Is an aging loved one struggling to keep up with daily household management?
Your loved one (parent, grandparent, family member, friend, neighbor, etc.) spent their life building a modest estate to enjoy during their “golden years.” They live at home and everything appears to be going well; however, you’ve started to notice they can’t get around like they used to, perhaps they are forgetful, not paying the bills on time, making poor decisions. They are not in the best of health. You want to step in and help in some way specifically in helping protect them from financial abuse; however, you work full-time and/or have no idea where to begin or turn.
Financial exploitation comes in many forms – it could be through a phone call, home repair quote, mail solicitation, commercial, seminar, email, computer virus, even a doctor or the medical community. Financial abuse of the aging is a silent epidemic and projected to get worse as the baby boomer generation (1946 – 1964) continues to retire at all-time highs.
According to the AARP, 10,000 baby boomers are turning age 65 every single day, which is expected to continue into the 2030s. Scammers know this and are coming up with new and clever ways of taking money from vulnerable populations.
Third parties are not the only ones who prey on the vulnerable. Unfortunately, family members many times fall into a me centered world justifying, for example, withdrawing money from their “loved ones” account because they are doing so much for them.
What can you do? If you see this situation happening, there are resources available. Extremely trusted family members should always be the first line of defense; however, the silent generation (1925 – 1945) may not have any family members left or trusted ones for that matter.
On the Horizon, PLLC is a third-party that can be called upon. We are a Michigan CPA firm specializing in professional fiduciary services. Our mission is to be part of the solution in mitigating the financial abuse of the aging through professional estate fiduciary services. We have decades of private, public and personal experience. Our services are customized based on the situation and we take an agile approach. From support with daily money management and care coordination, to serving as conservator, financial power of attorney, successor trustee or personal representative, we can evaluate your needs and come up with practical solutions and resources.