A recent Money article reveals the results of a new survey of caregivers about the prevalence of financial abuse among senior citizens. The survey found that about 37% of seniors experienced financial abuse. The last survey, which Allianz Life conducted in 2014, found only a 20% incidence of financial abuse. In two years, then, the rate of financial abuse among seniors almost doubled. Even worse, the survey found that, on average, seniors who experienced financial abuse lost $36,000 in assets, although other surveys found even higher amounts of losses. Aside from the obvious financial losses, seniors in this situation also suffer from shame, stress, and sadness, which can directly impact their physical health.
One reason for the rapid increase in financial abuse of seniors is the steadily growing population of retirees, many of whom are the height of their wealth. The prevalence of mental and physical health issues, including the estimated 5.4 million in the U.S. suffering from Alzheimer’s Disease. One of the most common characteristics of Alzheimer’s is dementia, which can directly affect one’s ability to make important decisions, including financial decisions. Even absent dementia, though, the aging brain, in general, may increasingly have a difficult time making financial decisions and handling his or her financial affairs. Officially, this phenomenon is known as age-associated financial vulnerability. Due to a lack of reporting, often due to embarrassment, experts believe that the rates of senior financial abuse are even higher.
When an elderly individual falls prey to financial abuse, the results can be devastating. If you or a loved one is in this situation, you should definitely contact an experienced Wisconsin elder abuse attorney at Boller & Vaughan today. We know how to protect your rights and potentially get compensation for any injuries that occurred. Caregivers for the elderly have a duty to protect and care for their charges. When an individual fails to meet that duty, it is up to you to hold them responsible for their actions. Call Boller & Vaughan today at 608-268-0268 and see what assistance we can offer you and your family.
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We live in Friendship, Wisconsin, and Boller & Vaughan came to our doorstep to discuss our mother’s wrongful death claim on a Saturday morning. Not only were we pleased with the large recovery, we were so thankful to have lawyers who were willing to explain to us every twist and turn along the way. It is great to know there is a law firm that will fight for the rights of elderly people all over Wisconsin.
Mr. Boller and Ms. Vaughan were incredible in working on my case and my daughter’s case. I was out of work and in the hospital with a new baby. Mr. Boller and Ms. Vaughan protected our rights and it was a pleasure to work with them. I hope never to be in another motor vehicle accident, however, if I am and I am injured, I will contact Boller & Vaughan immediately.
I was referred to Michelle through a friend. I have never had a better experience. It took a little over a year to get my settlement but the staff there stayed in constant contact and kept me in the loop. Oh, and Michelle actually got me MORE money than we discussed. I will refer anyone to this firm. Words cannot do justice the thanks that I have for Michelle and her staff (Mary especially) thank you guys so much!
After my husband died as a result of a motor vehicle accident, Boller & Vaughan spent countless hours talking with me, meeting with me in person, and making sure that I was okay. The drunk driver who hit us did not have any insurance, and we had to make a claim through our own insurance. Boller & Vaughan was fantastic at explaining the law to me and the handling of our claims.
After my son was injured in a daycare setting, Ms. Vaughan took the time to thoroughly investigate our case and my son’s injuries. Michele was approachable and had answers to our questions. Talking with her helped to relieve many of our anxieties.
