How Many Senior Citizens Are Financially Vulnerable

As we grow older, we may begin to trust our close friends and family members to help manage certain finances. After all, it is always helpful to have a daughter, sister or neighbor help purchase groceries and other essential goods to meet daily needs. While many family members and loved ones would never take advantage of an elderly family member or friend, it does happen, and the consequences can be severe.

How Senior Citizens Can Become Financially Vulnerable

When a senior citizen relies heavily on another person to get from point A to point B, such as going to the grocery store, doctor, or church, among other locations, that person may decide to add the family member or friend to his or her bank account. While this can certainly be helpful, it can also be risky in that the relative or friend essentially has the freedom to access the bank account without restrictions.

Additionally, a family member or friend may attempt to manipulate the elderly loved one by suggesting that the loved one’s will should be changed to allow for the relative or friend to receive some sort of inheritance or property upon the elderly loved one’s passing. The possibilities for how a senior citizen can be taken advantage of financially are endless, and it is unfortunate that many senior citizens in New Jersey are suffering the consequences of such manipulation.

One can only hope that a child, sibling or close family friend would take advantage of an elderly loved one in his or her later years, but it does happen, and when it does, elderly individuals are left out in the cold with no money to pay for necessary expenses. If you suspect that you are being taken advantage of financially, or if you believe an elderly family member or loved one is being taken advantage of financially, you should consider discussing the situation with a qualified New Jersey Elder Law Attorney.


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