Friday, August 27, 2010

Elder financial Abuse: Stealing from Grandpa and Grandma

What will happen when you die?

Who will get your personal belongings and whatever money you have?

Do you even care? Should you care? Do you have a will? Even if you do, will it be carried out like you intended?  

The story plays out thousands — perhaps hundreds of thousands of times every year across the country, a scourge of old age

America's vulnerable, graying population, and the concentration of wealth among older adults, has created a massive opportunity for fraud. Hard statistics are not available, but experts suspect that perhaps half a million elderly adults are ripped off by family members, lawyers and accountants every year, potentially taking $2.6 billion from infirm older Americans. The crime is known as elder financial abuse. Financial expert and consumer advocate John Wasik has called it "the crime of the 21st century."

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