Over the last several decades, the older population (age 65 and older) in the United States has experienced unprecedented growth. In fact, experts predict that by the year 2050 the number of older Americans will surpass the number of younger Americans (age 21 and younger) for the first time in history. The rapid growth of the older segment of our society has many facets of our society scrambling to keep up, including legislators and law enforcement agencies. Sadly, the reason for this is that as the elderly population expands, so does abuse of the elderly. Elder law is the area of the law that addresses issues unique to older individuals. One area of great concern within the elder law area is the dramatic increase in the number of victims of elder abuse, specifically financial abuse of the elderly. If you are a care giver, family member, or loved one of an elderly individual you need to understand the problem and know how to look for signs that your loved one may be the victim of elder financial abuse.
According to figures released by the U.S. Census Bureau, the elder population in the U.S. is expected to climb to almost 84 million by the year 2050 – almost double the 43 million older individuals who were living in the U.S. in 2012. There are several reasons for this heretofore unseen increase in the older population, including advances in medicine and science that have almost doubled the life expectancy of the average American over the last century along with the fact that the youngest “Baby Boomers” began turning 65 in 2011. Unfortunately, one consequence of the increase in older individuals living in the U.S. is that it has given predators and scammers a much bigger victim pool.
Although elder abuse occurs in many forms, financial abuse of the elderly is growing at a startling rate. Precise figures relating to the frequency with which older individuals are victimized by financial crimes, however, are difficult to come by because reporting requirements differ among the states and because victims of elder abuse are often reluctant to report the crime. This reluctance often stems from the fact that the victim is dependent on the abuser or simply from the fact that the victim is embarrassed or ashamed to have been victimized.
Experts estimate that less than one in 25 cases of financial abuse is every reported to the authorities. At that rate, there are well over five million victims of elderly financial abuse every year in the United States. A recent study conducted by Metlife concluded that the costs associated with elderly financial abuse run around $3 billion annually, and show no signs of slowing down. Another study reported that one in nine participants admitted to being the victim of some type of financial abuse over the previous year. Sadly, somewhere between 60 and 90 percent of the perpetrators of financial crimes against the elderly are family members and/or caregivers.
What can you do to protect your elderly loved one? The most important thing you can do is to talk to your loved one at length about the issue of financial abuse of the elderly. Explain that you are not trying to take over his/her finances, but that you want to be sure that he/she understands how frequently older individuals are victimized and how important it is to be careful. Also, impress upon your loved one that if he/she does fall victim to a financial scam or other type of abuse it is important to talk to you about it and report the crime.
Along with talking to your loved one, you should look for signs that he/she has been victimized, including, but not limited to, the following:
Bills piling up that should be paid.
Bank statements missing
Increased credit card activity that cannot be explained
Frequent changes is caregivers or an unexpected disappearance of a caregiver
Attempts to isolate the potential victim
Items of value that are allegedly “lost” or “misplaced”
If you are concerned that your elderly loved one may be vulnerable to financial abuse, or any type of elder abuse, it may be time to consider pursuing guardianship over your loved one. Contact the experienced Seattle, Washington elder law attorneys at Byrd Garrett PLLC by calling 206-363-0123 today to schedule your free consultation and discuss your legal options.