"All older Americans, regardless of income, are at risk of financial abuse. Various studies estimate that seniors in the U.S. are scammed out of anywhere from $3 billion to $37 billion a year. Between 2013 and 2017, those over age 70 lost an average of $41,800 to elder financial exploitation."
One of the best ways to protect aging family members is to work with an attorney to create an estate plan including powers attorney and medical directives which avoid the likelihood of financial abuse and to avoid unnecessary guardianship.
Click HERE to read more from CNBC about the high incidence of financial abuse within the senior population and recommendations on how to troubleshoot this for your loved ones.