Financial Abuse of the Elderly

Financial Abuse of the Elderly

It is useful to recognize the fact that estate planning is simply one element of elder law, and as older law lawyers it is our job to stay apprised of all of the problems of the day that impact our senior citizens. One matter that has actually been getting a great deal of attention recently is that of older financial abuse, and it is something to bear in mind when you are participated in planning for your golden years.

How can elders be financially abused? There are numerous different ways, and we will resolve a few of them for you. For something there are apparently infinite varieties of fraudsters and scammers out there who target the elderly. They offer you offers or “opportunities” that can allegedly make you a lot of cash over night if you will only assist with a loan that will be paid back nearly immediately. Of course you will never hear from them once again if you send them any money.
And there are others that will supply you with an “exclusive” chance to get in on the “ground flooring” of a stunningly rewarding business endeavor. These multi-level marketing offers and Ponzi schemes will string you along till they have gotten all they can and you will be left holding the bag in the end.

Identity theft is another threat that looms big for seniors. It is a big issue throughout all segments of society, and elders can be especially attractive targets since they generally have great credit and own their own homes.
The bottom line is that there are always going to be unscrupulous types attempting to take what is not theirs. They typically target those who they think about to be the weakest. But what they don’t understand is that age brings knowledge in addition to it. Though there are those who fall into the traps, a lot of elders are clever adequate to see them originating from a mile away. The important things to keep in mind is this: if a deal sounds too excellent to be true it is a scam. Nobody gives cash away to strangers, and you should not either.

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