelmed or overburdened by responsibility associated with care-taking are more likely to to misappropriate the savings of their elderly loved ones.  Financial exploitation of seniors can be perpetrated and facilitated by a professional, such as an accountant, bookkeeper or attorney, and even strangers.

Those seniors who are physically dependent are at risk or financial abuse by a caretaker. Seniors who are being victimized by other types of abuse, such as physical, mental, or sexual, are very likely to be experiencing financial abuse as well.  The demographic with the highest risk of financial exploitation is Caucasian women over the age of 65, followed closely by African American women of the same age.  People with dementia are the greatest risk for all types of elder abuse, with 50% of individuals with dementia suffering some form of abuse, according to a recent 2009 American Geriatric Society survey. That’s nearly 1 in 2 at risk of at least one form of elder abuse!

According to the 2013 study, Elder Abuse as a Risk Factor for Hospitalization in Older Persons, victims of elder abuse are twice as likely to be hospitalized as other seniors. Seniors who experience abuse face a greater risk of dying sooner and those survivors of financial abuse face ‘significantly higher rates of psychological distress’ than non-victims of elder abuse.  And the costs of financial exploitation of the elderly are on the rise. In 2009, the cost of financial abuse was estimated to be almost 2.9 billion, a 12% increase in senior financial abuse up from 2008.

There are laws and legal claims that may be brought to protect elderly and disabled individuals from financial abuse and to allow recovery of lost funds. If someone, be it a family member or friend, stranger or institution, knowingly obtains or uses the elderly or disabled person’s assets, funds, or property with the intent to deprive the individual permanently or temporarily there may be legal claims for related losses. If you find yourself or someone you love is the victim of abuse, Henrichsen Siegel, P.L.L.C. provides representation on behalf of victims of elder financial abuse. Neil Henrichsen, an AV Rated attorney, has decades of experience in seeking justice and relief related to financial fraud. For a review of your matter, please call (877) 938-9342 or e-mail Neil Henrichsen at nhenrichsen@hslawyers.com