Protecting the Elderly From Financial Predators

Elderly people often feel lonely and isolated, especially after a spouse longtime passes. Though being alone can be very difficult, it can also make an elderly person much more likely to be victimized by a financial predator. A financial predator is a person who takes advantage of an elderly person by offering affection or companionship even though their true goal is to gain financial benefit from the relationship. It can be difficult to discuss any romantic relationship with an elderly person, but children with elderly parents or those concerned that an elderly person is being victimized can take steps to help prevent and deal with an inappropriate relationship.

Stay in Contact. For children with elderly parents, it can be distressing to watch the parent enter into a relationship with a much younger person. Sometimes this comes as a result of a caregiver who grows increasingly close to the elderly person. In such situations, the caregiver may attempt to isolate the family from the parent in an effort to gain more control over financial affairs. Because of this, it’s important to maintain close contact with any elderly parents, especially one who is entering into a romantic relationship with a younger person.

Establish Buffers. A mentally competent elderly person can make whatever choices he or she wants. However, they can also protect themselves by establishing buffers between their finances and anyone who might take advantage of them. Through financial powers of attorney, management trusts, and prenuptial agreements, an elderly person entering into a romantic relationship with someone new can better ensure that they will not be taken advantage of.