Alzheimer's disease affects Californians on an ever greater scale, and Baby Boomers are now at risk. According to the Alzheimer's Assocation, one in eight will develop Alzheimer's disease, while one in six will develop dementia. Stunningly, only half of Alzheimer's cases in America are diagnosed. That means half of all seniors suffering from Alzheimer's aren't getting the care and protection they deserve. Non-diagnosis multiplies the dangers a patient faces, from lack of proper medical treatment to vulnerability to elder financial abuse.
"Just one more thing..."
If you have an elderly loved one with Alzheimer's, you'll know how important it is to look after their safety. It's easy to worry. Maybe your parent or grandparent has left the stove on while cooking, unintentionally causing a fire hazard. Maybe they've wandered off in the neighborhood, only to be found and returned hours later by a good Samaritan. In the same way, a senior suffering from Alzheimer's, dementia or Lewy body dementia is especially vulnerable to elder financial abuse.
"Honor thy father and thy mother." This commandment, deeply embedded in our Judeo-Christian heritage, is a fabric of our daily lives. A fabric that draws little reflection, that is until an event or circumstance occurs and unnerves us.
Home equity in Bay Area houses constitutes the largest share of household wealth. Older people, a large part of owner-occupied units, are more likely to have spouses and dual incomes. And, they simply have had more time to accumulate wealth.
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.
Michael Hackard was recently a guest in a KGO-810 interview with radio host and journalist Mike Finney, a tireless consumer advocate who has consistently stood for ordinary citizens against scams and financial predation. They discussed The Wolf at the Door: Undue Influence and Elder Financial Abuse, Michael's new book on countering exploitation of vulnerable elders.