Unfortunately, older adults in the United States are especially susceptible to scams and financial exploitation. They are often targeted with a variety of different types of fraud all designed to take away the financial resources that person has accumulated over the course of their lives.
As you plan to adjust your life or the care needed for a family member with Alzheimer’s, be careful about the possibility of financial exploitation. You hope it never happens to you, but unfortunately, some people prey on the vulnerable position that a patient with dementia experiences.
Many factors can make the elderly more vulnerable to financial predators but changes in thinking skills and cognitive decline can be at the top of the list. One recent study called the Health and Retirement Survey, answered the question of what the connection is between loss of memory and loss of money.
In this study, participants were given 10 words to remember from the beginning to the end of the survey. Every two years throughout the study period, they took another word memory test. Over the course of the two-year period, people who showed a 10% loss of memory also reported a 15% to 20% drop in overall wealth.
Financial exploitation is most likely to come from people that the elderly individual knows rather than from strangers. This can include adult children and other family members who may be entrusting their financial management to people they think have their best interests in mind.
In order to protect yourself and to ensure that the possibility for financial exploitation has been addressed and guarded against in your estate plan, schedule a consultation today with a lawyer. If your loved one is already showing signs of dementia, now is the time to ensure you have protected their interests with a plan. Our Massachusetts estate planning attorney can help you create a plan for your family.
