Here’s another one of those stories that gives the politically correct talking points on financial elder abuse and other exploitation. Yes, it sometimes happens at the hands of ratty family members. And indeed, scammers are out there working phone schemes, home repair cons and a host of other illicit lines. These articles rarely mentioned (and even more uncommonly with appropriate context) a growing threat, the probate racket occurring within the legal system – sometimes government-sanctioned, often government-abetted – which allows financial exploitation of Americans of all ages.
From USA Today:
“There is no silver bullet that will end the financial abuse of America’s seniors,” says Don Blandin, president and CEO of the non-profit Investor Protection Trust (IPT), which released a survey Wednesday about elder exploitation. IPT conducted the survey after the Consumer Financial Protection Bureau requested more information about the problem.
The experts IPT surveyed said the most common type of abuse is when family members steal or divert funds or property. The next biggest problems are caregiver theft and financial scams perpetrated by strangers.
“Some of those financial scams by strangers can be ones that actually deplete the entire life savings of a senior at the worst possible time in their life,” Blandin says.
Elderly suffer as financial abuse grows
Auagust 16, 2012
“Somebody” should write articles that expose the real truth. That’s what Estate of Denial® has been doing since 2007. We’ll return to writing more columns in the upcoming months. Meanwhile, stories like this expose a certain portion of the larger threat Americans and their property rights face, but much more can be said about that story. Stay tuned.