Financial elder abuse (Part 1) – all your life you’ve waited for this?

Estate of Denial has come across many articles of late regarding elder abuse.  In keeping with this site’s theme regarding the Involuntary Redistribution of Assets (IRA), our research has focused on financial elder abuse. 

As technological advances allow people across the world to live longer than ever before, more financial elder abuse cases are also occurring.  We’ve read accounts from Australia, New Zealand and Europe.  In addition to reading much about this problem in the U.S., we’ve come across some interesting pieces from Canada.  One of the best articles was in The Vancouver Sun and it quoted Laura Watts, national director of the Canadian Centre for Elder Law, as saying “I think it is going to be one of the most significant issues in the next 10 years.  Probably one in 10 or one in 12 seniors in Canada is subject to some abuse and financial abuse is one of the most common.” 
(http://www.canada.com/vancouversun/news/story.html?id=3e3684c9-7db5-4faf-b3a6-e85c10fccf79)

In the U.S., the National Center on Elder Abuse (http://www.ncea.aoa.gov/NCEAroot/Main_Site/Index.aspx) accumulates evidence regarding abuse cases but does not keep official statistics.  They do estimate the overall reporting of financial exploitation at only 1 in 25 cases, suggesting that there may be at least 5 million financial abuse victims each year.

“Sleazy” works as a fair description for describing the financial exploitation of older people by Involuntary Redistribution of Assets practitioners.  IRA culprits may be adult children, rogue legal or accounting professionals, that “committed” caregiver, etc. 

Tomorrow, however, we’ll discuss when the elderly turn on each other…..    

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