10/24/2024
**STEPPING ONTO MY SOAPBOX**
Recently I came across an article talking about elderly citizens unknowingly making very large donations to political groups and campaigns. Unfortunately, this kind of abuse is not new, not uncommon, and it is not limited to political parties.
I've seen it before, even in my own family, and I know I will likely continue to see it throughout my career.
In many of the cases listed in this article, the victim of financial abuse maybe even wanted to make a small donation to a cause they believed in, but with an often-present technological deficit, and other simple mistakes, these people are being taken advantage of.
"More than 1,000 reports filed with government agencies and consumer advocacy groups reviewed by CNN, along with an analysis of campaign finance data and interviews with dozens of contributors and their family members, show how deceptive political fundraisers have victimized hundreds of elderly Americans and misled those battling dementia or other cognitive impairments into giving away millions of dollars — far more than they ever intended. Some unintentionally joined the ranks of the top grassroots political donors in the country as they tapped into retirement savings and went into debt, contributing six-figure sums through thousands of transactions."
The world will never be rid of bad people. Scammers will always exist. Even good people may make it a little too complicated for people to understand exactly what they are signing up for.
As my clients age I am constantly on the lookout for elder abuse, both financially and otherwise. Will I catch every instance? I hope so. Yet another reason to have a good financial advisor that you trust.
Here are two resources I highly suggest to keep yourself and/or your older family members safe from financial abuse.
🔐Read 5 Easy Ways to Protect Loved Ones from Financial Elder Abuse:
https://retiretoabundance.com/5-easy-ways-to-protect-loved-ones-from-financial-elder-abuse/
🔐Do a yearly Family Legacy Meeting! Here's my 6-page guide for how to run one. I also have 2 blogs about it as well.
https://retiretoabundance.com/family-legacy-meeting-guide/
Here's the original article I was referencing. Be warned, it leans heavily one way (politically speaking), but the overall problem is very real. https://www.cnn.com/interactive/2024/10/politics/political-fundraising-elderly-election-invs-dg/?utm_campaign=mb&utm_medium=newsletter&utm_source=morning_brew
**Stepping Down**
Financial elder abuse poses a significant threat to our loved ones as they age. You can do simple things to protect them.
