How to Reduce the Risk of Elder Fraud

The most targeted group for financial fraud is elderly individuals but studies show that they are also the least concerned about being scammed. Millions of older Americans have worked extremely hard to contribute to their retirement funds and this makes them top targets for financial scams.

A 2021 retirement risk readiness study conducted by Allianz Life indicates that less than one-quarter of retirees are concerned they could become a victim of financial fraud. Financial fraud can have significant implications for someone’s financial security and can undo years or even decades of hard work. One of the most important things that elderly individuals can do is to regularly monitor their financial accounts and to be vary of anyone offering them outright advice or suggestions out of the blue. This can be especially problematic for elderly people who are not as in touch with their financial plans because they were created by a spouse that has since passed away.

Enlisting trusted help from professionals or family members you can rely on is an important part of making yourself aware of potential scams and giving you the opportunity to respond to these effectively if and when they occur. These proactive steps can help minimize the possibility of elder financial abuse and the negative fallout associated with it.

Stan Lee’s Elder Abuse Conflict Holds Lessons for Estate Planning


 Everyone can benefit from estate planning and every so often, there is a celebrity controversy or story that shows the challenges of financial predators and elder abuse. The 95-year-old creator of Marvel Comics, Stan Lee, has a fortune apparently under attack from financial predators. estate planning Stan Lee

The creator of X-Men, Black Panther, Spiderman and the Fantastic Four has an estate that is valued at more than $50 million. However, his current memory, vision, and hearing impairments are being used to claim that he is unable to resist undue influence from caregivers, family members and business associates. Experts believe that increasing numbers of people who are closely connected to Lee will try manipulating him to get control of his assets.

Financial advisors and estate planning professionals have shared that this type of circumstance might become more prominent in coming years as people benefit from increased longevity and living into their nineties or hundreds, but might not have the mental faculties in order to manage their affairs effectively during this time period.

Estate planning accomplishes the overall picture about distributing someone’s wealth after their death, but all too often, skips out on later life planning and other issues connected with aging. Consolidation of financial accounts can help to ensure that the simpler balance sheet is easier to oversee, and appointing someone else to take over financial affairs, as well as using revocable trusts, are powerful tools for accomplishing the clients’ goals without putting them at risk of elder abuse.

Schedule a consultation today with an experienced estate planning attorney to learn more about what you can do to protect your best interests.


More “Granny Cams” Used in Nursing Homes

After the story of Eryetha Mayberry – the nursing home patient whose abuse was caught on a hidden camera – became widely known, the type of surveillance used in the case has grown increasingly widespread. However, some have been quick to criticize the practice. A recent article discusses some of the arguments made for and against the use of “granny cams” in nursing homes.

Opponents contend that the secret monitoring raises ethical and legal questions. Not only is the family member being video taped, but whoever passes in and out of the room is caught on camera as well. Although a protective measure, the cameras are also an invasion of privacy. Some argue nursing home staff should be made aware of the cameras.

Proponents of this form of surveillance argue that the technology is incredibly accessible and widespread. For example, ‘nanny cams’ are often used when parents hire a new babysitter for a child. However, there is a difference between secretly filming a babysitter caring for an infant, and secretly filming aides caring for a full grown adult.

Whether you agree or disagree with the use of secret cameras in nursing homes, it is important to remember that the real problem is the abuse that is occurring. Perhaps nursing homes need to work harder to address the deep-seated issues at the many facilities that have had abuse complaints.