Why You Should Plan Ahead to Avoid Financial Elder Abuse

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Estate planning is vital because as elderly individuals age, many become ill or lose mental capability, which makes them vulnerable to San Jose elder financial abuse.

There are 40.3 million people in the United States today who are aged 65 and older. The U.S. Census Bureau reports that the number of people living to age 90 and older tripled in the past three decades and today has reached two million. However, estimates show this figure tripling by 2050. According to the National Center on Elder Abuse, Bureau of Justice Statistics, financial exploitation is the third most common type of elder abuse. The greatest percentage of abuse is neglect (58.5 percent) followed by physical abuse (15.7 percent) and financial exploitation is next (12.3 percent). Time Newsfeed ran an article about Mickey Rooney, now age 91. Many of us remember Mickey Rooney as a child actor who went on to play in many films and television programs along with acquiring a Golden Globe, Emmy and other acting awards. In 2011, Mickey testified before Congress about elder abuse and explained that he like many other Americans was a victim of emotional and financial abuse by his own family. He said his money was “taken and misused” and when he asked about it, he was denied information. The court had granted him a restraining order against his stepson the month before he testified. He planned to face the family member in court over charges of withholding food and medicine and financial exploitation.

If you or a family member is a victim of elder financial abuse in San Jose, get legal help and protect your rights.

Temmerman, Cilley & Kohlmann, LLP can take legal action on your behalf and also put estate planning instruments in place for you or our loved one’s protection.