Articles | March 22, 2023What's Your Life Plan?
Don’t Assume the Answer is No … The Importance of Caring for Your Elders
As our parents and loved ones get older, they become more vulnerable to financial abuse and scams. Elderly individuals are often targeted by criminals because they are seen as easy targets due to their age and potential cognitive decline. Therefore, it is important for their adult children to take steps to protect their parents from financial abuse and scammers.
Financial abuse can come in many forms. It may be as simple as someone convincing your parents to give them money for a fake charity, or as complex as a caregiver siphoning money from your parents’ accounts. Scammers may use tactics such as phishing emails or phone calls to trick your parents into giving them sensitive information or money. It is important to educate your parents about the different types of scams and how to recognize them.
Here are some steps you can take to protect your parents from financial abuse and scammers:
- Educate Yourself and Your Parents – Learn about the different types of scams and financial abuse that are common, and share this information with your parents. Encourage them to be wary of any unsolicited phone calls, emails, or letters asking for money or personal information.
- Set Up safeguards – Help your parents set up safeguards to prevent financial abuse. This may include setting up automatic bill payments, signing up for fraud alerts, and reviewing bank and credit card statements regularly.
- Monitor Their Accounts – If possible, monitor your parents’ bank and credit card accounts for any unusual activity. This can be done online or by setting up alerts for certain types of transactions.
- Limit Their Exposure – Limit your parents’ exposure to potential scammers by helping them unsubscribe from telemarketing lists and blocking unwanted emails or phone numbers.
- Talk Openly – Encourage your parents to talk openly with you about any financial concerns they may have. This can help prevent them from making rash decisions or falling victim to a scam.
- Trust Your Instincts – If something doesn’t seem right, trust your instincts. If you suspect that your parents may be the victim of financial abuse or a scam, take action immediately. Also remember in almost all cases their mental acuity will continue to decline so act sooner than later.
In conclusion, protecting your parents from financial abuse and scammers is an important responsibility. By taking the steps outlined above, you can help ensure that your parents’ finances are safe and secure. Remember, it is always better to be proactive than reactive when it comes to protecting your loved ones.
If you have any questions on this important topic, please reach out to Lifeguard Wealth. We are always here to help!