Unfortunately, the elderly are often targeted for financial exploitation schemes due to their substantial savings and the perception that some of them may be suffering from advanced cognitive issues. In these circumstances, it is best to be proactive by establishing an elder law and estate care plan that can assist you with minimizing the possibility of fraud.
The financial exploitation of seniors in America is significant problem and plenty of instances go unreported. Many elder law attorneys have seen how these issues have unfolded and have helped those impacted and family members’ attempt to recover. Some of the statistics around elder exploitation include the fact that 61% of victims are female, the average victim is 79 years old, and over 40% live alone.
Having an established estate plan can help to ensure that only trusted and qualified parties are appointed to make decisions or craft or sign documents on behalf of a loved one. While many family caregivers might have the best of intentions, it is very important to think carefully about these issues and to determine what is most important to you as you age so that you can avoid these common problems. Creating your documents now and appointing trusting loved ones can go a long way towards avoiding exploitation.
It’s equally important to think about how your estate and elder law documents should be drafted in advance of older age in the event you were to suffer from cognitive difficulties. In order for documents to be classified as legally valid, they should be drafted when you are of sound mind.
Schedule a consultation with a dedicated elder lawyer to get your questions answered.