An elder law attorney at Frank & Kraft can provide insight into the issue seniors face as they get older. One issue is that many seniors face a big risk of financial loss. This risk could come from many different sources. Seniors may need costly nursing home care that they end up having to pay for out-of-pocket if they do not have a Medicaid plan to get care covered; they could experience high healthcare bills that eat into their nest egg; or they could end up being victimized by a scam.
Frank & Kraft provides guidance on the best ways to address all of the different issues that could result in financial damage occurring to seniors. This can include making a determination as to whether seniors should no longer handle their own money and assets and should have a guardian or a trustee to take over the management of money. You should give us a call to find out about the different ways that we can assist in avoiding financial loss as you age.
One recent story underscored the importance of taking proactive steps to protect the assets of the elderly. The story was published by The Indy Channel and detailed how a 90-year-old woman lost thousands of dollars to a lottery phone scam.
Elderly Woman Loses Thousands to Phone Scam
According to The Indy Channel, a central Indiana woman who started multiple Christian ministries was the victim of a phone scam that cost her tens of thousands of dollars.
The scam calls began in April when the woman was told that she had won a Mega Millions Lottery. The caller claimed she won the lottery as a result of the fact that she had always paid her bills on time. The callers told her that if she gave them $6,000, she would receive a prize including $500,000 in cash as well as a new car.
The scammers continue to call the elderly woman and they ask for more money to be paid out to them every single time that they call. A friend of the woman indicated that while he has been trying to prevent the 90-year old from answering the phone, the callers are relentless and she eventually does pick up their call.
The 90-year-old believes that she will still get this money, even though of course she has given the scammers a lot of money already and she has received nothing. Her friend who was interviewed for the Indy Channel story indicates that the 90-year-old desperately wants the money because she wants to help her family, her friends, and the church. He described the 90-year-old as a person with a huge heart, and indicates this generosity is what the scammers have been preying on. Despite calls to local and state authorities, the calls continue to come.
This senior is far from alone in falling victim to a lottery scam, as evidence from Bureau of Labor Statistic which was reported in Indy Channel shows that there were 500,000 people in the United States and Canada who all fell victim to lottery scams. Collectively, these victims lost in excess of $117 million. Senior citizens were the most common target of the scams, and many older people have lost substantial sums they cannot afford to lose while living on a fixed income.
Getting Help From an Elder Law Attorney
An elder law attorney at Frank & Kraft can provide guidance on protecting money as you age. Whether you are concerned about scams, nursing home care costs, other medication costs, or other issues, we can provide you with the help you need to explore asset protection options and choose the right tools to keep your wealth safe.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.