Not Your Typical Elder Law Firm

What should I do to protect my parents from financial abuse?

On Behalf of | Jan 6, 2021 | Financial Abuse |

As your parents age, you will likely have to help them more. You may need to watch over them and provide care to them to ensure they are safe and healthy.

One additional thing you will want to do is to protect them from financial scams. Financial scams often target older individuals. They may develop confusing schemes that anybody could fall for if they are not aware of them. According to the American Bar Association, protecting your parents from financial abuse largely involves making yourself and them aware of such scams.

Give them power

Another important step to take is to make your parents aware that they are in charge of their finances. Give them the power over their finances so that they do not feel like they must submit to others when it comes to anything related to money. Make them aware that it is ok for them to say no to anything they do not feel comfortable regarding their finances.

Keep them secure

Help them to secure their financial documents and other items, such as checkbooks. Make sure only they have access to them and that they know not to give access to anyone else. Ensure that they are shredding sensitive documents and not just throwing them in the trash. Also, make them aware of scams that are prevalent over the phone or email.

Be a partner

While you want your parents to control their finances, you should also become their partner. Ask them to let you know about any financial decisions they make. Offer to assist them as needed. Help them without making judgments or being too bossy so that they feel they can come to you with any concerns.