Personal Injury Lawyers in New York

When most people think of abuse, they think of physical or sexual abuse, but there is another kind of abuse that has become quite pervasive in our society and that is financial exploitation of the elderly. This kind of abuse is not as easy to see as the more obvious physical abuse, but it can be just as devastating for the victim. Financial exploitation of the elderly often goes undetected, and the damage done to the person's finances may not be discovered until months or even years later.

The elderly are prime targets for financial abuse because they typically have a nest egg; they've been saving money for years so they can enjoy retirement. They usually own their own homes and have wonderful credit. According to Consumers Digest, approximately 70% of all funds deposited in financial institution are controlled by people 65 and older. This is why they make such appealing targets for thieves.

The most common perpetrators of elder abuse through financial exploitation are family members, care takers, and family accountants or legal advisors. Older Americans are less likely to report fraud because they don't know how to report it or don't have the means to report it (car, telephone, etc.). Often times, the elderly have some chronic condition such as Alzheimer's that prevents them from even being aware that they have been the victim of financial exploitation. Many times, the elderly live in isolation and aren't in contact with other people on a regular basis.

If your elderly loved one has been the victim of elder abuse in the form of financial exploitation, please contact the Nursing Home Malpractice Law Offices of Silberstein, Awad & Miklos, serving clients in the New York City and Long Island areas.