Financial Abuse of the Elderly

It is beneficial to acknowledge the fact that estate planning is simply one aspect of senior law, and as older law attorneys it is our job to remain apprised of all of the problems of the day that affect our seniors. One matter that has actually been getting a great deal of attention just recently is that of senior financial abuse, and it is something to keep in mind when you are engaged in preparing for your twilight years.

How can senior citizens be economically abused? There are various ways, and we will address a few of them for you. For something there are seemingly limitless varieties of scammers and fraudsters out there who target the elderly. They use you deals or “chances” that can supposedly make you a lot of cash over night if you will just assist with a loan that will be repaid practically right away. Obviously you will never hear from them again if you send them any money.
And there are others that will offer you with an “special” chance to get in on the “ground flooring” of a strikingly profitable service venture. These multi-level marketing deals and Ponzi plans will string you along until they have actually gotten all they can and you will be left holding the bag in the end.

Identity theft is another danger that looms large for senior citizens. It is a big problem throughout all sections of society, and elders can be particularly attractive targets because they usually have great credit and own their own houses.
The bottom line is that there are always going to be deceitful types attempting to take what is not theirs. They frequently target those who they think about to be the weakest. However what they don’t understand is that age brings knowledge along with it. There are those who fall into the traps, most elders are smart sufficient to see them coming from a mile away. The thing to keep in mind is this: if a deal sounds too good to be real it is a scam. No one provides money away to complete strangers, and you should not either.