We know that criminals and scam artists target the elderly; they are vulnerable, and con-artists prey upon them hoping for a large payday from a senior who has accumulated wealth over his or her lifetime. Our Ohio elder lawyers have outlined various steps that can be taken to protect your older loved ones from financial scams whether they come from near or far.
First, you can arrange for account oversight. This means assigning someone trustworthy to help the senior manage his or her financial affairs and keep an eye out for fraudulent activity. Creating a Power of Attorney is a good idea in this situation as it allows someone else to manage the senior’s money without taking any ownership of the accounts in question.
Second, you can set up a living trust which is a legal tool used to protect a person’s assets and allows someone else, called a trustee, to manage assets on the senior’s behalf when necessary.
Third, make sure to watch the Caller ID and the mail. Are there certain charities or “non-profits” that keep calling or mailing? A scam artist could be using this guise to build a “friendship” with your older loved one.
Fourth, consider utilizing credit monitoring services that the senior’s credit card companies offer and, if possible, limit the amount a senior can spend with pre-paid cards or spending caps.
Last, but not least, consult with an Ohio elder law attorney to discuss your plan to legally establish who can help your loved one with financial management. There’s no way to completely stop financial abuse, but with observation and planning, you can make yourself and your family less vulnerable. If you have questions about how to make this happen, we invite you to contact our Ohio elder law firm at 877-653-3450 to schedule a consultation.