Just as our parents wanted to protect us from harm when we were young, we have certainly want to do the same for them as they get older. Yes, we may help them understand technology and keep up with medical reports, but making sure that our parents (and other elderly loved ones) are not taken advantage of financially becomes that much more important as they get older, even if they have made good financial decisions for decades.
However, as people age their physical abilities decline and their mental capacity could do so as well. A Texas Tech University study, highlighted how a person’s abilities to make financial decisions may peak once they reach the age of 50. After this age, these abilities tended to decline. By the time the reach retirement age (age 65 for most people) they may be especially vulnerable to unscrupulous advisors and bill collectors.
Indeed, we are not saying that one people reach their retirement age, they are unable to make sound financial decisions. After all, Warren Buffett and Bill Gates seem to be doing just fine. But, there are so many stories of elderly people being scammed and defrauded out of hard earned retirement money.
So what is a concerned loved one supposed to do?
Consulting an experienced estate planning attorney can help you make informed decisions about protecting an elderly loved one’s finances so that they will not taken advantage of by unscrupulous investors or overreaching creditors. If you have questions about your parents’ continual abilities when it comes to their finances, a skilled estate planning lawyer can help.