Financial Abuse of the Elderly

30 Jun 2022 · 1 min

Watch on YouTube

0:47

In this concise monologue, Jerry Taylor warns about the pervasive problem of financial abuse targeting older adults in the United States. He cites national estimates of roughly 8 million incidents per year, amounting to about $148 billion in losses. Taylor outlines key red‑flags such as sudden alterations to wills or trusts, the opening of new credit cards or joint accounts, and the appearance of unfamiliar “friends” offering financial advice. He then recommends practical safeguards: using automatic bill‑pay and direct‑deposit, maintaining regular, close communication with the elder, and conducting thorough background checks on caregivers. The overall purpose is to raise awareness of this “diabolical” crime and to provide actionable steps to prevent it.

Chapters

I want to talk about financial abuse of the elderly. These are diabolical crimes. I'm going to tell you what it is and how to stop it. It's been reported that close to 8 million cases of elder financial fraud occur every year in the United States. These cases result in a loss of $148 billion annually. Here are things to look for: sudden changes in estate planning documents to wills and trusts, new credit cards or new joint accounts, new friends that pop up out of nowhere who want to offer financial advice or accompany them to the bank. How can it be avoided? Automatic bill pay, direct deposit, maintain good communication and close contact with the elder. This usually happens when the elder person is isolated and they don't have family and friends around. Thorough background checks of caregivers. Follow me to learn more about these terrible and sad crimes.