HomeElder LawFINANCIAL VULTURES AND THE ELDERLY

Do you know someone who just lost a spouse? Are they elderly? A good majority of people in their elderly years get taken advantage of when their spouse passes away.

The best thing to do is for the elderly person to make an appointment with their attorney and seek his counsel.  An experienced probate, living trust and elder law attorney will know what to do.

You may be wondering what kind of ways could an elderly person get taken advantage of. A lot of companies out there will try sending them offers in the mail for things. To get those things, the elderly would need to mail money to them first. Unfortunately there are a lot of scams out there that are used to cheat the elderly.

According to The Oklahoman a man asked one of his close friends to help out his wife with her financial affairs after he passes away. He agreed to do it. Here is what he found. The funeral home was wanting the wife to spend $32,000 on a casket for her husband. After the obituary was posted the wife started to receiving emails and letters with offers that looked suspicious. Real estate agents even called her to try and convince her to sell her home and move. Car dealers tried getting her to sell her car and buy another one. A week after the funeral, a local charity representative came to the wife’s home and suggested she should donate a large amount of money to the church. The husband and wife had two daughters during their marriage. They have been estranged from them for over fifteen years. The daughters all of a sudden wanted their mom to move 800 miles to where they live so, they could care for her. There are always financial vultures who circle the obituaries. Most of them can persuade the elderly, which is why they choose them as a target. The wife could go to a trust company and for a small fee, they would pay her bills, provide assistance for necessary home repairs, make home repairs, make appointments for visits to doctors, manage her brokerage account and provide other personal, hands-on care that she might need. If they had used a certified public accountant he or she would already be familiar with her finances.

It has been opined that the exploitation of the elderly is “the crime of the century.” Source for Quote-In most cases elder abuse happens by family members. If you suspect that an elderly person is being abuse, you should report what you know to Adult Protective Services, or to the local police department. You may report it confidentially. They will need the elderly’s person’s name and address. You will then need to specify what you saw or heard or why you suspect financial exploitation. The more information you can provide the better. The district attorney in your county or state has a better chance of stopping an abuser by a conviction for a crime. If you suspect that the abuser is a family member, it might be hard to do, but you need to report it anyway.

The abuser might be a stranger, or a friend, caretaker, relative, or trusted financial advisor. Financial abuse of the elderly has no boundaries. It could range from embezzling money, stealing social security checks or it could be as simple as taking money from a wallet, or manipulating the elderly to turn over, give, or sell personal belongings. Most cases it happens by a family member, caregiver, or by someone the elderly person trusts. Family members commit more than 50% of the financial exploitation. There are certain ways you can determine if there is financial abuse going on. One of those ways is to see if valuable objects start to disappear. The elderly person may have a “new best friend” or “sweetheart.” Lastly, a new name might be added to the bank accounts. A way to try and prevent this from happening is to have a trusted family member take make monthly income direct deposit such as Social Security and dividends. Carefully screen and verify care givers’ references and do a thorough background check.

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BRENT HAS OVER 39 YEARS EXPERIENCE. HE KNOWS WHAT TO DO!

An experienced probate, living trust, and elder law attorney like Brent D. Coldiron, knows what to do in these situations. His fees are reasonable. The best money ever spent is to get good legal advice. Contact Brent at (405) 478-5655 or 737-2244. His website is http://coldironlaw.com.


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