Elder Care

Preventing Elder Financial Abuse

Preventing Elder Financial Abuse

he statistics on elder abuse are staggering. According to one estimate, 5 million elderly Americans are abused every year—often by someone they look to for care and protection. The National Council on Aging estimates that 1 in 10 Americans over the age of 60 have been the victim of some form of elder abuse. Unfortunately, as the population ages, the problem of elder abuse is expected to grow.

One of the most pernicious forms of elder abuse is financial abuse.

Detecting Financial Exploitation of Mom or Dad

Detecting Financial Exploitation of Mom or Dad

Stories of the financial exploitation of senior citizens are not rare.  It is often the result of a senior’s friend, relative, or caregiver building trust and then taking advantage of and financially abusing the senior. Abusers might take control of accounts and credit cards to “help” the victim.  Predatory strangers might contact a victim by telephone, email, or U.S. mail, never actually meeting with them.  Scammers offer cash prizes or tax help or awards by preying on the senior’s gullibility or loneliness.

Seniors - Beware of Vultures

Question: I read through your article on how the elderly are being taken advantage of financially in this day and age.  I will not discount the importance of what you stated, but there is a whole additional area of abuse that we are experiencing.  It borders on mail and telephone fraud and a whole bunch of additional undesirables.

Long-term Care Planning - Not Just Insurance

Long-term Care Planning - Not Just Insurance

What comes to mind when you hear the words "long-term care"? If you're like a lot of people, you immediately attach the word "insurance" to the end of the phrase.

But when it comes to long-term care, I'd like you to replace the word "insurance" with the word "planning" or "plan." Having a plan for long-term care is essential. Buying long-term care insurance is only one option, an option that's appropriate for a small percentage of people.

But first things first: What is long-term care?

Tax Tsunami

Tax Tsunami

While most of the world is focused on presidential politics, the bureaucrats in Washington are gearing up for next year’s huge tax increase. Given our wacky political climate, it is unclear how this will all turn out, but unless Congress acts, the New Year will ring in a full-blown tsunami of automatic tax hikes.

The Congressional Budget Office (CBO) projects that expiring Bush-era tax cuts and new Obamacare taxes will flood government coffers with an additional $399 billion in tax revenue in fiscal year 2013[1]. On a calendar year basis, the 2013 increase will be closer to $530 billion. The Heritage Foundations’ Curtis Dubay estimates that the average tax-paying household will see their tax bill increase by $3,800[2]. (See below for a breakdown of some of the major tax changes.)