How to Protect Aging Parents In Clearwater From Financial Scams

Thousands of older adults in Clearwater fall victim to financial scams each year. Sadly, they lose millions of their hard-earned dollars to fraudsters who target them via, email, or even in-person schemes.

The Sunshine State is a great place to live but rates for elder financial fraud are among the highest in the country. Our Clearwater elder law attorney explains how to recognize common scams and the legal steps you can take to prevent your parents from suffering financial losses.

Common Financial Scams Targeting Older Adults in Clearwater

The National Council on Aging warns that scammers often prey on older adults. They tend to be more trusting, less familiar with digital security, or are more likely to suffer cognitive decline due to aging and certain health conditions or medications.

It is important for adult children to warn the parents of the potential dangers of fraud, as well as the wide variety of tactics they employ to steal money or personal information from older adults in Clearwater:

• Home Repair Scams: This is particularly common in Clearwater and happens when contractors target older homeowners, offering repairs at an upfront cost and disappearing after payment.
• Security and Medicare Scams: This is when fraudsters impersonate government agents, claiming your parent’s benefits are suspended or that personal information is needed to process a claim.
• Tech support scams: Scammers may claim that your parent’s computer has a virus and demand remote access or payment for fake software services.
• Lottery and Sweepstakes Scams: Older adults often receive calls or emails stating they have won a prize, but must first send money or their credit card info.
• Grandparent Scams: This happens when scammers pretend to be a grandchild or other family member to steal assets from the victim.

How To Protect Clearwater Seniors from Financial Fraud

It is important for families to be proactive in protecting aging parents from financial fraud in Clearwater. To safeguard their assets and personal information, consider the following:

• Set up a Durable Power of Attorney, which allows someone they trust to oversee their financial affairs and spot suspicious transactions;
• Have Social Security, pensions, or other benefits directly deposited, which significantly reduces the risk of fraud or theft;
• Closely monitor bank statements and credit reports;
• Register your parent with the National Do Not Call Registry and educate them on how to spot phishing emails;
• Consider a revocable living trust, which can provide additional protection.

Contact Our Clearwater Elder Law Attorney For Trusted Legal Help

Protecting aging parents from financial fraud requires a combination of awareness, prevention, and legal protection. If you suspect your loved one is being targeted by scammers or you want to take proactive steps to secure their assets, contact Clearwater elder law attorney William Rambaum.

Board-certified by the Florida Bar and the National Elder Law Foundation, he has over 40 years of experience providing estate planning, asset protection, and guardianship services to older adults in our area and their loved ones. Don’t wait until fraud happens. Schedule a consultation today.

Source:

ncoa.org/article/top-5-financial-scams-targeting-older-adults/