Unfortunately, seniors can find themselves the targets of fraud schemes by scammers. Fraud schemes vary greatly in their specifics and in the methods scammers use to try to get their elderly targets to give them money.
One of the areas in which procrastination can strike is in estate planning. One thing that may lead people to drag their feet on estate planning is an assumption that the process will be very death-focused. Death is a topic many people don’t like to think about, so the thought of going through a death-focused process can be an unappealing one.
The financial ramifications of elder financial abuse can be considerable. And the elderly victim of the abuse is not the only one that can suffer significant financial harm. The harm can spread out to affecting other members of their family. For one, it could impact family members who are their caregivers.
Currently, the federal estate tax exemption amount is nearly five and a half million dollars. When confronted with this high number, many people might immediately assume that estate taxes would never apply to them and that they don’t have to worry about estate tax planning.