There are scams everywhere, not just from self-appointed Nigerian princes with an email account. While the Nigerian Email Scam is well known, predators take advantage of the vulnerable through phone calls, mailings, emails, and in person. Approximately 10 percent of people over 65 are victims of elder abuse, and financial abuse is a leading issue. It’s a crime that has serious consequences on the physical and mental health of senior citizens in addition to their financial well-being.
The best defense against such scams is to plan ahead. By establishing financial trust with your family members, you can create as a line of defense before scammers get too close to aging and vulnerable loved ones. Like most of life’s important decisions, it begins with a heart-to-heart between family members.