The MetLife Mature Market Institute (MMI), the National Committee for the Prevention of Elder Abuse, and the Center for Gerontology at Virginia Polytechnic Institute and State University have released a new report entitled Broken Trust:  Elders, Family, and Finances.  The findings of this report reflect trends seen with Involuntary Redistribution of Assets (IRA) cases taking place in probate venues or through probate instruments such as wills, trusts and guardianships.

It will be of no surprise to people who follow IRA and related cases that the report names trusted professionals and family as the top two perpetrator categories of elder financial abuse.  And while not mentioned in the report, we know “trusted” professionals like attorneys often work in concert with family members.

Other report key findings include:

• While underreported, the annual financial loss by victims of elder financial abuse is estimated to be at least $2.6 billion dollars
• Elders’ vulnerabilities and larger net worth make them a prime target for financial abuse
• The increased aging of the population, social changes, and technology advances will lead to a dramatic increase in the opportunity for a growing level of elder financial abuse
• The perpetrators of elder financial abuse are typically not strangers and most are people who have gained the trust of the older individual, including business and service professionals and family members
• The victims of elder financial abuse come from all walks of life, and this type of abuse affects elders regardless of gender, race, or ethnicity

EstateofDenial.com has written about most of these points.  An elder financial abuse point not mentioned in this study is that some victimization does not become apparent until after the elderly person’s death.  Wills and trusts can posthumously reveal financial abuse.

An ironic point within the report is that the list of entities allegedly taking a leading role to combat elder financial abuse are also largely the same entities on the list of institutional elder financial abuse perpetrators.  Face it, if you are in a position to help, you’re likely also in a position to hinder.  The legal industry too often abets rather than polices its members’ questionable ethics and actions.  Government agencies are known to sometimes operate out of self-interest opposed to public interest.  Time will reveal the motivations and effectiveness of financial, health care and related industries.

An entitlement mentality is rampant throughout the U.S. with elder financial abuse being one resulting manifestation.  Whether as an individual or through a profession/institution, this type abuse is a subtle and effective way in which to enrich oneself while maintaining the guise of respectability.

We as a society have to make the decision to be honest or not.  From this report, it would appear that many among us have opted for not.