The Educating Seniors Project, sponsored by the Trusts and Estates Section of the State Bar of California, informs seniors, their families, and the community about laws and resources for protection against elder financial abuse.
Facts About Elder Financial Abuse
- The average age of an investment fraud victim is 69.
- 90% of abusers are family members and caretakers.
- In 2010, elderly victims lost at least $2.9 billion to financial exploitation.
Financial Risks and Scams
Seniors should be alert to common scams and evaluate the risks of financial sales involving:
- Trust Mills and “Do-It-Yourself” Forms
- Abuses of Durable Powers of Attorney
- Long Term Care Insurance
- Reverse Mortgages
- Scams that Target Seniors6