According to the US Administration on Aging, the number of Americans living past sixty-five has quadrupled. As of 2009, there were 39.6 million Americans over the age of sixty-five. That number is expected to reach 72.1 million by 2030, at which point those who are over the age of 60 will represent 19% of the population (www.aoa.gov).
Any major change in demographics generates several reactions and the increase in our senior population is included in that statement.
One of the most notable impacts is the increase in the number of cases involving elder abuse. A recent national survey of state Adult Protective Services programs suggested there may be as many as a million elder abuse cases a year and approximately 90% of them occur in domestic settings.
The reasoning behind the increase in elder financial abuse is basic. Older Americans commonly have access to assets of significant value, but a lack of access to resources available for protecting such assets.
These two factors, coupled with a decreased physical or mental capacity, make the elderly vulnerable targets for financial exploitation.
Mr. Abraham is an experienced attorney and founding member of the Law Firm of Abraham & Bauer. The Towson, MD office of the firm concentrates its practice in Estate Planning, Elder Law, Probate, Medical Assistance (Medicaid), Guardianship, Asset Preservation and Fiduciary Representation.
He is an active member in a number of professional organizations that focus on law, the senior community, and estate planning. He works with clients in Central Maryland, especially in Towson, Hunt Valley, Lutherville/Timonium, Parkville, White Marsh, Bel Air & Northern Baltimore City.
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