Picture your mom sitting at her kitchen table. The phone rings and she picks it up. It’s one of her grandchildren who sounds distraught. The grandchild needs help but is terrified to call their parents. The grandchild needs money and they don’t want to make their parents mad. “Of course,” your mom says when the grandchild asks her to send money. Months later, you and your family hear this story and discover that none of your mom’s grandchildren actually asked for money. After more research you all conclude that your mother has been scammed.
This is a sad scenario. Scam artists are getting smarter. They realize that people age 65 or older own 70-80% percent of wealth in the United States. There are two ways you can prevent this type of fraud. First, you can have family conversations about fraud and scam artists. By being informed of current scams and being comfortable talking with you about money, your elder family members are much safer.
A second, and very important step you can take is to begin estate planning as soon as possible. Seniors who have worked with advisors for estate planning are less likely to fall victim to financial abuse. And this is just one reason to plan ahead. We can help seniors and their families with emergency planning however, it is easier for us to protect your health, wealth, and family if we begin planning early. Don’t hesitate to begin your estate planning today.
We have heard from clients, friends, and neighbors that they are receiving these phone calls. As a law firm practicing elder law, we help seniors plan for a successful retirement and legacy. Don’t let your loved ones lose their hard earned money and pride. Make sure you talk with your loved ones about this so they can spot the scam.