Financial scams involving our elderly parents are becoming an increasing problem throughout the U.S. Surprisingly, 90% of these financial crimes are committed by people who have personal access to your parents. They could include, relatives, caregivers, healthcare workers and attorneys. Why is it that our parents have become such targets for financial abuse?
Reason #1 Wealth concentration. Scam artists go where the money is. Forty-four percent of all wealth in America lies with older Americans. In addition, the concentration of people in this category is growing by 8,000 people per day as the baby boomers—those born after 1945 and prior to 1965—enter this peak wealth stage of their life in record numbers beginning in 2011.
Reason #2 Mental Capacity. As people get older those high-level thinking abilities required to differentiate between a fraud and a legitimate transaction diminish. Studies show that between 15% and 35% of older Americans…
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