Tips On How To Protect Seniors From Financial Fraud

The number of cases of financial fraud targeting seniors has been on the increase recently.  Scam artists and fraudsters often prey on retiring senior citizens using a variety of different financial scams.  The rise in the number of retiring baby boomers is only going to make this situation worse. 

People should make a financial plan that they check twice a year, make sure there is a system of checks and balances in place to thwart fraud.  It is important to communicate any change in circumstances with an estate planning attorney and to give the attorney the ability to communicate with family members.  Designating a co-trustee and requiring double signatures for transactions involving large dollar amounts is also a good measure to guard against fraud.

See Kyle E. Krull, Avoiding Financial Abuse Of Seniors (Practical Points), Wealth Management, July 10, 2015.

Special thanks to Jim Hillhouse for bringing this article to my attention.