Mediate Michigan

Tragically, some nefarious souls take economic advantage of older relatives who are in compromised physical, emotional or mental positions. Whether you’re a senior citizen or have one in your life, it is important to know what financial elderly abuse is all about, and how you can prevent and recover from it.

What is elderly financial abuse?

Elderly financial abuse can take on many forms, including stealing assets, forging signatures to obtain new lines of credit and loans, and fraudulently using existing credit cards. Such cases are on the rise: According to the 2011 MetLife Study of Elder Financial Abuse, victims lose an estimated $2.9 billion dollars annually, up 12 percent from $2.6 billion in 2008. While strangers are responsible for 51 percent of the crimes, 34 percent are committed by family members, friends and neighbors.

via How to detect and prevent elderly financial abuse.