As an elder law attorney firm, when we meet with clients during our initial consultation, it is necessary for us to obtain information regarding income and assets. Unfortunately, most clients do not have a clear understanding of their financial situation. Consequently, people with an unclear or incomplete understanding of their finances often fail to budget for expenses properly, and may miss important payments which can affect overall credit scores. The elderly, in particular, may fall prey to various financial “scams.” Therefore, family members need to provide assistance to their relatives to avoid these situations. Family members are often reluctant to…
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A federally funded National Institute of Justice study found that about ten percent of Americans over sixty had been targeted for some form of financial exploitation. Also, a Met-Life study last year estimated the annual loss from this financial abuse was nearly $3 billion. Scammers target everyone, but seniors often make the ideal target because some have disabilities, may be less knowledgeable about the Internet or tech issues, and often live more isolated lives. To top it off, after a lifetime of building and working, many seniors can be counted on to have some assets and savings used to fund…
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Given that seniors are thought to have a significant amount of money sitting in their accounts. Financial Scammers target seniors. Additionally, financial scams also often go unreported or can be difficult to prosecute, so they’re considered a “low-risk” crime. However, they're devastating to many older adults and can leave them in a very vulnerable position with little time to recoup their losses. Also, it’s not just wealthy seniors who are targeted; low-income older adults are also at risk of financial abuse, as it's not always strangers who perpetrate these crimes. Over 90% of all reported elder abuse is committed by…
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Frederick, MD 
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