caretaker

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.

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.