A new study suggests that the total costs from elder abuse in the U.S. continue to rise at an alarming rate.
Elder abuse is a serious problem in the U.S. This has been known for a long time. As more people live longer while suffering from some form of cognitive impairment due to age or disease, fraudsters have more and more incentive to target the elderly.
What is not often known by the general public is how frequent financial abuse of the elderly is and how costly it can be.
Recently, the Wills, Trusts & Estates Prof Blog discussed the results of a recent survey that helps to answer those questions in “Elder Financial Abuse Is Costing Americans.”
The numbers are alarming: 37% of elderly caregivers report that the person under their care has been the victim of financial abuse. The average cost of the abuse to the elderly victim is $36,000. That is up 20% from two years ago when the average cost per victim was reported at $30,000.
Given the large number of elderly people in the U.S., these numbers show that a significant amount of wealth is being taken from the elderly in abuse incidents.
If you suspect that an elderly person you know is the victim of elder abuse, it is vital that you contact an elder law attorney and alert authorities. While it is often difficult to recover the lost funds, it can be done if the proper people are informed in time.
Reference: Wills, Trusts & Estates Prof Blog (Nov. 16, 2016) “Elder Financial Abuse Is Costing Americans.”