Articles Tagged with Family Dilemma

Often, it’s family members taking advantage of the elderly and their finances

It’s “eyes wide open” when it comes to elder financial fraud. While we may think that those who prey upon the elderly are professional criminals scheming ways to take advantage of people, the sad truth is that often, it’s a family member doing the scheming. A recent study by Merrill Lynch estimated that 70 percent of all elder financial fraud cases involved relatives.

Of course, most family members actively protect their loved ones, but anyone caring for the elderly needs to be aware of the possibilities. Elder fraud perpetrated by family members shows itself in subtle ways, such as changes in whom the senior individual considers a core influencer or decision maker, as well as changes in the senior’s wishes for gifting or investing.