Family & friends,
We hope you enjoyed the Holidays and that your New Year is off to a great start. We appreciate you taking the time to review our 4thQuarter newsletter about financial exploitation of the elderly, and hope that you are doing well.
Chris Baker, CPA, Managing Director
Phone – 678.640.8512
Did you know…
Financial Exploitation of the Elderly
Financial exploitation is acquiring money from someone by taking advantage of their current financial situation. There are many ways it can work, but the ending is always the same: an innocent person ends up with less money and doesn’t realize it until it’s too late.
Financial exploitation is one of the most common forms of abuse found in the elderly. Unfortunately, this demographic has a lot of things working against them. While many are financially literate, they don’t always understand technology prevalent in the digital age, meaning they can often be exploited. For others, they simply don’t have the mental acuity they once did, also leaving them vulnerable to conmen.
A lot of elderly people rely on others, perhaps even on a daily basis. Unfortunately, these people are in the perfect situation for taking advantage of an elderly person if they want to. Sadder still, many times the people who take such an opportunity are actually the children of the person they’re robbing.
Recent studies show that elderly people are conned out of $2.9 billion every year, but experts believe only 1 out of every 30 cases of elder financial fraud are reported… so this number could be much higher. Making matters worse is that those older than 85 is the fastest growing demographic in the country.
The issue of financial exploitation of the elderly is a big deal that needs to be addressed. Unless society finds a way to fight back against the issue of elderly financial exploitation, we’re only going to continue seeing it in greater and greater numbers.
How this may affect you or someone you love:If your aging parent needs assistance and a watchful eye over their finances, Baker DMM can definitely help. We provide the essential third-party perspective your parents need to ensure their finances are being handled correctly. Call Baker DMM today and let us know how we can help protect you and/or your loved ones finances.
Tip of the day…
Several pharmacies, including Walmart and Target, charge as little as $4 for a 30 day supply of some generic drugs, or $10 for a 90 day supply, says David Belk, a physician in the San Francisco Bay area, who lists prices at his website, Truecostofhealthcare.org. You could also get a discount card by signing up for a pharmacy’s loyalty program.
(Source: Kiplinger’s Personal Finance, February 2015)
It’s good to laugh…
If your child has ever thrown a temper tantrum (or if you did growing up), you will get a kick out of this video!
It’s good to smile…
And it’s good dream…
“Only a life lived in the service of others is worth living”.