It’s terrible when anyone is the victim of a financial scam. It can be devastating when elderly citizens are preyed upon and fall victim to money-related scams. They’re more likely to find it difficult, if not impossible, to recover from financial exploitation because of their limited earning capacity. As your parents age, you want to do everything in your power to protect them from losing their savings and compromising their future. That means you need to stay abreast of elder abuse scams and their warning signs.
Financial elder abuse takes on many forms. Many scam artists prey specifically on the elderly by asking for contributions to non-existent charities. Others steal credit cards or whole identities. Still others might be tricked into signing over their power of attorney by unrelated caregivers, unscrupulous family members, or even complete strangers who befriend them for nefarious reasons.
Keep a watchful eye on your parents and their financial records for the warning signs of elder financial abuse. If they suddenly have overdue bills or unusual credit card transactions, that may be a sign their finances have been compromised. Odd line items on bank statements and a sudden decrease in account balances are also major red flags. Finally, be on the lookout – and insist upon meeting – any new friends who attempt to isolate your parents or monopolize their time.
Fortunately, there are steps you can take to help protect your parents as they age. Start by keeping an eye on their finances and asking another trusted friend or family member to do the same. You should also consider having an attorney assist you in drawing up their estate plans if they have not already done so. Grissom Law, LLC has a staff of attorneys experienced in elder law. Our expertise gives you the strategic legal help you need to help your parents prevent financial abuse. Call us today and let us advocate for your loved one.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.