Financial abuse is a common problem among the elderly. Billions are lost annually due to this issue.
The top three issues related to financial abuse of the elderly are:
1 Diminished mental capacity: Approximately 20% of people aged 85 and older suffer from diminished mental capacity, which can lead to poor financial decisions and increased vulnerability to abuse and fraud.
2 Difficulty identifying financial abuse: Financial abuse can be challenging to identify, especially in its milder forms, making it harder for victims to seek help.
3 Lack of preparation and prevention: Many elderly individuals are not adequately prepared to protect themselves from financial abuse, and may not have the necessary documents or trusted contacts in place.
To address these issues, Higgins Capital has developed a comprehensive plan to proactively protect aging clients, which includes:
1 Organizing important financial documents and providing copies to trusted loved ones or professionals.
2 Establishing trusted emergency contacts and encouraging clients to bring them to investment meetings.
3 Creating a durable financial power of attorney to ensure that a trusted individual can make financial decisions on behalf of the client if needed.
By staying vigilant, keeping information up to date, and speaking up if something goes wrong, elderly individuals and their loved ones can work to prevent and address financial abuse.
The information contained in this Higgins Capital communication is provided for information purposes and is not a solicitation or offer to buy or sell any securities or related financial instruments in any jurisdiction. Past performance does not guarantee future res
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