Klenk Law

Category: Elder Financial Scams

Protection From Scams; Revocable Living Trusts & Irrevocable Trusts

Posted on Wed Feb 17, 2016, on Elder Financial Scams

From our “Ask a Question” mailbag addresses providing protection from scams.

“My mother is having trouble managing her finances, and I discovered she wrote a check to some person who called her on the phone. It wasn’t much, but she was confused and in the future might get scammed out of a large sum by some telemarketer or criminal. She needs protection from scams. Can a revocable living trust or an Irrevocable Trusthelp protect her?”

How do I protect my dad from criminal telemarketers?

Posted on Tue Oct 20, 2015, on Elder Financial Scams

From our “Ask a Question” mailbag: My father has reached the age where he has become trusting to a fault. He was called by an unscrupulous telemarketer and fleeced out of several thousand dollars. I am worried that his number will now be passed around to other criminals and he will write more checks. How do I protect my dad from criminal telemarketers?

Your suspicions are right—once your dad’s recognized as a potential “mark” among the criminal community, he could become a target for scammers who pretend to be calling him on your behalf, asking for payments toward funeral expenses, emergency medical bills, or sweepstakes prize processing fees. According to the FBI, your father likely shares traits that were common among his generation — raised to be polite and trusting, and often reluctant to hang up the phone even if they suspect a scam.

Elder Care, Elder Abuse and the Constitution

Posted on Mon Jun 17, 2013, on Elder Financial Scams

As the “Boomer Generation” ages, the United States’ elderly population has become the most rapidly growing segment of our population. In 2010, the National Center on Elder Abuse (NCEA) reported that the population of people age 65 and older in the United States had reached 40.3 million, or 13% of the total population. This number will only continue to rise and the NCEA has projected that by 2050, this population will grow to 20%.

As the elderly population continues to increase, the concerns for interest and asset protection have increased as well. According to the Elder Law Advisory, 48% of nursing home residents have been diagnosed with Alzheimer’s and the NCEA reports that approximately 5.1 million American elders have some type of dementia. Because their conditions can leave them with symptoms of confusion, they become more susceptible to manipulation and can be more vulnerable to abuse, exploitation and neglect. Unfortunately, approximately 90% of these abusers are family members.

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