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Elder Fraud on The Rise-Up To $36 Billion

December 13, 2017

A recent study found that three out of ten state securities regulators have seen an increase in elder fraud complaints and cases. Many people are under the impression that it is only cognitively affected older individuals who are at risk for financial scams. However, one out of every 18 cognitively intact elderly people can fall prey to financial abuse or fraud in a given study. avoid elder scams

One 2015 report estimated that more than $36 billion is lost every single year to financial abuse and scams. That problem is increasing and older adults who are experiencing a decline in their cognitive abilities are only a part of the overall story. The population that is currently retiring is one of the wealthiest in recent history, in terms of their retirement savings and criminals know this and will target these elderly individuals to exploit them.

Seniors can also be more vulnerable. This makes it especially important to have assets protected with an asset protection plan and an estate plan. These tools should be updated at least on an annual basis to reflect any changes in your life. Consulting with an estate planning attorney can help you avoid many of the most common financial scams and abuse and to figure out a long terms strategy to protect the assets you have worked so hard to build.

If you are concerned about an elderly loved one who may be subject to financial scam and abuse, working with an estate planning attorney to protect those assets inside a trust can help your loved have peace of mind that they will have the funds they need to get through retirement and old age without a high chance of scams.


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Schedule your free Exploratory phone call

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can be of assistance.

Careers/Open Positions

Explore all available job
listings and become a part of an amazing team.

Our Social Media

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Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts
Do You Owe The AMT?

American educational reformer Horace Mann called education “the great equalizer.” In football, it’s been said ...

See more
What is the Value of Your Business?

In the second quarter of 2023, more than 2,300 small businesses were sold. The median ...

See more
Immediate vs. Deferred Annuities

Despite not being as well known as some other retirement tools, annuities account for 6.5% ...

See more