Inheriting Clutter by Julie Hall

Inheriting Clutter by Julie Hall

Author:Julie Hall
Language: eng
Format: epub
Publisher: Thomas Nelson
Published: 2020-05-12T16:00:00+00:00


Common Frauds Against Senior Citizens

The U.S. Securities and Exchange Commission is the government agency responsible for making sure any business engaged in investing money for other people operates ethically. On September 7, 2007, the chairman of the commission, Christopher Cox, testified before the United States Senate Special Committee on Aging. The topic of the day: financial fraud against the elderly. A very bright and capable leader, Cox presented convincing evidence that while scam artists hit people of all ages, the elderly are particularly vulnerable. He reported on how his commission worked with the Riverside County (California) district attorney to shut down a scheme that bilked seniors out of a total of $144.8 million. He explained how another outfit preyed on seniors by offering them a free lunch, and then pressured them to invest in high-risk investments. By the time his office got involved, most of the money invested was already lost.3

But what really got my attention is how scammers preyed on Cox’s own parents. His father was unable to make sound decisions due to Alzheimer’s, and his mother could barely speak because of throat cancer. Unscrupulous brokers pestered her repeatedly over the phone and in person to convert her safe, low-interest home mortgage into a short-term loan with a huge balloon payment. Even though Cox personally intervened and ordered these con artists to quit bothering his parents, they persisted. Had she fallen for their sales pitch, she would have lost her home when the balloon payment came due.

In addition to scams that are directly related to your parents’ estate, seniors are also vulnerable to some general frauds that indirectly relate to their estate in that they can deplete their wealth and thus leave little behind. Here are some of the most common scams against the elderly and ways you can protect your parents from them:

Home-repair fraud. A truck pulls into the driveway of your parents’ home, and a gentleman approaches your mom and claims he has just finished sealing a neighbor’s driveway and has leftover sealant. He quotes a very reasonable price, and your mom can’t pass up a bargain. A few hours later, when the job is finished, the gentleman hands your mom a bill for three times the amount he quoted. She protests mildly, but the man insists he had to use more sealant than he thought, and he needs to be paid. He even offers to drive her to the bank if she needs to withdraw money to pay him. She’s a little intimidated and writes him a check. Senior scammers use this same approach for roofing jobs and gutter repair.

Warn your parents against authorizing any type of home repair until they check out references and get a written estimate. They should never agree to anything on the spot; instead, they should ask for a day or two to think it over. Ask your parents to always call you before they agree to any home repair.

Utility employee impersonators. Two people show up and claim they are from the utility company and that they have come to correct an overcharge on their bill.



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