The financial cost of elder abuse has risen 20% over two years.
A recent study conducted on elder abuse reveals some alarming figures, according to a report in the Wills, Trusts & Estates Prof Blog “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.
An elder law attorney or authorities should be contacted if you suspect an elderly person is the target of abuse.
Reference: Wills, Trusts & Estates Prof Blog (Nov. 16, 2016) “Elder Financial Abuse Is Costing Americans.”
For more information on elder law and estate planning, please visit my estate planning website.
