{"id":355737,"date":"2016-04-04T11:01:54","date_gmt":"2016-04-04T16:01:54","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/elder\/elder-abuse\/elder-financial-abuse-and-exploitation.html"},"modified":"2023-05-30T11:39:36","modified_gmt":"2023-05-30T16:39:36","slug":"elder-financial-abuse-and-exploitation","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/elder\/elder-abuse\/elder-financial-abuse-and-exploitation.html","title":{"rendered":"Elder Financial Abuse and Exploitation"},"content":{"rendered":"\n
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Older Adult Financial Abuse and Exploitation<\/h1>\n
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\n By FindLaw Staff<\/a> | Legally reviewed by Laura Temme, Esq.<\/a>\n | Last reviewed\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

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According to the U.S. Department of Justice<\/a>, financial exploitation of older adults is one of the most reported forms of elder abuse.<\/p>\n\n <\/div>\n\n

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According to the U.S. Department of Justice<\/a>, financial exploitation of older adults is one of the most reported forms of elder abuse.<\/p>\r\n

The National Council on Aging (NCOA) estimates that such abuse costs older adults around $2.6 billion to $36.5 billion annually<\/a>. This problem is expected to increase in the coming years as the older population grows.<\/p>\r\n

By 2030, people 65 years of age and older<\/a> will constitute 21% of the total U.S. population<\/a>. Senior citizens aged 85 and older rank as one of the fastest-growing populations in the country, growing from 4 million in 2000 to 21 million by 2050<\/a>.<\/p>\r\n

What Is Older Adult Financial Abuse?<\/h2>\r\n

The federal Elder Justice Act<\/a>, enacted in 2010, defines the financial exploitation of elderly people as:<\/p>\r\n

"The fraudulent or otherwise illegal, unauthorized, or improper act… that uses the resources of an elder for monetary or personal benefit, profit, or gain, or that results in depriving an elder the rightful access to, or use of, benefits, resources, belongings, or assets."<\/p>\r\n

Older dependent adults are particularly vulnerable to financial exploitation and appropriation due to:<\/p>\r\n