Elder Financial Abuse Starts at Home. Your Parent's Home. Your Grandparent's Home. Your Kindly Neighbor's Home. Et Cetera
Real Estate Attorney *Harold Justman, an expert in Elder Financial Abuse, points out the unfortunate and ugly truth, "In the area of financial elder abuse, you learn quickly that the person providing day-to-day companionship can easily control the elder." He then goes on to add "The elder's need for companionship will cause them to agree with the caretaker's financial schemes." According to the American Association of Retired Person, (AARP) the American population 65 years and older will double by the year 2030. That total will be over 71 million American elders, some of whom will be vulnerable to Elder Financial Abuse.
The California Elder Abuse and Dependent Adult Civil Protection Act defines the financial crime of Elder Abuse as "occurring when any person or entity takes, secretes, appropriates or retains real or personal property of an elder or dependent adult with the intent to wrongfully use or defraud, or one who assists in doing so".
Keep an eye on your elderly family members and friends’ "caretakers" - even if the caretaker is a family member. There are no second chances.
*Excerpted from the Kapowich on Real Estate series~program #39.
Pat Kapowich, ABR, CRS, GRI, SRES
"Negotiating Smooth Transactions Throughout The South Bay" SiliconValleyBroker.com