June is Elder Abuse Awareness Month, and now is as good an opportunity as ever to assess the threat of elder financial exploitation. Let's just say it's staggering - just recently the US Justice Department charged 260 defendants with defrauding over 2 million seniors to the tune of $750 million. It's the "largest single law enforcement action against elder fraud in American history." And it's a wake-up call for the rest of us - so how can we protect our elderly loved ones from financial predators?
A Yahoo! Finance article written this week by journalist Cameron Huddleston provides valuable information on spotting and preventing elder financial abuse. Huddleston addresses a number of aspects of this challenge, including fraud by family members; caregiver abuse; sweetheart scams; misuse of power of attorney; fraudulent property transfers; and investment schemes.
Cameron also mentioned my book, Alzheimer's, Widowed Stepmothers & Estate Crimes, as a helpful guide for detecting and countering wrongdoing against an elder's estate or trust. I'm grateful that I can contribute to a common effort to fight elder financial abuse and sound the alert. If Alzheimer's, Widowed Stepmothers & Estate Crimes prevents just one case of abuse and saves a family from financial loss and heartache, then I'll know my mission is worth it.
It's a privilege to speak out on elder financial abuse as a public danger and speak up for those whose voices are silenced. Thank you to Cameron Huddleston for a superb article and solid advice for steering clear of fraud. If you remember one thing, each of us can make a positive difference in our everyday lives for vulnerable loved ones.