By: Dr K C Gupta

Elder problems can remain hidden due to considerations of personal privacy or
hesitation to discuss them with others. Even celebrities have been victims of elder
abuse or neglect. Family members should be aware of this. Rely on local estate or
elder-law attorneys for advice & planning as laws vary by states.

Age related health issues are in the forefront. There is obviously physical weakness.
Many chronic diseases start to reveal their damage in old age. There can be anxiety or
memory loss (lapses).

Many elders want to remain independent as long as they can, but functional issues may
develop – physical, mental & emotional. Most want to live at home as long as possible,
but may have to opt for senior communities, assisted-living facilities or nursing homes.
There can be financial issues related to income & spending. It may become hard to
manage bills, budgets & investments. Add trusted contacts, limited authorized users or
power of attorney (POA) to your key accounts.

Elders are vulnerable to financial exploitation & fraud. In this 24/7 connected world, the
fraudsters have more opportunities – scams, phishing & digital-hijacking (cyber-
hijacking). An oft used ruse is that something is so wrong & private that you can’t tell
anyone, but you should hang up & just do the opposite.

DOs

Document end-of-life planning ahead – wills, trusts, healthcare directives (living wills),
hospice/funeral arrangements. Safeguard these documents & make their location
known to a trusted attorney &/or other trusted individual so the elder’s wishes can be
honored.

For an unexpected call from bank, brokerage or government agency, tell the caller on
phone to leave the phone number & name to call back because you are busy now. But
don’t call back that number, instead, call the organization’s main number & ask to
connect to that name. Don’t fall into the trap of going to the bank to withdraw money to
be picked up by a courier or buy gift cards to send.

When in doubt, ask bank or brokerage employees questions. They are trained to watch
for suspicious or unusual activities. They are also required to file large transaction
reports & suspicious activity reports.

Call federal, state or local agencies to verify why someone is at your door unexpectedly.
They will contact you first by letter or email. It’s fine if they are in response to your call or
contact, but when they arrive, make sure they have official uniforms or badges.
Become familiar with complex rules for Social Security, Medicare & Medicaid. Seek help

from relatives or friends if things are confusing. Beware of lookback periods for financial
transfers. Long-term planning is also essential for Medicaid-eligible trusts. If you have
LTC insurance (LTCI), then review the policy coverage & when it kicks in.

DON’Ts

Don’t respond directly to written communications (letters, text, email) that are
aggressive in nature or are otherwise trying to create a sense of urgency. This includes
clicking any links or calling any phone numbers within the communication even if it
appears to be from a trusted financial institution – those are easy to spoof! Instead, log
in to your account directly & check for alerts, messages or the activity posted there.
Don’t answer calls from unknown numbers. Hang up as soon as the caller starts asking
for personal information. Fraudsters will often request your sensitive information to
‘identify & protect’ you before they relay the urgent information to you. Information that
should not be provided includes the account number(s), log in information, date of birth,
Social Security Number, verification code(s) sent to you, etc. Even when you believe
that the caller is genuine, only volunteer partial information (e.g. last 3-4 digits of
account numbers), because the genuine callers should already have your information.
Don’t trust an unexpected text or email or phone call from a relative or friend asking for
help. Call them directly or try contacting them in an alternate way. Ask yourself, why
they contacted you in the first place?

Don’t respond to unexpected “Hi” or “Hello” messages. Those are from experienced
scamsters who are waiting to see who takes the bait & then lead into conversations or
relationships that typically end badly. These scams are called pig-butchering.
Don’t deal with people knocking on your door & offering great deals on some home
improvement jobs.

While some of the above cautions can apply to anyone, the elders are more vulnerable
due to age & mental decline.

For more information, see https://ybbpersonalfinance.proboards.com/