Elder financial abuse is a growing epidemic in the United States, and some populations are more vulnerable than you might expect.
One such population: farmers, who are typically older and involved in family-oriented business.
A paper, authored by Brian Oltman, Esq., and published in the National Academy of Elder Law Attorneys Journal, tackles two topics: why are farmers uniquely vulnerable to elder abuse? And how can they be protected?
From the paper:
For those involved in agriculture, the problem of financial abuse may be more profound. The prevalence of unique cultural and socioeconomic risk factors, such as a graying population, complex family and business dynamics, and an increase in wealth in agriculture, make those involved in the agricultural industry more susceptible to elder abuse.
Farming is one of the few professions in which a majority of those involved may be considered elderly. In 2007, more than 60 percent of farmers in this country were 55 or older. According to the 2012 Census of Agriculture, the fastest-growing age segment of farmers comprises individuals over the age of 5514 and the average age of a farmer is 58.3, an increase from the previous agriculture census in 2007.
How can they be protected? The author explains:
The agricultural industry must shelter itself against “a perfect storm” of elder financial abuse. Because farmers are particularly vulnerable to elder financial abuse, farming communities and agricultural lawyers practicing in them must understand why and how such abuse occurs and be vigilant in recognizing and fighting it.
The legal profession should take the lead in promoting elder financial abuse awareness in the agricultural industry. It can do so by making clients aware of the risks of elder financial abuse, helping them reduce their risk, and emphasizing the importance of traditional estate planning as well as advanced planning to protect their interests. Multidisciplinary response teams and the shelter model can play a part in a broader strategy the profession can spearhead to fight elder financial abuse in the agricultural industry.
Elder financial abuse in the agricultural industry is complex. Methods for fighting this abuse may not achieve perfect results, but a failure to address the abuse could be disastrous.
