How many stories have you heard on the news where it highlights the story of yet another senior citizen that had someone defraud them, causing a near-complete loss of their savings?
These stories are far too common. You can do something to protect your loved ones from this happening to them, though.
How often do seniors fall victim to fraud?
Marketplace’s data shows that individuals 50 or over possess 83% of the United States’ wealth. Those same statistics show that some Americans with the highest net worth are those in their 70s and 80s.
That same data shows that elderly individuals lose between $3 and $36 billion per year to fraudulent schemes. Government officials think that elderly folks’ losses could be substantially more as they estimate that these victims only report one per every 44 cases that occur.
Why do seniors fall victim to fraud?
Marketplace’s researchers discovered that elderly individuals have a high chance of falling victim to scams because of shifts in cognitive functioning. These may make it challenging for elderly populations to determine when a situation is exploitative.
It’s not uncommon for an older adult’s hearing and eyesight to diminish as well. Older individuals often rely on others for giving them advice or helping them get around, thus making them more vulnerable to being taken advantage of by someone else.
What are your options for protecting the senior you love?
A New Jersey guardianship can provide you with the legal authority to make critical financial decisions on your older loved one’s behalf so that there’s minimal chance of someone defrauding them. An attorney can help you assess the situation from an emotional distance and explore your options.