The process of estate planning should ideally include preparations for the eventualities of aging. There are a number of different things to take into consideration, and one of them would be the possibility of declining cognitive capabilities or incapacity.
With the above in mind we would like to highlight the significant threat that is posed by elder financial abuse. A survey that was conducted by MetLife suggests that almost $3 billion is lost each year due to this type of abuse.
We have all heard about various different kinds of scams that are out there. People will call you on the phone offering some type of proposition that sounds too good to be true. Some con artists will even come to your door with various types of offers.
Now that we live in the Internet age online scams are also a big problem. In addition, identity theft is quite common these days.
Senior citizens who may not be as aware as they once were can be more easily victimized, and for this reason they are often targeted.
In addition to the types of things mentioned above there is another problem. Some people who are close to senior citizens perpetrate elder financial abuse, and this could even include relatives.
The best way to fend off elder financial abuse is to discuss the matter with a licensed elder law attorney. The creation of powers of attorney and certain types of trusts can be beneficial, and your lawyer will explain your options to you in detail.
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.