Within the elder law community, there is a great deal of concern about the apparently burgeoning plague of elder financial abuse. According to a Consumer Financial Protection Bureau report (summarized in an article from the Northern Kentucky Tribune), this problem is on the rise, costing seniors (and their eventual heirs) billions of dollars.
The CFPB broadly describes two different types of scenarios that are common within this arena. One of them involves crimes of opportunity.
These instances of elder financial abuse are perpetrated by people who have access to the individual who is being victimized. This can be so-called friends, neighbors, acquaintances, and sadly even family members.
As we all know, many seniors are in need of assistance with their day-to-day needs, and caregivers are sometimes opportunists when it comes to taking advantage of their charges.
Crimes of predation are the other half of the problem. There are identity thieves, con men, and scam artists of every ilk out there always looking for an easy mark. It is not uncommon for these nefarious criminal types to target the elderly under the assumption that they are particularly vulnerable.
Many senior citizens do begin to lose sound decision-making capabilities as they reach an advanced age. This is why incapacity planning is an important part of any comprehensive plan for the future.
Professional guidance is the key if you want to steer clear of elder financial abuse and other perils that can befall senior citizens. To discuss the legal aspects of protecting yourself with an an experienced professional, take action right now to arrange for a consultation with a licensed Ashland KY elder law attorney.
John’s practice focuses on the use of Wills and Living Trusts in Estate Planning to help individuals protect their families and preserve their legacies after their deaths, but his practice also focuses on the critical issues of protecting individuals with dementia or other diminished capacity, assisting individuals in qualifying for Medicaid and other government benefits to offset the costs of long-term care, and providing special needs planning.
John is admitted to practice law in North Carolina, South Carolina, Kentucky, and Ohio, and he is accredited by the Department of Veterans Affairs.
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