Financial Exploitation: 1/5 Over 70 Will Become A Victim In The Next Year

The Financial Exploitation Problem

One in five people over the age of 70 have fallen victim to scams in the last year. If the scammer is a stranger, the average amount of loss is $17,500. The financial exploitation of the elderly is a distressing issue that demands our attention. Senior citizens are often targets of financial scams, abuse, and neglect, making them vulnerable to exploitation. Elderly individuals are particularly susceptible to exploitation due to factors such as declining cognitive abilities, isolation, and a lack of awareness about their rights. This makes them easy prey for scammers who deceive and manipulate them, leading to devastating financial and emotional consequences. Elder law attorneys recognize these vulnerabilities and work diligently to protect seniors from financial exploitation.

Why Are Seniors Vulnerable To Financial Exploitation?

Elderly individuals are particularly susceptible to exploitation due to factors such as declining cognitive abilities, isolation, and a lack of awareness about their rights. As people age, they experience a thinning of cortical insula in the brain causing them to lose their ability to assess risk and tell the difference between a truth and a lie–this makes them vulnerable to scams. And, scammers know it. The average number of times a person is exploited is 7x leading to devastating financial and emotional consequences. Elder law attorneys recognize these vulnerabilities and work diligently to protect seniors from exploitation.

Legal Safeguards and Advocacy

Elder law attorneys play a pivotal role in preventing and stopping senior exploitation through a range of practices and services. These legal professionals are dedicated to safeguarding the rights, well-being, and assets of senior citizens. Here are some key ways they address the problem:

1. Educating Seniors: Elder law attorneys empower seniors by educating them about common scams and fraudulent practices. By raising awareness and providing guidance, they equip seniors with the knowledge to identify and avoid exploitation.
2. Advanced Planning: These attorneys specialize in helping seniors create comprehensive estate plans that include wills, trusts, and powers of attorney. Through advanced planning, elder law attorneys ensure that the senior’s wishes are legally documented, reducing the risk of exploitation and ensuring the protection of their assets.
3. Financial Protection: Elder law attorneys work closely with seniors to develop strategies that protect their financial interests. They help establish safeguards, such as monitoring accounts, setting up trusts and durable power of attorney, and implementing measures to prevent financial abuse. Additionally, Florida has excellent protections and laws in place. Elder Law attorneys can petition the court and get an Exploitation Injunction to stop the money from being taken-before it’s all gone.
4. Another protection against financial exploitation is the Carefull app which alerts trusted helpers when there is a suspicious financial transaction. Elder Law attorneys are experts at helping set up preventive measures to reduce the risk of exploitation and scams.
5. Healthcare Decision-Making: Another vital aspect of elder law is healthcare planning. Attorneys assist seniors in creating living wills, healthcare proxies, and other legal documents that articulate their medical preferences. This ensures that their wishes are respected even if they are unable to communicate or make decisions independently.
6. Advocacy and Legal Support: In cases where exploitation has occurred, elder law attorneys provide legal representation, advocating for the rights of the elderly and pursuing justice against the perpetrators. They collaborate with law enforcement agencies, social service providers, and other professionals to address and prevent further harm.

Elder Law Attorneys Vs. Financial Exploitation

The exploitation of the elderly is an alarming problem that demands our collective attention. Elder law attorneys are indispensable allies in the fight against this mistreatment, employing their legal expertise to protect seniors from abuse, scams, and neglect. Through advanced planning, education, financial protection, and advocacy, these attorneys ensure the rights and well-being of our elderly population are safeguarded. By recognizing the value of elder law attorneys and supporting their practices, we can create a society where our seniors can age with dignity, security, and the respect they deserve.

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