Your parents protected you when you were young, but as your parents age, they might need you to protect them. In addition to the health problems that often come with age, there are many people who prey on the aged. From confidence scams to identity theft, elder abuse scams can be a constant worry to people with elderly parents. But there are some things you can do to help keep them safe, and ease your mind.
Step 1
Consult an attorney. There are several legal options you and your parents can take to protect their assets from scams, ranging from basic financial counseling to placing assets in trust or granting power of attorney. Talk to an experienced elder law attorney. You can pay the attorney's fees on behalf of your parents, but the attorney should represent your parents' interests and not yours.
Step 2
Set up a trust. A trust is a legal relationship in which a one person, called a trustee, manages property on behalf of someone else, called the beneficiary. The trust itself owns the property, while the beneficiary receives the proceeds. By setting up a trust and appointing a reliable trustee, your parents can protect a wide range of assets. This can be a drastic step, so make sure you and your parents understand all the implications before proceeding.
Step 3
Get power of attorney. Power of attorney is the right to make legally binding decisions on behalf of someone else. Your parents can grant power of attorney as long as they are of sound mind, and they can grant as broad or as limited a power as they wish.
Step 4
Protect financial information. The elderly are common targets for identity theft. Simple steps like buying a shredder can go a long way toward keeping important information out of the hands of thieves. Talk to your parents about careful management of sensitive financial and personal information.
Step 5
Safeguard their health. Elderly parents often require different physical accommodations, such as bathroom grab-bars or shower seats. Consult a local contractor who specializes in home renovations for the elderly.
Step 6
Monitor their driving. Encourage them to take safe driving courses. If necessary, talk to your parents about when getting behind the wheel of a car is no longer safe for them or others.
Tips and Warnings
- Consider elder care facilities if your parents lose their ability to look after themselves. These facilities provide full-time, professional support and can provide excellent safeguards.
- Your parents can only grant power of attorney when they are of sound mind. Speak to your parents about planning for these events early, especially if your parents face an illness or condition that could rob them of their ability to make decisions.
