Every year, thousands of examples of elderly financial abuse occur, often at the hands of friends, family or caregivers. In 2010, the annual amount of losses due to financial exploitation of seniors was estimated at $2.9 billion, according to a study by the MetLife Mature Market Institute and the National Committee for the Prevention of Elder Abuse.
“Unfortunately, it’s a lot more common than we like to think,” said Marylou Robken, a Carmichael CPA who has worked as a forensic investigator on dozens of elderly abuse cases in the last 15 years. “So many elderly people are isolated, and they may not even know that something’s wrong.”
Certainly, financial exploitation of seniors is nothing new. In recent years, local, state and national organizations have attacked the problem on numerous fronts, encouraging more awareness, better reporting and stiffer penalties.
Plenty of older Americans are more than capable of handling their own affairs and value their independence. But for many, “admitting that we can no longer manage our financial affairs can be as traumatic as having to give up driving,” notes Eleanor Blayney, [CFP®,] consumer advocate for the Certified Financial Planner Board in Washington, D.C. Read more >
The Sacramento Bee
November 2, 2013