It is helpful to recognize the truth that estate planning is simply one element of older law, and as senior law lawyers it is our job to remain apprised of all of the problems of the day that affect our senior citizens. One matter that has been getting a lot of attention just recently is that of elder financial abuse, and it is something to keep in mind when you are taken part in preparing for your twilight years.
How can elders be financially abused? There are numerous different methods, and we will address a few of them for you. For one thing there are apparently limitless numbers of scammers and scammers out there who target the senior. They offer you deals or “chances” that can allegedly make you a great deal of money over night if you will just help with a loan that will be repaid nearly instantly. Naturally you will never hear from them once again if you send them any money.
And there are others that will provide you with an “exclusive” opportunity to get in on the “ground floor” of a stunningly lucrative organisation endeavor. These multi-level marketing offers and Ponzi schemes will string you along up until they have gotten all they can and you will be left holding the bag in the end.
Identity theft is another danger that looms big for senior citizens. It is a huge problem throughout all sections of society, and elders can be specifically appealing targets because they usually have great credit and own their own houses.
The bottom line is that there are constantly going to be unethical types trying to take what is not theirs. They often target those who they consider to be the weakest. But what they do not understand is that age brings knowledge together with it. Though there are those who fall under the traps, a lot of senior citizens are wise enough to see them coming from a mile away. The important things to keep in mind is this: if an offer sounds too great to be true it is a scam. No one provides cash away to complete strangers, and you should not either.