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Virginia Legal News

More signs that elder financial abuse is on the rise in Virginia


Posted on Nov 30, 2010

It’s a story that won’t go away and just keeps getting worse: elder financial abuse.  According to statistics, over half of all elder financial abuse cases in the U.S. are perpetrated by family , friends and caregivers.  That means that the people closest to your elderly loved ones are the most likely to steal from them.

 

Why is financial exploitation of seniors on the rise?  There are three reasons that experts cite.  One, as people live longer there are more and more elderly people around – so there is more opportunity for abuse.  Two, people are living longer but without all their mental faculties, making them easy targets.  Three, the economy has been struggling, making elders attractive targets to those around them in dire straits.

 

Financial abuse of the elderly is a bigger problem than anyone realizes.  It is estimated that for every one case reported, four or five go unreported or unnoticed.  As it is, elders in this country lose $2.6 billion each year to financial exploitation.  Four or five times that would be $10.4 to $13 billion.

 

Why aren’t more cases being reported?  That’s easy, say experts.  Some elders aren’t able to report what happens due to paralysis or problems speaking or communicating.  Others, like those with dementia or other mental challenges, may not know it is happening.  Still others  who know it is happening may be too ashamed or embarrassed to report the abuse.

 

The problem of elder financial abuse in Virginia will continue to grow, and we expect to see more efforts to combat it as time goes on.

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Michael S. Weisberg, P.C.
112 College Place
Norfolk, VA 23510
Phone: (757) 622-7740
Fax: (757) 533-9223
Toll Free: (800) 690-0235
Email: info@weislaw.com
www.weislaw.com