It’s a Serious Problem and Here’s what You Can Do About It
Financial elder abuse is a major issue that’s not often discussed, publicly or privately. It’s a subject that’s easy to sweep under the rug. However, over the past several years, the subject of financial elder abuse has been making more and more headlines.
One high-profile legal battle centered on the late Stan Lee, one of the biggest names behind Marvel Comics. In the years leading up to his death in 2018, Lee was sitting on an estate worth millions of dollars. Lee went public, alleging that an acquaintance and memorabilia collector had made attempts to take over his estate.
It was a legal battle that outlived Lee. In May 2019, Lee’s former business manager was charged with five counts of abuse. While Lee did what he could to fight to save his estate from this unsavory business manager, many others aren’t as able or willing.
This is particularly true when family is involved. The reason? No one wants to cause rifts in the family. According to the National Center on Elder Abuse, upward of 90% of those who take financial advantage of the elderly are known acquaintances, such as family, friends, neighbors, and caretakers.