It is beneficial to recognize the fact that estate planning is just one element of elder law, and as older law attorneys it is our task to remain apprised of all of the issues of the day that affect our seniors. One matter that has been getting a lot 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 elders be economically abused? There are various methods, and we will deal with a few of them for you. For one thing there are relatively boundless numbers of scammers and scammers out there who target the senior. They use you deals or “opportunities” that can apparently make you a great deal of loan overnight if you will only assist with a loan that will be repaid nearly immediately. Obviously you will never speak with them again if you send them any money.
And there are others that will offer you with an “unique” chance to get in on the “ground floor” of a strikingly profitable company endeavor. These multi-level marketing offers and Ponzi plans will string you along until they have 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 throughout all sectors of society, and elders can be specifically attractive targets because they normally have good credit and own their own houses.
The bottom line is that there are always going to be dishonest types attempting to take what is not theirs. They typically target those who they consider to be the weakest. However what they do not comprehend is that age brings wisdom in addition to it. There are those who fall into the traps, most elders are clever enough to see them coming from a mile away. The thing to keep in mind is this: if a deal sounds too excellent to be real it is a fraud. No one offers loan away to complete strangers, and you shouldn’t either.