Elder Law

How You Can Prevent Elder Fraud

How You Can Prevent Elder Fraud

Elder fraud and financial exploitation has become an epidemic.

More than ever before, con artists and family members alike are taking advantage of their elderly relatives, friends, or neighbors.

Could your parents or grandparents be next?

The best defense against elder fraud is having caring friends or family with the senior's best interests at heart. But those friends and family can only prevent elder fraud if they know how to spot it — and that's what this blog post will teach you.

This post will cover five ways you can help keep your loved ones safe from elder fraud and financial exploitation. Specifically, you can:

  1. Talk with them about their finances.

  2. Ask them about suspicious phone calls or interactions.

  3. Keep abreast of changes to their estate plan.

  4. Inquire about about caretakers, helpers, or sudden "best friends."

  5. Investigate abrupt or unexplained transfers of assets.

But before we dive in to prevention, let's cover some of the basics of elder fraud.

One Weird Estate Planning Concept You Need to Know

One Weird Estate Planning Concept You Need to Know

So your parents have a Last will and Testament or a Living Trust. Great. It was signed by all the proper parties, contains the proper language, and appoints the proper people. Wonderful. And to top it all off, the attorney's gave you an unbelievable deal. Excellent (unlikely, but excellent). The problem? Those documents can still be thrown out by the court if your parents lacked one key thing: testamentary capacity.

What is Testamentary Capacity?

We lawyers sure do like our big words. Fortunately for everyone, testamentary capacity boils down to a pretty simple idea: Does the person signing a Will or Trust understand what they're signing? To have testamentary capacity in Oklahoma, the testator (the person signing the Will or Trust) must understand, in a general way, (1) the quality and quantity of his or her property (sometimes called their "bounty"), (2) the natural objects of his or her bounty (i.e., who should logically inherit their property), and (3) the legal effect of signing the document.

4 Tips to Identify Undue Influence

4 Tips to Identify Undue Influence

Imagine your father is elderly, handicapped, and requires in-home care. He develops a close relationship with his caretaker, who is much younger than he is. When your father passes away, you assume that all his assets will be left to you and your siblings. However, the caretaker comes forward with a Will signed by your dad a week before his death — and it leaves everything to her! Seems fishy, right? This is a classic case of undue influence.

What is Undue Influence?

In Oklahoma, undue influence consists of taking an unfair advantage of another's weakness of mind or body or the use of authority to procure an unfair advantage over someone. Put another way, undue influence occurs when someone exerts pressure on an individual, causing him or her to act contrary to his or her wishes and to the benefit of the influencer.

Where Should We Take You?

Where Should We Take You?

My father was a fiercely independent person. At age 84, he was fully mentally competent and able to care for himself and his home. But one day while he outside trimming his hedges, he fell and broke a hip. Hip surgery went smoothly, and we thought he was set to come home in a few more days. Then, his care manager told us that he would need to spend thirty days in a skilled nursing center to rehabilitate. So I had to ask my dad a difficult question: "Where should we take you?"