If you are reaching retirement age or will in the near future, protecting your finances against unexpected expenses and the possibility of needing long-term care are essential parts of any retirement and estate plan. But what you may not realize is that you will also need to protect yourself against the possibility that someone out there will try to steal, rob, or scam you out of your money.
America is aging rapidly, and it’s estimated that in less than 50 years there will be 90 million Americans age 65 and older. This means that there will be more seniors then there are children in the United States, something that has never happened before.
People from all walks of life are trying to understand how this drastic shift in the American population will affect our daily lives, including those who would seek to take advantage of the elderly.
Last year alone it was estimated that American seniors lost nearly $3 billion to financial frauds and cons, and that number grows every year.
While many of the financial swindles seniors are subjected to every year come at the hands of unscrupulous strangers, an elderly person’s own family members can also take advantage of them. When family have access to your sensitive information and financial details, it can often be very easy for them to commit financial elder abuse.
This is why every estate plan needs to include protections to guard against such financial victimization. Talk to your estate planning lawyer about how you can protect your financial interests and ensure that you do not fall prey to financial fraud.