If you are worried that your elderly parents or grandparents may be vulnerable to financial abuse, you probably aren?t too far off the mark. A recent survey reports that 4 out of 5 professionals who deal with financial exploitation of the elderly or financial issues believe that the problem is growing.
The Investor Protection Trust, a Washington-based nonprofit organization, revealed the results of its survey earlier this month. It surveyed over 760 various professionals involved or connected to financial elder abuse, such as medical professionals, social workers, financial planners, and state securities regulators. The survey revealed that about 58% of these professionals say they deal with the problem either quite or somewhat often. Another 70% believe the problem is very serious.
It?s estimated that about 7.3 million older Americans, or about one out of every five people over the age of 65, have already been victimized by some sort of financial con or exploitation.
Compounding the problem is the reluctance of both the elderly and those closest to them to discuss or be aware of potential financial abuse. For example, a 2010 study revealed that only about 2% of Americans age 65 and older had a healthcare provider who inquired about their ability to handle financial situations. It?s also estimated that about half of all people age 65 or older have exhibited a warning sign of financial exploitation, such as being subjected to repeated calls about lotteries or investment schemes.
The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.
Source: http://www.cheryldavid.com/blog/financial-planning/financial-elder-abuse-continues-increase/
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