An article was recently published by the Tennessee Bar Association which discussed the unfortunate growing issue of financial elder abuse. Financial abuse is recognized as the fastest form of elder abuse and costs our country and estimated $2.6 billion a year. It’s this issue that motivates us at the Chamberlain Firm, PLLC to work day in and day out to reverse this trend. For those aging in our communities, respect and appreciation is what they deserve, not financial exploitation.
But why is it that aging adults are the most susceptible to financial abuse? As you could probably guess, the issue is mostly present with elders who suffer from some degree of mental debilitation. Whether it is dementia, Alzheimer’s or just the natural effects of growing older, aging adults are vulnerable to financial abuse. What’s more, many elders feel they can trust family members to put their needs first. Unfortunately, 60% of financial abuse cases reported to Adult Protective Services (APS) involve family members, according to AARP.