Category Archives: Financial Elder Abuse
Preparing for the Impact of Alzheimer’s Disease
The impact of these diseases will not just be on the individuals, but on their spouses and families. Surveying 1, 000 mass affluent and high net worth families currently caring for relatives with cognitive decline, the study found that the lifetime direct and indirect costs can be more than $750, 000. A recent article… Read More »
Protection from Long-Term Care Insurance Fraud
Long-term care (LTC) insurance is an important issue. However, making matters harder for many seniors is the prospect of long-term care insurance fraud. The Street’s recent article entitled “How to Protect Yourself and Your Family From Long-Term Care Insurance Scams” say this is a major issue with the skyrocketing costs of long-term care services… Read More »
Elder Financial Abuse Fraud Occurs, When No One’s Watching
The case of Nice vs. U.S. is a dramatic example of what can happen when there are no professionals involved in an elderly person’s finances and one person has the power to make transactions without supervision. In the article “Tax case reveals possible intrafamily fraud” from Financial Planning, a trusted son allegedly decimated his… Read More »
What are the Latest Senior Scams?
While we are concerned about finances and our health with COVID-19, we also must be uber-aware of four points of contact: phone calls, text messages, emails and social media. CNBC’s recent article entitled “Beware these common scams that specifically target seniors” explains that seniors in the U.S. are more apt to be victims of… Read More »
Medicare Patients Be Wary of COVID-19 Scams!
It’s still not easy to get tested for COVID-19 in many states, so it’s not surprising to learn that scammers are exploiting the shortage. They’re especially preying on the elderly. Money Talks News’ recent article entitled “Are You on Medicare? Beware Coronavirus Scammers” reports that scammers use stolen personal data to commit Medicare fraud… Read More »
Elder Abuse Continues as a Billion-dollar Problem
Aging baby boomers are a giant target for scammers. A report issued last year from a federal agency, the Consumer Financial Protection Bureau highlighted the growth in banks and brokerage firms that reported suspicious activity in elderly clients’ accounts. The monthly filing of suspicious activity reports tied to elder financial exploitation increased four times… Read More »
How Can Long-Distance Caregivers Help Loved Ones?
A recent article noted that long-distance caregivers have the same concerns and pressures as local caregivers, perhaps even more. They spend about twice as much on caregiving as people caring for a loved one nearby, because they’re more likely to need to hire help, take uncompensated time off work and pay for travel. A… Read More »
How Do I Protect My Elderly Parent from Scams?
According to a 2015 study by True Link Financial, seniors lose $36.48 billion each year to elder financial abuse. The FINRA Investor Education Foundation reports that more than 8 in 10 seniors are solicited for potentially fraudulent offers, adding that “Americans age 65 and older are more likely to be targeted and 34% more… Read More »
Managing an Aging Parent’s Financial and Legal Life
As parent’s age, it becomes more important for their children or another trusted adult to start helping them with their finances and their legal documents, especially an estate plan. In “Six tips for managing an elderly parent’s finances, ” ABC7 On Your Side presents the important tasks that need to be done. Make sure… Read More »
Things You Need to Know About Handling Your Aging Loved One’s Finances
Sometimes a loved one starts having trouble managing her money because of confusion, cognitive decline, Alzheimer’s disease, or some other form of dementia. When that happens, you might find yourself having to serve as her money manager. Here are some things you need to know about handling your aging loved one’s finances. Changes to… Read More »