Protect Thy Elders

Older Americans are increasingly becoming victims of financial crimes, often at the hands of those that are closest to them. In her recent column for South Florida Business and Wealth, WE’s Julie Neitzel discusses the ways to protect aging family members.

The nature of the crimes can include identity theft, financial theft, forgery, embezzlement and property theft. The internet also creates the perfect environment for the elderly to be taken advantage of. For example, a thief may send an email impersonating a relative in need of emergency funds. Even unscrupulous financial advisors have taken advantage of elderly clients.

“The wealthy elderly are a ripe target for scam artists, given that more than $18 trillion remain in the hands of those 65 or older,” Julie explains.

However, there are steps that can be taken to protect older generations from financial harm. Neitzel emphasizes the importance of personal and estate planning documents like a dual power of attorney, a designation of a healthcare surrogate and a living will.

“Transparency is an important element, along with educating family members on the frequency and types of financial scams targeting the elderly,” Neitzel explains. “Knowing who manages money, how bills are paid, who has access to accounts and passwords, and who has designated roles in estate planning documents are important discussion points within the communication process.”

To learn more, see Julie’s full article here.