Myriad other financial crimes are carried out by fraudsters — phony investment scams, phone and gift card scams, lottery scams, Medicare and Social Security scams and more. There’s no limit on how creative those who wish to steal can be.
Scammed by a family member
Sometimes, the exploitation comes from those closest to us. Family, friends and caregivers are not immune from skimming a little money here or there for their own purchases, using their care partner’s assets irresponsibly, manipulating their estate plan or just brazenly stealing large sums and thinking no one will notice. More often than not, if the victim knows the exploiter, it is a family member.
We’re not talking about small sums of money in most cases. The average amount lost per victim is $34,000. When a person is acting as a fiduciary (this means they use a legal document, like a power of attorney or trust, to access someone’s finances), the number skyrockets to $83,000. The older the victim, the greater the average amount of stolen assets.
Legal penalties getting stricter
The law takes these crimes seriously, and the penalties for elder exploitation are becoming more severe. Every state, territory, commonwealth, the District of Columbia and the federal government all have elder abuse laws that address exploitation. These laws vary from state to…
