How are Seniors Targeted by Financial Fraud Schemes?

Aging individuals are targets for scammers.

Do you have an aging loved one?

Are you getting “up there” in years yourself?

If yes, you should know that seniors are at high risk for financial fraud.

According to a recent WRAL.com article titled “Elderly population a 'very high risk' for financial fraud,” the threat can come from strangers, caregivers, friends, or relatives.

Yikes!

One reason the elderly are particularly vulnerable is they require more help.

As seniors depend more on family and friends, it can be easy for these individuals to take advantage of them.

Some people may seem trustworthy, but they are not.

Rather, they are looking to exploit diminishing physical or mental capabilities.

One way is by convincing the elderly individual to change his or her estate planning documents to benefit the scammer.

How can you prevent this?

If you are worried about aging loved ones, check in on them.

The more isolated people are, the more vulnerable they become.

Seniors should be on guard against fake charities and sales pitches.

When financial opportunities seem too good to be true, they usually are.

You can act now to implement safeguards.

How so?

Divide responsibilities for financial matters.

Allowing everyone access to finances can provide a checks and balances system.

Creating a trust for your assets may also be a wise choice.

Why?

A trust has a designated trustee (or trustees) who may administer and distribute the trust assets.

Work with an experienced estate planning attorney to create a plan to protect the fruit of your years of honest labor.

Reference: WRAL.com (January 2, 2019) “Elderly population a 'very high risk' for financial fraud”