How to Protect Against Senior Citizen Financial Abuse
If you or a family member are increasingly dependent on others due to illness, disability or cognitive impairments, there are some simple but important steps you can take to reduce the chance of financial abuse. The most important step is to have a trusted family member or friend involved in the finances- visiting often, reviewing statements and generally exercising oversight. In this way, someone can notice large checks, unusual ATM withdrawals and missing valuables. It is a good idea to have such a person help with paying bills. The person can make sure the senior isn’t paying bills that he or she should not (and can also make sure that legitimate bills do not slip through the cracks).
A number of credit cards are now available that allow another person to monitor the activity of the cardholder, and to limit both the amount spent and the types of expenditures. One of these is the True Link card. It is also a good idea to limit outside solicitations. You can do this through the National Do Not Call registry (at www.donotcall.gov or 888-382-1222), a service such as Nomorobo that blocks robo-calls, and the Direct Marketing Associations website, which lets you limit the catalogues and credit card offers you receive in the mail (at www.dmachoice.org).
You may also want to talk to your lawyer about creating a power of attorney document and a revocable trust. These can offer protection against financial abuse while providing a number of other benefits as well.
Ms. MacDonald’s practice is limited to Estate Planning, Probate & Trust Administration. Ms. MacDonald maintains her practice in the Santa Clarita Valley at 25115 Avenue Stanford, Suite A-209, Valencia. She can be reached at 661-294-6464.
ADVERTISE WITH US
Where do I even begin? Over the years, the Santa Clarita Valley has become our home, it is where we raised our son, Alexander, where we gained success in our business and built a strong circle of friends and support. This is the same for so many families here in this...
For the past 30 years, Prime Publications Incorporated, publishers of Santa Clarita Magazine and SCV élite Magazine have been at the helm of media and marketing, utilizing their platform to keep our valley’s small businesses, non-profits, achievements and developments...
On our cover this month, we are thrilled to feature Santa Claus, along with Corrine Barchanowicz, Senior General Manager at Westfield Valencia Town Center and her adorable daughter Arabella who stole all of our hearts with her very cute smile. You will find...
ABOUT THE MAGAZINE
Santa Clarita Magazine has set a high standard for excellence in advertising for over 29 years. A family owned and operated business, Santa Clarita Magazine has grown with the Santa Clarita Valley since 1990 and become the #1 place to advertise locally.