It is useful to acknowledge the reality that estate planning is just one element of elder law, and as older law attorneys it is our job to remain apprised of all of the issues of the day that impact our senior citizens. One matter that has actually been getting a lot of attention just recently is that of older monetary abuse, and it is something to bear in mind when you are taken part in planning for your golden years.
How can seniors be financially abused? There are lots of different ways, and we will resolve a few of them for you. For something there are seemingly boundless varieties of scammers and scammers out there who target the senior. They provide you deals or “chances” that can apparently make you a great deal of cash overnight if you will only assist with a loan that will be paid back almost instantly. Naturally you will never hear from them again if you send them any money.
And there are others that will provide you with an “special” opportunity to get in on the “ground floor” of a stunningly rewarding company endeavor. These multi-level marketing deals 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 risk that looms big for seniors. It is a big issue across all sections of society, and elders can be especially appealing targets because they generally have great credit and own their own homes.
The bottom line is that there are always going to be deceitful types attempting to take what is not theirs. They often target those who they consider to be the weakest. But what they do not comprehend is that age brings knowledge along with it. There are those who fall into the traps, the majority of elders are smart enough to see them coming from a mile away. The important things to remember is this: if a deal sounds too great to be true it is a scam. No one provides money away to strangers, and you should not either.