Solid Estate Planning Can Protect Elderly from Fraud

 Posted on June 18, 2015 in Estate Planning

One of the most targeted populations for scams is the elderly. Most victims are too ashamed or embarrassed to admit they have been swindled out of money, so exact numbers of victims are difficult to determine. However, studies have shown that elderly Americans are being conned out of $3 billion every year.

There are several types of ways the elderly are preyed upon—either by fraud committed by strangers or fraud committed by their own family or close associates.

Common stranger scams which are being used to gain access to elderly victims' money include the following:

• Grandparent Scam: An elderly person will receive a phone call from someone who poses as one of their grandchildren, claiming to be out of town and in a serious situation, and needs money wired to them. Scenarios that are used include a grandchild's car broken down, required medical attention, or he or she is in jail.
• Jury Duty Scam: In this ploy, the victim receives a phone call from someone claiming to be a courthouse official and that the victim was supposed to show up for jury duty. Now, because they failed to show up, a warrant has been issued for their arrest. The caller then tells the victim they either need to make a payment by wire transfer to cover the fine or a police officer is on the way over to arrest the victim.
• IRS Scam: Very similar to the jury duty scam, the caller claims to be from the IRS and demands a wire transfer to cover the amount of back taxes he or she claims the victim owes. The victim is also threatened with imminent arrest if they fail to pay.
• Lottery Scam: The caller claims that the victim has won a large lottery, but needs to wire funds to cover fees and taxes.
• Utility Scam: The caller claims to be from a utility company and threatens the victim that his or her service is about to be turned off unless the victim immediately wires money to cover the amount owed.

There are several additional scams being perpetrated on seniors, including ones where financial planners victimize the elderly. Although the majority of financial planners are ethical and professional, it is important for seniors to be on alert to where there funds are being invested.

Contact a Reliable Estate Planning Attorney Today

Ensure your assets are safe from unscrupulous con artists by contacting an experienced and reliable DuPage County estate planning attorney to make sure that all your finances are protected, both now and in the future.