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Tips to protect your parents from financial abuse

It’s a parent’s job to protect their children. They teach their kids how to be safe, make the right decisions and protect themselves from the harsh world around them. However, who protects the parents?

Eventually, it becomes the child’s responsibility to help their parents find a safe space for their retirement and allow them to age gracefully. Unfortunately, it’s not always easy to complete that task.

Four tips to prevent financial abuse among seniors

Many people want to scam seniors out of their money due to high assets and vulnerability. Luckily, children can take steps to prevent their parents from becoming victims:

  1. Block solicitors – Whether solicitations are coming through the mail, phone, or online, you must find a way to block solicitors from contacting your parents. First, block mail offers by visiting the Direct Marketing Association’s mail preference service. Then block any robocalls or solicitors on your parents’ cellphones. It helps to use a call-blocking service to make it easier for them.
  2. Choose the right caregiver – Most caregivers are kind, loyal people who want to help others. Unfortunately, some will try to take advantage of their patients and steal assets from them. To prevent this, conduct background checks anyone who you consider for a caregiver position and obtain multiple recommendations to ensure you get the best person for the job.
  3. Create a financial safeguard – If you are concerned about your parents’ finances, you can establish protection through an account at a local bank with a small spending limit, such as $500. That way, you can keep their more considerable finances in a separate account, safe from vultures.
  4. Stay connected – The easiest way to protect your parents is to stay active in their lives. Call them once a week or regularly visit them to ensure they are receiving adequate care from the senior living center or their caregiver. The more you stay in their lives, the less likely is it for someone else to isolate them and take advantage of their assets.

 Applying these four techniques will protect your parents from any financial burdens, and it will also give you peace of mind to know that your parents will be taken care of as they enjoy their retirement.

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