This Insights article was contributed by Richard Pasquantonio, CPA/CFF, CFE, CDFA (NC License Number 33577), an associate at Adam Shay CPA, PLLC.
I recently had the opportunity to listen to Jane Jones, Director of the Area Agency on Aging Cape Fear Council of Governments, Susie Sprenger and Sean Dwyer from the Adult Services Division of the New Hanover County Department of Social Services, along with Detective Ron Beasley of the New Hanover County Sheriff’s Department.
They discussed the challenges their organizations have in meeting the increased demand in elder abuse reports.
Older adults are the fastest-growing segment of North Carolina’s population, with the number of people age 65 and over expected to increase from 969,000 in 2000 to 2.145 million by 2030. According to the National Committee for the Prevention of Elder Abuse (NCPEA), 20 percent of this segment of our population has experienced elder abuse.
Elder exploitation is the illegal or improper use of a disabled adult or their resources for another’s profit or advantage.
According to the Consumer Financial Protection Bureau, older adults are often targeted because of the wealth they have accumulated or because they have regularly occurring and secure income streams, such as pensions or social security. They are particularly vulnerable because they are often isolated, lonely, physically disabled and/or experiencing cognitive decline.
According to Adult Protection Services of New Hanover County, exploitation indicators include:
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