Monday, April 16, 2007

Largest Transfer of Wealth in Our Nation History-

"Individuals 65 and older control over 70 percent of the nation's wealth,"

As Willie Sutton is famously known to have said, when explaining why he robbed banks: "That’s where the money is." It seems that a number of individuals, and some organized gangs, have realized that many single elderly persons have that in common with banks: they have money, and it is all too often available for the taking.

As baby boomers begin to retire and their parents pass away, Americans are about to witness the largest transfer of wealth in the nation's history.

Studies estimate that 50% of elderly American are victims of financial exploitation while only 4% to 15% case are ever reported. For every four (4) cases of Elder Financial Abuse that you read about, there might be ninety-six cases (96) that you don't hear about!

Most cases of financial abuse are labeled 'civil matters' by authorities rendering useless for elders to even report such cases, as the humiliation, in dealing with authorities, whom in one case that we have well documented in EA , the local authorities discredit the elders report because her hand was shaking when she signed the complaint.

In the same report the Investigator wrote down in the report that the victim's family did not want to press charges, and wanted to pursue this "civilly" when in fact they wanted to press charges and DID NOT wish to see a criminal matter pursued "civilly".

by Ray Fernandez

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