Elder financial abuse happens when someone takes advantage of a senior for their money.
It could even be a family member who is constantly borrowing money with no intention of paying you back.
Heres how to be proactive in protecting your finances as you age.
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They either want to liquidate it or inherit it with their own interests in mind.
Protect Yourself from Guardianship
Nichelle Nichols.
These are all people who have been victims of guardianships or conservatorships, depending on the state.
Unfortunately, even in the world of non-celebrities, these examples are the rule rather than exceptions.
Guardianship takes your rights away, said Tony Brooks, activist and advocate atDisabled in Action of Pennsylvania.
Because of your disability, your voice has been given to someone else.
Your decisions, your liberty is taken.
The guardian could decide on where you live, how you live, or even what you do daily.
This is typically due to a lack of education on the topic.
Unlike a guardianship, a power of attorney can be revoked at any time.
A power of attorney can be extremely limited in scope.
you might get things like a medical power of attorney or a financial power of attorney.
But it can get even more granular than that.
You also dont want to search for free templates online.
If you pursue this document, its too important to not get it right.
For Brooks, even supported decision making goes too far.
Its not great, he said.
Because still, the other individual has the power to make decisions about your financial needs.
(Though that does happen with frequency.)
Currently, the most prolific scam is romance scams, and seniors are particularly vulnerable.
Theyre repurposing the old Nigerian prince scam into new, emotionally-manipulative packaging to match the times.
If this happens to you, know that its not your fault.
Our society is structured to isolate our elders.
you’ve got the option to get started by exploring free and cheap activities for seniors.
A strong social online grid can help insulate you against financial abuse.
It can go either way, Brooks said.
You do not know what the outcome will be.
Because its your word against the other peoples words.
They might say, Yes, well investigate and do a welfare check, he explains.
This then creates the notion that the individual is okay even though theyre not.
This can create a safer environment for the victim to self-advocate.
When youre quiet, nothing is being heard.
Nobody knows what is going on.
It is best to speak up rather than be a bystander.
She is a regular contributor to The Penny Hoarder.
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