There are two prevalent types of elder financial abuse as defined by the experts: Crimes of opportunity and crimes of predation.
Crimes of opportunity are perpetrated by individuals who know the victim. Obviously a lot of elderly Americans need assistance with their day-to-day needs. So, the individuals who help them out are often going to have opportunities to take advantage of the senior in question financially should they choose to go that nefarious route.
Crimes of predation involve individuals who specifically target senior citizens in an effort to take advantage of them financially. These criminals see our elders as easy marks, and have no problem doing whatever they can to separate seniors from their hard-earned money.
Predatory crimes would include Internet-based scams, door-to-door home-improvement schemes, telemarketing scams, various types of cons, and identity theft.
Identity theft is a big problem today, and it is important to protect your sensitive personal information wherever it may be found. This could include hard copy correspondence, and of course your web-based accounts may contain sensitive data as well.
Awareness is one of the keys to preventing elder financial abuse, and open communication among trusted family members is part of the solution as well.
It is also important to take legal steps to appoint a hand-picked decision-maker to act on your behalf should you become unable to make sound financial decisions. To discuss the matter with an expert, take action right now to arrange for a consultation with a licensed and experienced Campbell CA estate planning lawyer.
- 2024 Federal Estate and Gift Tax Update (VIDEO) - November 16, 2023
- National Long-Term Care Awareness Month (VIDEO) - November 13, 2023
- Proposition 19 and Repeal the Death Tax Act (VIDEO) - November 3, 2023