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How can estate planning scams harm older adults?

On Behalf of | Nov 29, 2023 | Estate Administration & Probate |

Estate planning is an important aspect of securing one’s legacy, particularly for older adults who wish to make sure people distribute their assets correctly. Unfortunately, a rising concern in recent years is the prevalence of scams targeting seniors in the realm of estate planning.

These schemes undermine their peace of mind during what should be a time of careful consideration and preparation.

False promises and stolen information

One common thread among these scams is the promise of quick and easy solutions. Scammers may claim to speed up the estate planning process, providing false reassurances of huge tax benefits or incredible financial gains. This convenience can make older adults open to sharing sensitive information to get the promised deal, putting their assets at risk.

Financial exploitation

Estate planning scams often have a financial motive. The perpetrators often want to take money from seniors.

By convincing older individuals to transfer assets or invest in schemes, scammers jeopardize the financial security of their victims. The aftermath can include significant financial losses, leaving seniors in a dangerous position as they deal with the aftermath of the scam.

Emotional toll

Many older people, often unsuspecting, find themselves facing the realization that their carefully crafted plans for the future were seriously harmed by another person’s lies and deception. The emotional distress stemming from the aftermath of these scams can lead to anxiety, depression and a sense of isolation.

The U.S. Department of Health and Human Services estimates that Americans 65 years or older will make up 21.6% of the total United States population by 2040. Seniors need to stay proactive in protecting against fraudulent activities. By promoting education, people can collectively work towards creating a safer environment for older adults.