It is helpful to recognize the reality that estate planning is simply one element of elder law, and as older law attorneys it is our task to remain apprised of all of the concerns of the day that affect our elders. One matter that has been getting a lot of attention just recently is that of senior monetary abuse, and it is something to keep in mind when you are taken part in preparing for your golden years.
How can elders be economically abused? There are several ways, and we will attend to a few of them for you. For something there are apparently unlimited numbers of fraudsters and scammers out there who target the elderly. They provide you offers or “opportunities” that can supposedly make you a lot of cash overnight if you will just help with a loan that will be paid back almost right away. Obviously you will never ever speak with them again if you send them any money.
And there are others that will supply you with an “special” opportunity to get in on the “ground flooring” of a stunningly successful company venture. These multi-level marketing deals and Ponzi schemes will string you along till 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 seniors. It is a big issue across all sections of society, and elders can be specifically attractive targets since they typically have good credit and own their own homes.
The bottom line is that there are always going to be dishonest types trying to take what is not theirs. They often target those who they consider to be the weakest. However what they do not understand is that age brings wisdom together with it. There are those who fall into the traps, many seniors are clever sufficient to see them coming from a mile away. The thing to keep in mind is this: if an offer sounds too good to be real it is a rip-off. No one gives cash away to complete strangers, and you shouldn’t either.