web analytics
April 2, 2015 / 13 Nisan, 5775
At a Glance
Blogs
Sponsored Post


Will Your Grandma Be a Victim of Financial Abuse

What to watch out for when preventing financial scams perpetrated against the elderly.

Have you ever met the kind of guy that would sell his own grandmother down the river?

Since more and more elderly people are being swindled and financially abused every day, it’s crucial to learn how to protect your grandmother and other seniors you care about.

Why are the elderly so susceptible to financial abuse? After all, chances are that they worked for many long years and have achieved the wisdom of experience. While they were young and fit, they surely had the opportunities to protect themselves, so what makes them vulnerable now?

Three reasons the elderly get scammed

1. Generally, as individuals grow older they tend to become more isolated from others. Perhaps their spouse has passed away and their children don’t live close by. The loneliness and isolation that this creates can make a person more vulnerable and open to parting with money… if it leads to companionship. For example, if Grandma is suddenly bombarded with invitations to free lunches and seminars, she may at first go simply for the company rather than any real interest in the subject of the event. She may find herself “befriended” by the organizers and convinced to invest in a dubious scheme because her defenses are down now that these people have been so “nice” to her.

2. Modern technology. An elderly person who has little experience with computers and knows only how to send or reply to an email may easily fall prey to scams such as fake charitable appeals asking for a credit card number in order to make a donation, a bank password for depositing some unexpected funds that don’t really exist into his account, and so forth.

3. The worst threat of all: seemingly concerned relatives and caregivers who have their own hidden agenda. One of my clients recently told me that she had to fire her elderly father’s home healthcare worker because he had almost managed to get the old man, an Alzheimer’s sufferer, to write him into his will. The caregiver was caught just in time. And then there are the unscrupulous relatives who have been given power of attorney for a relative and they gradually whittle away all their resources until there is nothing left at all.

Sadly many of these offenses go unreported because the victims may be too embarrassed to admit that they made such a big mistake, or no one is monitoring the situation.

If you’re caring for an elderly parent or grandparent, keep an eye on what’s going on, both with their physical health and fiscal health. If you have power of attorney over their bank account, review it periodically and investigate suspicious activity. Find out what’s happening if unexpectedly large sums are disappearing. Observe all caregivers, and do strict background checks on any much younger new “loves” or prospective new spouses who suddenly appear.

Protect Grandma and other seniors in your life from becoming victims of fraud by educating yourself about how to be vigilant against scams and implementing  tips against elder fraud. After all, a broken hip may be easier to fix than a broken bank account.

About the Author: Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd, a financial planning and investment services firm located in Jerusalem. He specializes in working with clients who live outside of the United States and want to maintain a U.S. brokerage account. Doug’s newest book, co-authored with Susan Polgar, about how using chess strategies to improve your finances, Rich As A King can be purchased at www.richasaking.com. He is a licensed financial professional both in the U.S. and Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, FSI. Accounts held at Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. Neither Profile nor PRG gives tax or legal advice. Before immigrating to Israel, it is advisable to consult with a tax attorney who is knowledgeable about Israeli law. Contact at doug@profile-financial.com


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

No Responses to “Will Your Grandma Be a Victim of Financial Abuse”

Comments are closed.

Current Top Story
Senator Bob Menendez (D-NJ)
Biggest Democratic Foe of Obama on Iran Indicted
Latest Blogs Stories
Justice Minister Tzipi Livni, Israel's moral guiding light, with friends, convicted former PM Ehud Olmert and Holocaust Denier Abu Mazen.

Not too many people, other than Olmert himself and his lawyers who can keep up with all his cases.

A Soldier's Mother

We are told “From dust we were created and to dust we return” But not alone…a Jew, is never alone.

Talks between Iran and the P5+1 at Lausanne are likely to be extended beyond Obama's self-imposed deadline.

Obama wants a deal at any price, ending sanctions that brought Iran to the table in the first place

Doug Goldstein

Laura Adams, author of Money Girl’s Smart Moves to Grow Rich, managing your money more effectively

Wherever you are Chabad gives you that missing piece–the home you left behind, nourishing body&soul

How do you put a love of Judaism into a middle-aged man when it was never there in the first place?

It is perfectly understandable how someone who has no background in Israeli politics could mistake Bibi’s speech as racist…

Israel’s Charedi world is in financial crisis. If the trend worsens it may be their breaking point.

Why do you need to file an FBAR if you’re a US citizen abroad? What happens if you don’t?

Jews caring for one another, that is how I would explain Israel to someone.

As Iran becomes the North Korea of the Middle East, Nasrallah doesn’t understand where all his friends went.

I pray each member of Knesset will represent the interests of the State of Israel & ALL its citizens

At no time did Kahlon say that he preferred to see Bibi in another term as PM-I don’t trust him!

“Israel has nuclear weapons & it isn’t afraid to use them if necessary-Does that frighten you? Good”

American Jews think they know what’s best for Israel-better than Israelis. Here’s my take…

An old Arab man yelled at me “You’re stupid!” I returned the compliment; He had murder in his eyes.

More Articles from Doug Goldstein, CFP®
Doug Goldstein

Laura Adams, author of Money Girl’s Smart Moves to Grow Rich, managing your money more effectively

Doug Goldstein

Why do you need to file an FBAR if you’re a US citizen abroad? What happens if you don’t?

Why do people feel the need to check their email 50X a day, constantly dipping in & out of Facebook?

How can you turn your passion into your business? How can you build your business around your life?

Find out about peak oil and how the production & sale of cheap oil has affected other oil sources

How do emotions affect the way that people make financial decisions?

Doug Goldstein talking to … Doug Goldstein

Discussing the mindset of $ and appreciating its value, and how to develop your inner entrepreneur

Printed from: http://www.jewishpress.com/blogs/goldstein-on-gelt/will-your-grandma-be-a-victim-of-financial-abuse/2012/10/11/

Scan this QR code to visit this page online: