Tampa Bay Elder Lawyers often warn that elderly loved ones are at increased risk of financial exploitation. Scammers target the older generation knowing that their cognitive abilities are likely in decline and that they are not typically tech-savvy. Predators can rob your loved one of their entire life savings – we’ve seen it. That is why we have put together this list of five steps you can take in order to avoid this from happening to your loved one.
Monitor their accounts.
Be sure to keep a close eye on your loved one’s financial accounts and review all relevant statements. You can even set up fraud alerts on your loved one’s credit report or credit cards so that the family is proactively notified if the senior is in the process of being robbed or scammed.
Create a Revocable Living Trust.
A revocable living trust is a legal tool that will allow your elderly loved one to securely manage their own assets while also being able to name a trustee (usually an adult child) that can watch over the property, money, etc. or step in to manage the finances if the elderly loved one is struggling to make wise financial decisions that could put him or her at risk.
Help them pay their bills.
Helping to pay your loved one’s bills will not only allow you to monitor for scams, it will also take a burden off of their shoulders. Sadly, a lot of people get into financial trouble at the end of their lives because they were unable to keep up, and bills go unpaid.
Sign up for the Do Not Call registry.
You can either signup online at www.donnotcall.gov or call at 888.382.1222. Although this will not stop scammers, it can reduce the number of calls from salespeople.
Enlist help from a Tampa Bay elder law attorney.
Experienced Tampa Bay elder lawyers know how to protect senior citizens from scammers. They have a number of tools that can be used to safeguard financial assets that offer everyone in the family total peace of mind. If someone you love is vulnerable to financial scams, give us a call at (813) 438-8503, and schedule an appointment with our attorneys to discuss your options.