Financial abuse of the elderly is on the rise and it is an unfortunate fact that predators emerge during times of upheaval to take advantage of people. That means the COVID-19 pandemic can leave your parents vulnerable in more ways than one. Even when things go back to normal, this chronic problem of financial exploitation will still be a risk so it is very important to take extra steps and educate your parents about the possible risks it may bring to their wealth and your future inheritance.
Being left in the hands of unscrupulous guardians appointed by the court can be the most frightening aspect for you in the event you become incapacitated, given that you may have a loving and caring family members, but are unable to take care of you. Putting up a plan in place that clearly states all your wishes and consent prevents such from happening and ensures that the individual of your choice can make legal decisions on your behalf according to how you wanted them to be.
As a small business owner, it is particularly crucial that bad debt has to get off your books for the success of your business. Writing off bad debts can quickly ruin the financial position of your company resulting in cash flow problems, reduced profitability, and difficulties in meeting financial obligations. Read here to know more. Consult with an experienced lawyer like us so we can guide you to avoid losses from bad debts.
Scammers view seniors as easy targets and nowadays, they use a wide array of sophisticated and highly effective tactics which even the most intelligent and educated can be duped. Be alert and protect your aging loved ones and yourself from such predators by knowing the three big red flags of financial exploitation we listed to safeguard your family's finances.
It can be hard for elderly relatives to take care of themselves and sometimes are taken advantage of. Elderly need help with daily functions and finances so they are likely to befriend someone that is trying to help them without realizing they are being financially abused. Here are some red flags of financial abuse that you should be on the lookout for if you are caring for an elderly loved one.