As you probably know, there exists a vast assortment of unscrupulous individuals and companies that target elders in financial abuse activities. From financial scams by agencies to individuals preying on older California residents, the problem of financial abuse is real and requires immediate attention. Elders typically exist on fixed incomes and cannot afford to lose even one dollar of their financial resources.
To keep things as simple as possible, elder law attorneys often recommend a two-pronged approach to preventing financial abuse. First, elders and their families need to identify potentially nefarious programs or investments. Second, it is wise to gain an education about handling money in one’s elder years. An attorney can provide assistance with both of these goals.
According to the National Council on Aging, there are four main categories of schemes that target elders. These include insurance fraud, telemarketing scams, contractor fraud and Medicare scams. Families should always take steps to investigate any new enterprise their elder wants to pursue. Taking time to look into investment opportunities and healthcare services can help you protect your loved one from financial abuse.
If you want to foster your elders’ independence, you might consider helping them learn how to manage their finances better. The Consumer Financial Protection Bureau provides many resources to help older Americans protect their assets through education. Armed with knowledge, elders can feel secure about their finances and independent at the same time, which helps to improve the quality of life they enjoy.
If you or your elder loved one has already experienced financial abuse, the law can help you bring the perpetrators to justice. Please consider reaching out to an elder law attorney for immediate assistance.