web analytics
December 20, 2014 / 28 Kislev, 5775
 
At a Glance
Blogs
Sponsored Post
8000 meals Celebrate Eight Days of Chanukah – With 8,000 Free Meals Daily to Israel’s Poor

Join Meir Panim’s campaign to “light up” Chanukah for families in need.



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.

SocialTwist Tell-a-Friend

Current Top Story
Posted to Twitter in Ferguson, MO by St. Louis County Police: "Bricks thrown at police, 2 police cars burned, gun seized by police. Tonight was disappointing."  Their motto is, "To protect and serve."
Prosecutor in Ferguson Case: ‘Witnesses Lied Under Oath’
Latest Blogs Stories
Alan Gross (L)

Did Cuba apologize for their spies the way Israel apologized for Pollard?

Torah scroll. (illustrative only)

Nothing binds Jews together more than Torah observance; Or so one would think.

tinsel-314750_1280

Sukkah tinsel decorations enjoy a robust market but are invariably manufactured for “another”holiday

PM Benjamin Netanyahu with Yishai and Tamar Fogel, survivors of an Arab terror attack which killed their parents and 3 siblings.

A number of Israeli papers regurgitated a biased AP article on settlement growth, but they should have read it more carefully before hitting publish.

Many of the battles of the Maccabees were right here in the Shiloh area.

Both Labor and Likud are expected to get more seats in the upcoming elections.

Get a straight answer from Edward de Bono to the question: What is lateral thinking?

Jewish communities worldwide commemorate Yehudit during Chanukah by eating dairy foods in her honor

Israel’s problem isn’t Indyk, Obama, UN, NGOs or even the media; Our problem is much closer to home.

None of the attacks on Jewish & property should come as a surprise in light of the Temple Mount.

No surprise! Israel is now being blamed for Ziad Abu Ein’s death.

How does the new U.S. tax amnesty affect American citizens living in Israel and abroad?

The party chiefs are acting drunk and childish – making stupid mistakes and inadvertently showing their true selves – just like on Purim.

A day dedicated to Torah&tradition; a day of great joy and of great sadness- a brit and a burial.

Who was this Minister of Rage, Ziad abu Ein, and what did he do to qualify for his position as a senior minister in the PA?

JoeSettler explains the electoral mess we’re in, and a possible solution for fixing it.

More Articles from Doug Goldstein, CFP®
Doug Goldstein

Get a straight answer from Edward de Bono to the question: What is lateral thinking?

Doug Goldstein

How does the new U.S. tax amnesty affect American citizens living in Israel and abroad?

Emerging adulthood and how young adults can achieve economic independence in today’s financial world

Doug talks with Steve Repak about the nature&meaning of wealth and how you can eliminate your debts.

How can you turn your physical books into E-books?

Find out how to set goals and take better care of your finances.

Today”s discussion: “The effects of current geopolitical situation around the world on investing.”

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: