In many cultures, elders are valued community members because of their wisdom. However, it’s an unfortunate reality that many see these vulnerable adults as targets to take advantage of. If you are worried about being financially exploited later in life, protecting yourself through estate planning is critical. Luckily, the following blog explores why vulnerable adults must connect with a Medina, Ohio estate planning lawyer. Keep reading to learn how to shield yourself and your assets from the financial exploitation of an ill-intentioned individual.
What Are Common Forms of Financial Exploitation?
There are some adults, like those with cognitive or learning disabilities, who are isolated, elderly adults, or who suffer from physical health conditions are considered vulnerable individuals. As such, they are taken advantage of by those looking to exploit them for financial gain. Unfortunately, there is a common misconception that these individuals are scammed by hackers and telemarketers. However, you may find that family members, friends, and caregivers are often the perpetrators of these crimes. As such, the following are standard methods used to exploit vulnerable adults:
- “Sweetheart scams” make older, lonely adults believe they are entering a relationship as a means to send funds to their new partner.
- “Lottery scams” that require individuals to send money to collect their “lottery winnings.”
- Individuals pretending to be government officials to gain access to personal and financial details.
- Stealing from the home of adults in their care.
Unfortunately, these scams can be incredibly damaging and devastating for the targeted individuals. For example, if a “caregiver” takes the banking information of an older or vulnerable adult, they can drain their bank account. As such, the victim may not be able to pay for the healthcare they need.
What Estate Planning Methods Can I Utilize?
If looking to protect yourself as you get older, planning your estate is essential. Generally, you’ll first want to establish a Revocable Living Trust. When you transfer assets to your Revocable Living Trust, the assets are placed in the ownership of the Trust. However, as the Trustee, you can still retain control of the assets.
It’s also in your best interest to enact a Power of Attorney. This allows you to appoint an individual to make legal and financial decisions on your behalf in the event you become incapacitated or unable to do so. As such, it’s imperative to appoint someone you trust, as you can rest assured that your matters are in hands you trust.
As your assets could be at risk, it’s imperative to connect with an experienced attorney from Krause Law. Our team knows how complex estate planning can be, which is why we are committed to helping you achieve peace of mind for the future. If you have concerns about financial exploitation, connect with us today to learn how we can assist you through these matters.