If you have an elderly loved one, it is important to understand that they are a target for financial abuse. There are numerous reasons why senior citizens are targeted, such as:
- Over 70% of our countrys wealth is owned by individuals over the age of 50 years
- Seniors are more likely to have disabilities that make them dependent on others for assistance. It is common for an elderly persons helper to have unsupervised access to their home, assets and computer. Additionally, the person giving aid to the elder may exercise significant influence over them.
- Many elderly individuals do not realize the value of their assets.
- Seniors often live according to a predictable schedule, including when their monthly checks arrive. This allows con artists to predict when they will have money on hand or need to go to the bank.
- Scammers are aware that senior citizens may not survive long enough to pursue legal action against them. Also, seniors often do not make convincing witnesses.
- Elderly persons are less likely to report abuse because they are embarrassed or illness prevents them from doing so.
It is important for a senior citizen to have somebody trustworthy monitoring their finances. The more involved relatives are in an elderly persons life, the less likely abuse will occur. This may mean seeking to be appointed as their conservator.
If you are concerned about your elderly relative being subjected to financial abuse, feel free to contact us to schedule your no-cost consultation. We are truly here to help. Simply call: (714) 963-7543. At The Legacy Lawyers we are dedicated to your peace of mind.