Common Financial Scams Against the Elderly

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Common Financial Scams Against the Elderly
The elderly often fall prey to scams that can
negatively impact their finances simply because
they are not always aware of what is going on
around them. Unfortunately, there are some bad
people out there who take advantage of the
elderly for their own financial gain. Knowing
more about the common scams against the elderly
is a necessity for anyone who has an aging loved
one. Giro Law explains some of the most common
financial scams that involve seniors.
Attempting to Get Married to Gain Access to Funds
Some people will go through great lengths to
access funds when they believe that an elderly
person is wealthy. Unfortunately, this may
involve pretending to be in love with an
individual to get married to and have easy
access to that persons funds. While many seniors
do not fall for this type of scam, others like
that feeling of being in love because it brings
them great joy. They may assume that the person
is being genuine, but it is often obvious to
others that the individual is trying to marry the
elderly person for their money, especially when
there is a huge age gap between these
individuals. While every situation is different,
loved ones of the elderly should be wary of a
much younger person who suddenly attempts to get
married to their relatives without having a
prenuptial agreement in place.
Signing Documents on Behalf of the Elderly Person
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Depending on a seniors condition, he or she may
be unable to read through important documents,
including documents from a banking institution.
There are times when caretakers or other
individuals who regularly visit with seniors
take advantage of them by forging documents on
behalf of the elderly person as a way of sending
themselves money from the elderly persons
account. This can start with writing out checks
in smaller amounts. However, these actions will
often continue when they go unnoticed by the
elderly individual, and that means that the
person who is forging their signature and signing
documents could potentially wipe out their bank
accounts without their knowledge. Abusing Trust
by Accessing Funds Without Permission In
addition to forging signatures and signing
documents, some caretakers abuse the trust and
bond between themselves and the elderly by
accessing their funds without their permission.
They may use a seniors debit card to pay for
personal purchases while pretending to be acting
in the best interest of the elderly
individual. Protect the Elderly Against
Financial Scams Unfortunately, the elderly are
often easy targets for scammers. Many seniors are
unable to review their bank account information
or even understand certain documents that might
come in the mail. While there are bad people out
there who can essentially rob these elderly
people of everything they have worked for
throughout their lives, there are ways for
family members to take extra steps to protect
their elderly loved ones and their assets. If
you want to make sure your elderly relative does
not fall prey to these common scams, Giro Law is
ready to help. We provide assorted elder law
legal services. Contact us at 201-690-1642 to
schedule your consultation with us.