I’ve been perturbed about the preponderance of fraud and exploitation of seniors for years but now I’m down right angry. It’s personal. Mom is under attack.
Last month, I wrote about the passing of my father and a few of the ins and outs we faced for which even well-crafted estate and financial plans simply cannot fully prepare a family. Today’s discussion is about protecting our elderly from getting ripped off. They are truly under siege.
Elder fraud and exploitation is at epidemic proportions in this country. It is shameful. It has been a problem for years, but I didn’t really grasp the voracity of this scourge until this year as dad’s dementia worsened and he passed away.
Before Dad died, it was bad. After his passing, it has gotten worse. My newly widowed mother is approached via mail, email, or phone by some con artist every day. Usually more than once a day. Literally, every day.
Some of the ruses are old standbys like a bogus lottery. She’s been hassled by fake tech support, phony IRS agents and grandchild impersonators. These are annoying enough but once your husband’s passing makes the public record, apparently, a whole slew of new hustles begins.
Scammers claiming problems with Social Security, his pension, military benefits and banking abound. We lost count of the number of people claiming to be a debt collector. Worse, lately, strangers have appeared at her doorstep.
Mom’s mentally sharp but her mobility is poor. She doesn’t appreciate unexpected visitors. Mom lives in a perfectly nice neighborhood, but we are installing a camera, so she can see who is at her door nonetheless. She doesn’t seem afraid, but I suspect she’s downplaying the situation. She must be at least a little nervous and I’m sure many in a similar situation would be downright terrified.
So far a simple, “You will have to discuss this with my son,” has been enough for a number of visitors to disappear.
What does this have to do with financial planning? This is a huge issue that is only going to become more prominent. If you aren’t helping your clients deal with these matters, there is a good chance your clients are going to get ripped off and all the good planning work will be for naught.
Financial planners can’t camp out at clients’ homes to protect them, but they can help a family mount a defense against the onslaught.