Ask the Expert: how can I protect myself from scams?
By Lisa Hostetler Brown
Contributor
Expert Answer: Scammers often take advantage of unsuspecting individuals, especially seniors, creating opportunities for financial exploitation. As we age, it’s crucial to stay vigilant and take steps to protect ourselves.
The FBI reports that in 2023, financial scams and exploitation cost people over 60 a staggering $3.4 billion, with an average victim losing a devastating $33,915.1
Why are Seniors Vulnerable?
Several factors make seniors more vulnerable and prime targets for predators, including increased dependence due to illness or cognitive decline, and the savings they’ve accumulated over a lifetime.
The Power of Legal Planning
The good news is there are layers of protection seniors can put in place to help shield themselves from financial exploitation. While transparency and open communication are essential, legal planning with an elder law attorney adds an extra layer of protection.
Here’s How an Elder Law Attorney Can Help:
• Secure Finances: An attorney can guide you through simplifying your finances, making them easier to monitor. This can involve consolidating accounts and cards and designating a trusted family member or friend to keep an eye out for unusual activity.
• Empowerment Through Power of Attorney: An attorney can assist you in creating a financial Power of Attorney (POA), allowing you to designate a trusted person to help you manage your finances. This can be crucial in preventing financial exploitation.
• Planning for the Future with a Revocable Trust: An elder law attorney can help establish a revocable trust, a legal tool that holds assets and outlines their distribution after death. This can minimize probate delays and expenses, and it can also provide a successor trustee to manage assets if needed, especially during times of disability.
• Communication is Key, But Legal Guidance is Crucial: Regular communication with loved ones is vital, but don’t underestimate the power of legal guidance. An experienced elder law attorney can provide invaluable advice on navigating various scams, selecting trustworthy agents for POAs, and ensuring all legal documents accurately reflect your wishes.
By working proactively with an elder law attorney, you can gain peace of mind knowing you have helped shield yourself from financial exploitation. Don’t let your guard down. Take the steps necessary to safeguard your financial security and well-being.
For educational purposes only. This is not legal advice. Lisa Hostetler Brown is a Certified Elder Law Attorney certified by the National Elder Law Foundation. 2 Hampton Hall, Bluffton, SC 29910 | 843-757-5294 | LawyerLisa.com/Bluffton
Fed’l Bureau of Investigation, Elder Fraud in Focus, FBI.gov (Oct. 26, 2023), https://www.fbi.gov/news/stories/elder-fraud-in-focus.
