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Helping People Age with Dignity

Scams not the only thing that can cause financial havoc for seniors

There are many worries a person may have regarding an elderly loved one. For one, they may have concerns about whether their loved one will have enough resources to have a comfortable retirement. One thing they might be quite worried about on this front is the possibility of major depletions of their loved one’s assets.

One thing that could cause such a depletion is a senior falling victim to a scam. However, concerns about the possibility of an elderly loved one losing assets can come up in relation to things beyond nefarious schemes. For one, they can also come up in regards to legitimate solicitations.

There are many requests for donations or funds that seniors can receive from legitimate organizations. Such requests could become a problem for a senior’s finances if the senior overspends in relation to them. Things that could make a senior vulnerable to overspending in response to legitimate solicitations include social isolation and cognitive issues.

When a family member is worried that their elderly loved one might be vulnerable to such overspending, they may want to discuss the matter with their loved one.

They might also want to consider taking steps to protect their loved one’s finances. Such steps can vary greatly in their scope and in what situations they would be appropriate. They could include going over mail with one’s elderly loved one or having the loved one authorize monitoring of their spending or bank account activity. In extreme circumstances, things like pursuing a conservatorship for an elderly loved one may be on the list of things to consider.

Now, it can be a very delicate matter when a person is talking with an elderly loved one about spending concerns or taking measures to try to protect such a loved one’s assets. These things can touch on very sensitive issues, and if they aren’t handled right, they could lead to a lot of turmoil within a family. So, when concerns about an older loved one’s spending come up, properly tailoring their response to such concerns to the circumstances can be very important for a family member. A family member may find the guidance of an experienced elder law attorney helpful when it comes to such matters.

Source: Bangor Daily News, “Legitimate solicitations for funds can be just as dangerous to seniors as scams,” Julia Bayly, Feb. 14, 2017

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