05 August 2012

Matt Wallace: Elder financial abuse is not always obvious

"There is an epidemic of elder financial abuse in our country. The number of known cases of financial exploitation of the elderly in Michigan has quadrupled in the last decade.

According to law enforcement officials, financial exploitation by family, caretakers and new best friends is extremely common.

As part of the aging process, your health and memory deteriorate. You are not as sharp at 80 as you were at 60. Consequently, you become more vulnerable to financial exploitation. Often, you do not even know it is happening because it is so emotionally manipulative.

The three types of individuals engaging in elder financial abuse are the dippers, the swoopers and the professional dependents."



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