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Top Reasons Why the Elderly Get Targeted for Financial Abuse

Many residents of New Jersey have elderly relatives who are depending on them to help manage finances. Whether your loved ones are in a nursing home or assisted living facility, or they are living with you or on their own, they may not be in a position to pay stay on top of financial obligations.

You do the very best you can. However, you can’t be everywhere. Thieves who pray on the elderly know exactly who and what they are looking for. Older people are often targeted for a variety of reasons. Try as you might to assist them as much as possible, scammers are very good at what they do.

So, you have to be even better. This means learning what makes your elderly relative a more likely target and taking steps to protect them and their assets from criminals.

Consider these reasons why older people are targeted by financial scammers:

  1. Law of Averages: Seventy percent of the country’s wealth is controlled by older Americans. Having the money makes the elderly go-to targets.
  2. In the Dark: Markets change very quickly and senior citizens may not be aware of exactly what they have when it comes to money in the back or even the value of assets such as property and jewelry.
  3. Getting Wrong Kind of Help: Elderly people often have conditions and disabilities that make them need the assistance of others more regularly than their younger counterparts. If help is offered by and accepted from the wrong person, financial abuse can become an issue.
  4. Predictability is a Problem: Well, not for nefarious individuals who want to take advantage of the elderly who receive monthly checks or who visit the bank on a regularly schedule.
  5. Damn that High-Tech Gadgetry: Online banking and other tech toys make managing finances easier than ever before. However, even tech-savvy seniors can get confused by complicated high-tech money management programs.

If your elderly loved one has been scammed, you need an experienced lawyer who will take the case to the prosecutor’s office immediately.

At Rudnick, Addonizio, Pappa & Casazza, P.C., we understand that being the victim of a financial scam can leave you vulnerable and frightened. This is especially true if the victim of the scam is an elderly relative who may not understand entirely what happened. You can rely on our team of criminal lawyers to do everything policy to hold the people who committed the theft responsible for their actions.

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