What Are Some Preventative Steps?
Perhaps the best that financial advisors can do to protect aging clients from elder financial abuse is to suggest ways clients can protect themselves. Here are some practical suggestions:
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Stay connected and involved with older family and friends
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Encourage seniors to use automatic bill payment services
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Shred financial statements instead of discarding in trash
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Contact National Do-Not-Call Registry, www.donotcall.gov
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Never send money to someone you don’t know
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Do not give personal information over the phone
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Create a valid Durable Power of Attorney
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Organize and store important legal and financial records
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Itemize and safeguard valuables and collectibles
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Request and review a free credit report annually
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Check references of caregivers and service providers
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Be wary of all unsolicited offers of any kind
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When in doubt, get second opinion of trusted friend or advisor
Richard Behrendt, a former IRS attorney, is director of estate planning at Annex Wealth Management, headquartered in Elm Grove, Wis.