Unfortunately, elder abuse is a growing issue in the United States. But, instead of physical abuse, these individuals are the victims of financial abuse. This can be done by family, friends, scam artists, realtors and even sales representatives. With the growing number of cases going on, it is imperative that family members and individuals learn how to protect themselves so that they do not fall victim to these scam artists.
Stay Connected
One of the reasons individuals fall victim to these scams is because they don’t have loved ones looking out for them. By staying in touch with your family you can help prevent elder financial abuse before it starts.
Co-Signers
When you create an estate plan, consider having a family member remain as your co-signer on your bank accounts. This will ensure they can monitor your spending and other activities and prevent any fraud or financial abuse. If your loved one sees something, he can speak with you about it and you both can work to resolve the issue. If family members can’t agree, it is best to have a licensed fiduciary handle all financial assets and funds for elderly individuals. A fiduciary can monitor accounts and ensure that the individual doesn’t become a victim of fraud or elder abuse. This is also a viable option for individuals who don’t have children or family members to look out for them.
An experienced elder law attorney can help prevent elder abuse and ensure your financial future is secure. Consider meeting with an elder law attorney today.
- An Overview of Estate Planning With Life Insurance - April 21, 2021
- Share Final Arrangement Preferences in Your Estate Plan - April 12, 2021
- Do You Still Control Property in a Living Trust? - March 31, 2021
