Banks, financial advisers and brokers are geared up to take a bite out of elder financial abuse. Elder law in New York is in place to help protect senior citizens from abusive situations, including bilking seniors out of their savings. Now, loved ones who are worried about their elder family members have the Senior Safe Act in place to help.
Senior citizens are among the most vulnerable groups in society. Elder law in New York is in place to protect these vulnerable individuals, but there are things family members can do to protect their loved ones from abusive situations whether they're financial, physical or emotional. The fact is, there is abuse happening in many long-term care facilities and family members can educate themselves on the signs that their loved one may be on the receiving end of abuse from caregivers in nursing homes and other assisted living residences.
Elder abuse, sadly, is alive and well. There are rules in place under elder law in New York, but some senior citizens still find themselves on the receiving end of abuse, which can also put a dent in their pocketbooks. According to recent statistics, about one in five Americans 65 years of age or older has suffered some kind of financial scam or financial abuse to the tune of more than $36 billion in total.
The elderly are some of the most vulnerable people in society. Elder law in New York aims to protect seniors, yet there are times when some people fall prey to unscrupulous individuals who take advantage of many seniors' trusting natures. Sadly, in some instances, these individuals are the very people these seniors trust most.
Cases of elder abuse are on the rise in the country. Elder law is very definitive when it comes to protecting seniors in New York and in the entire nation, but some abuse cases are falling through the cracks because the crime is underreported. Adult Protective Services among the states identified more than 235,000 abuse victims last year with some of those were termed self-neglect -- when seniors don't have anyone to care for them and they have lost the capacity to care for themselves.
Most senior citizens have worked hard for their savings. Elder law in New York works to safeguard seniors who are vulnerable to unscrupulous individuals and that can mean brokers hired to look after those savings. Family members need to take stock of what is happening with any investment accounts their elderly loved ones may have.
Not just anyone can make decisions for their elderly loved ones. Elder law in New York has very definitive rules about protecting seniors' rights and their welfare. So, for adult children or any family members caring for elderly loved ones, there is some documentation necessary to give them legal authority to act. It is better to see to these things sooner, rather than later.
Many of us have someone in our lives who is older and wiser. It could be a grandparent or even a parent. This person might be retired and focused on enjoying life. The last thing he or she should have to think about is being a target for fraud.
The average New York resident has worked hard to build a life for him or herself and loved ones. Years have been spent working, planning, saving and dreaming. These dreams often include growing old with grace and dignity. With this in mind, there are several elder law components that the individual will want to keep in mind.