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Another Thing to Worry About for Aging Parents and Seniors


Parents and Seniors

Lucky is the senior who has more money than they need and can enjoy their later years in the company of family and friends without concern for their spending habits. But when someone who is barely getting by, is entrapped by the enticements of a scammer offering to make their hardship go away, it’s easy for a person with diminished executive functions to be taken advantage of. Even worse, says The Motley Fool’s article, “Protect Your Elderly Loved Ones From Financial Abuse,” is the financial abuse from a member of the family or an alleged new friend. Here’s what you need to know to protect someone you love:

Help your elderly loved ones get their estate plans in order while they still have the mental capacity to do so. This is critical. They should have a will, medical and durable powers of attorney, a living will and perhaps a living trust. Trying to create an estate plan after Alzheimer's or dementia has developed is difficult.

You can add yourself on as an interested party to their financial accounts. Therefore, if your senior is at the stage where they can’t understand their financial statements or manage their money, you can help them monitor their accounts by getting duplicate statements or having online access to their accounts. This lets you monitor for any signs of trouble—like unexplained withdrawals or a substantial shift in their portfolios that’s not in line with their risk tolerance or investment objectives. A durable power of attorney may be needed, if it’s apparent that you should assume control of management of their accounts.

If your elderly loved ones are protected from phone solicitors by the do-not-call list, then this decreases the chances of them falling prey to a scheme from a phone scammer, but this does not stop them from watching infomercials and ordering numerous products. I have seen/heard about it all.

Talk with your senior loved ones. This is the most common-sense action you can take to prevent elder financial abuse. If he or she is still able hold a conversation, then caution them regarding the dangers of telemarketers and scammers who will try to get their money. Warn them about promises of things that seem too good to be true or attempts to emotionally manipulate them into sending money. You can also check their credit reports to make sure they haven't fallen victim to identity theft.

The more involved you are with your aging parent or grandparent, the less likely that they will be scammed. One further point: have other family members involved with their lives on a regular basis. Isolation from the family makes any elderly person more vulnerable.

Do you have elderly parents or relatives that live in Miami-Dade, Broward, or Palm Beach counties in Florida? Laws are constantly changing-- has your estate plan been reviewed in the last 2-3 years? Call me (954-888-1747) right away for peace of mind. I can help!

  • My practice is exclusively estate planning and probate,
  • I have prepared numerous estate plans in 16 years of practice,
  • I have administered estates and trusts through Probate all over Florida,
  • I am a Certified Financial Planner Professional™, and
  • I am here for YOU today and there for your FAMILY tomorrow.

Reference: Motley Fool (February 15, 2017) “Protect Your Elderly Loved Ones From Financial Abuse”

Why would we recommend D.T.F.? Several Reasons: Your ability to explain complex estate problems, clearly and patiently; your total lack of arrogance and pretense; a strong feeling that you are motivated by what you perceive is best for your client, rather than what would generate the largest legal fees; finally, and importantly, you are a lovely guy. A.C.

Two words cannot sum up the entire process of creating my “trust.” I enjoyed your attention to detail, your patience of explaining terms and conditions until I understood, also giving me copies to read and understand. Thank you for your suggestions on what was best for “me” but still allowing me to make my choice. Most of all, thank you for thinking of “me.” Wells Fargo said “you were the best” I cannot deny that. Again thank you very much for everything. Anna is an asset or a compliment to the firm. She is warm and very caring. It was great doing business. Thank you.