Senior Care Center1 Publishes Guide On Protecting Elderly Parents' Assets

US based Senior Care Center1 recently published an article that aims to help families across the country learn how they may preserve their elderly parents’ assets. The organization is dedicated to giving their community the information and tools they need to ensure their senior loved ones are looked after, and they believe that protecting their assets is a vital aspect of this care.

The article, aptly named ‘A Guide To Protecting Elderly Parents’ Assets,’ can be found on the organization's official website, and it is free to access. It begins by observing, “As your parents age, they become more susceptible to losing the assets they worked so hard for all these years. Assets like their home, bank accounts and investments are at risk to elder fraud and insurance agencies.” As a result, the responsibility of protecting these assets usually falls to their children or closest relatives, and there are a few signs that people can look out for to help them determine whether a loved one's mental fortitude has begun to waver.

For instance, elderly loved ones may begin to experience trouble balancing their checkbook or calculating change during simple, everyday transactions. It may even become a chore for them to organize their important documents, and they may be more likely to miss calls from important institutions (like their bank). They may also lose track of the purchases they make, or make purchases that neither they nor their loved ones can explain. Behavior such as this may indicate that the senior in question has developed Dementia or a similar condition that affects their mental faculties.

Given that Dementia interferes with an individual’s cognitive capabilities, seniors in this condition are more prone to being taken advantage of by unscrupulous parties, which can include scammers making cold calls over the phone to unethical family members. “According to Bloomberg,” the article notes, “elder financial abuse is rising, with around 1 million elderly Americans losing over $500 million in the U.S. last year.” Scams of this nature include but are not limited to threatening phone calls, fraud schemes, lottery scams, mortgage loan scams, internet dating scams and so on.

Crucially, those taking care of a senior should remember that giving their loved one a warning is not enough when cognitive impairment is involved. The caregiver must always remain vigilant on the other’s behalf for an indication that something is wrong. Children taking care of their parents may notice missing jewelry or cash, unexplained money transfers, an increased number of telemarketers (such groups tend to target senior populations repeatedly once they identify a vulnerability) and more.

Senior Care Center1 states, “If you notice any of these, ask your parents about them first. If you think they have been scammed, contact your local FBI field office or submit a tip online. Additionally, you can add your parents’ phone numbers to the National Do Not Call Registry, which prevents scam calls.” The first step is always to discuss a possible issue with the parent in question first, though the organization acknowledges that this may be difficult. However, it is best to give the senior a chance to understand that they may be being targeted, which could help them avoid a repeat incident again, at least in the near future.

Notably, Senior Care Center1 emphasizes that this is not guaranteed to work, especially when a parent’s memory may misplace such details and leave them vulnerable once more. It is advantageous to approach this issue as early as possible, preferably before the parent’s Dementia or other condition progresses too far for them to independently take meaningful actions to protect themselves and their assets. It is for this reason that they encourage both children and parents to become familiar with the resources at their disposal, the paths they may take and even elder care law and how it may apply to their situation.

Casey Ryeback and the team at Senior Care Center1 may be reached for further details. The organization has long made it their mission to help their community find appropriate care facilities for elderly loved ones, and they are always happy to offer the benefit of their vast experience with all those who approach them. Those interested may learn more through their website and other online resources.