Elder financial abuse is a big problem in the United States today costing victims an estimated $3 billion per year. This is a problem that basically comes from two different directions.
On one hand, as reprehensible as this may be, family members and other people known to the victim sometimes take advantage of their access for their own financial gain. On the other hand, individuals who make a career out of targeting others with various scams and cons often target senior citizens because they are perceived as easy marks.
The first step to take in an effort to prevent financial abuse is to simply understand the fact that elder financial abuse exists and that it is, in fact, a common problem.
Discussing the matter with a good Oklahoma City elder law attorney is an intelligent second step. He or she can potentially assist you as you set up some safeguards that keep the lion’s share of your assets out of harm’s way while you select decision-makers to act in your behalf, should it become necessary.
When it comes to scam perpetrators and con artists, common sense is your best defense. Unfortunately, people who prey on seniors are masters at stealing your common sense before they steal your money. It frequently starts with someone – often a member of the opposite sex – paying an unusual amount of attention to you when there is no apparent reason for them to do so. There is no reason to enter into any type of arrangement with strangers, especially if they’re offering deals that seem too good to be true. Pathways toward easy money or incredible bargains simply don’t exist.
Preparing for all of the eventualities of aging in an intelligent and measured fashion will provide you with peace of mind as you enter into different stages of life. If you’re ready to get started, take action right now to arrange for a consultation with a licensed and experienced Oklahoma City elder law attorney.
Larry Parman
Author, President and Founding Attorney
Parman & Easterday
- Understanding IRA Inheritance Planning: Key Considerations - September 14, 2023
- Irrevocable Trust Decanting Provides Flexibility - September 12, 2023
- Inheritance Planning Solution for a Spendthrift Heir - September 7, 2023
