You are probably aware of the fact that many people who reach an advanced age become somewhat isolated. It is also not uncommon for elders to experience reduced mental capacity. These two factors help to make seniors targets of those who would seek to take advantage of them for financial gain.
A lot of elders need assistance of one type or another with their day-to-day living needs, so family members, friends, or neighbors often pitch in. This is usually fine, but there are occasions when an individual who is close to an elder exploits that access. Studies find that the majority of instances of elder financial abuse are perpetrated by people who the victim knows.
So when the senior who has been abused recognizes the fact that he or she has been bilked this individual does not come forward to the authorities in an effort to protect the perpetrator. Part of it is because of the fact that the victim doesn’t want to see the person get in trouble, but another part of it is that he or she actually needs the assistance that is provided by this financial abuser.
Now that we live in the digital age elder financial abusers have a new forum within which to operate. As we all know you can access your bank and brokerage accounts online and transfer funds electronically. As a senior who is trying to take steps to avoid abuse, it is important to closely guard access to your accounts. Don’t give out sensitive information and make sure that your passwords are secure. You can also subscribe to some type of identity protection service that will monitor your identity and shield you from identity theft.
Elder financial abuse can take many forms in the age of the Internet, and this is important to remember as you enter the latter stages of your life. To take legal steps to protect yourself, simply arrange for a consultation with an experienced elder law attorney.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
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