In the community, the retired loved ones are more likely to be victims of financial abuse compared to the rest of the population. This is usually due to a combination of factors. For one, they tend to have more funds in the form of savings or pensions. They are also more likely to have memory lapses which some people can take advantage of to get the most out of them. Many loved ones also need assistance when making financial transactions, and this could be a point where the person assisting them could take advantage of them. Fortunately, there are steps that can be taken to mitigate these effects. Some of these include:
Having Them Live in Safe Retirement Communities
If a loved one has to live in a retirement community, choosing one that has a good reputation is necessary. When choosing the ideal retirement community, make a point to find out more about them before having your loved one live there. Today, you can find useful reviews and other tools that you can use to assess the community. This will give you an idea of their quality of assisted living and other services provided by the team members in the community. You can also book tours of the retirement community to see how it functions, which will give you a feel of whether your loved one will generally be safe in the community, and if they will be at risk of financial abuse.
Actively Participate in Their Finance Issues
Don’t let your loved one handle finances on their own without having an overview of their finances. Find out how much money they get each month, and how they generally spend it. When a loved one is being financially abused, you will notice a spike in their spending in a manner that does not make sense. You can then figure out how and why this is happening, and then take steps to stop it from going on if it turns out to be fraudulent activity. If you are busy, you could have an accountant look over their books every so often to do the same. This will go a long way in making sure that their money is safe from crooks.
Set Up Trust Accounts for Them
For large amounts of money, you can set up a trust account for your loved one. This is typically done with the help of a financial adviser who will give them information about how the trust is set up and what features would suit them most. A trust fund ensures that only the individual and the people they choose have access to and can control the funds. They also give them the power to decide how the funds will be invested and how they will be distributed in case of their demise. This way, your loved one can rest assured that they will not be swindled out of large sums of money even if they are incapacitated.
