A group of national organizations is coming together November 10 to provide information and advice to callers about financial abuse of the elderly.
Financial exploitation of older Americans usually lives in the shadows, hidden by fear and shame and all too often blurred by the haze of mental impairment. Yet the abuse is as prevalent as it is perverse . . . and appalling. A study released this summer estimates that the elderly are swindled out of nearly $3 billion a year. That’s likely just a drop in the bucket, since it is believed that the vast majority of cases are never reported.
What can be done to prevent what’s been called the crime of the 21st Century?
SEE ALSO: Protect Yourself, Loved Ones From Financial Abuse
A key is to make sure potential victims and their loved ones know what to look out for. To that end, a group of national organizations will join together November 10 to provide information and advice to callers to a nationwide toll-free telephone hotline. Participating in this educational outreach effort will be the National Adult Protective Services Association (NAPSA), Financial Planning Association (FPA), Baylor College of Medicine, Investor Protection Trust (IPT) and Investor Protection Institute (IPI). Kiplinger’s Personal Finance magazine and Kiplinger.com are the national media sponsors for the event.
To be connected with experts, interested consumers can call one of three toll-free numbers between 9:00 a.m. to 6:00 p.m. Eastern Standard Time on Thursday, November 10, 2011.
General financial questions: 888-227-1776
Experts from the Financial Planning Association will handle calls about your family’s financial security and how to start a conversation about money with adult children or older parents.
Medical questions: 888-303-0430
It is believed that more than one in three Americans over the age of 71 have mild cognitive impairment (MCI) or Alzheimer’s disease that makes them particularly susceptible to investment swindles and other financial abuse. Callers to this number will be connected with health care professionals who can discuss MCI and other concerns and suggest referrals for medical screening.
Financial abuse questions: 888-303-3297
Callers to this number will be connected with representatives of state adult protective services who can discuss how to recognize financially abused seniors. They can also suggest strategies if you suspect a friend or relative is being financially exploited.
For more information about elder financial abuse – including details on the kinds of schemes used to separate older Americans from their money – see our special report.
What the lawyers make us say: This call-in service is for informational purposes only and is not a substitute for advice which takes into account the details of your situation. Reliance on information provided is solely at your own risk. In no event shall The Kiplinger Washington Editors, Inc., Investor Protection Trust, Investor Protection Institute, Financial Planning Association, National Adult Protective Service Assn., Baylor College of Medicine or any participating professional be liable for any decision made or action taken by you in connection with the call-in service.
Copyright 2011 Kiplinger.com
