Senior citizens are especially susceptible to fraud schemes. According to the National Council on Aging, each year 5 million seniors are caught in a fraud scheme or endure a form of financial abuse. Unfortunately, the elderly are too often targeted by those closest to them, such as family, friends, trusted neighbors and caregivers. But they are also vulnerable to the schemes of strangers looking to take advantage of seniors.
The fraud schemes seniors confront are varied and can include: Telephone scams from fraudsters purporting to be from the Social Security Administration or Internal Revenue Service;So-called “sweetheart” scams, where lonely seniors give strangers their personal information, who use it to loot their credit cards and bank accounts; Investment fraud: misrepresentations or unauthorized transactions by a financial advisor; andMortgage fraud schemes that enable fraudsters to steal seniors’ identifying information and embezzle the proceeds of reverse mortgage financing.
Our “follow the money” approach works as well for individuals as it does for our corporate clients and we utilize the same tenacity to assist defrauded seniors as we do corporations. We investigate and detect the source of the fraud and quickly and efficiently draft and file the appropriate legal documents. We work with law enforcement, where possible, to recover fraudulently obtained monies and property.
We also assist our senior clients put a plan in place to make sure they are not a victim of a fraud scheme. We educate our elder clients concerning the use of a “trusted contact” for their financial accounts and assist them in drafting a properly executed power of attorney. If the client’s needs include a trust structure to protect his/her assets, we are well-equipped to help.
