Hello, I'm Mike Hackard. I'm the chair of Hackard Law, a law firm focusing on estate, trust and elder financial abuse litigation in California's major urban areas. I'm the author of The Wolf at The Door: Undue Influence and Elder Financial Abuse. The book is now available for order on Amazon. This is episode 25, where I outline some sobering statistics on the financial exploitation of seniors.
Kathleen Quinn, director of the National Adult Protective Services Association, delivered an important speech a few years ago in New York to the Senior Investors Forum. While we all want progress in the fight against elder financial abuse, she had alarming data to present. Among her key points are the following:
- One in ten seniors in America - that adds up to five million people in America - suffers elder abuse and neglect on an annual basis. This is nothing less than a silent crime wave.
- Reporting on elder financial abuse is extremely low, with only one in forty four cases even reaching law enforcement or adult protective services.
- The likelihood that victims of elder abuse will die within a few years is three times greater than with non-abused seniors. These victims are also four times as likely to be placed in a nursing home or care facility.
- The damage inflicted by elder financial abuse is an enormous drain on our national economy that runs into the billions every year.
Statistics like these should wake Americans and their families up to the reality of elder financial abuse so they can take the right steps to prevent wrongdoing against estates and trusts and protect their elderly loved ones. If you would like a free digital copy of the book, email us at [email protected] I'm happy to share this book on this very important topic.