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The Older Americans Act of 2006 defines elder financial abuse, or financial exploitation, as “the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a caregiver or fiduciary, that uses the resources of an older individual for monetary or personal benefit, profit, or gain, or that results in ...
Financial elder abuse is an enormous issue on its own, with an equally enormous range of reported costs -- from a huge $2.9 billion, according to a 2011 MetLife report, to a massive $36.5 billion ...
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Elder financial abuse is so common that it is an intense area of study in the United States. The elderly are sometimes victims of financial abuse from people within their family: Money or property is used without their permission or taken from them. Their signature is forged for financial transactions.
Worrying about your parents getting taken in by financial scams may not be the first concern that comes to mind as they approach their senior years -- but keeping an eye out for such scams should ...
Recently, there has been efforts to research and address elder abuse issues through passage of laws such as Elder Abuse Prevention and Prosecution Act of 2017. One of the earliest efforts by the US federal government to protect financial rights of elders was the establishment of Social Security benefits via the Social Security Act in 1935 ...
Two facts of life have become impossible to ignore: The U.S. population is aging and the cost to take care of our seniors is surging. By 2030, all 73 million baby boomers will be 65 and older.
Elder abuse (also called elder mistreatment, senior abuse, abuse in later life, abuse of older adults, abuse of older women, and abuse of older men) is a single or repeated act, or lack of appropriate action, occurring within any relationship where there is an expectation of trust, which causes harm or distress to an older person. [1]