Older adults have unique personal, health, and financial needs. Addressing those needs is essential to maintaining the quality of life for you or your loved ones.
Financial scams, elder abuse, and other common risks increase the need for strategies that protect your legal rights and secure your long-term financial wellbeing.
An elder law attorney gives you the resources and tools needed for banking and managing your financial matters.
Financial Risks for Older Adults
There are a number of threats to the financial security of older adults. The rising cost of medical care is just one of the risks you need to plan for as you enter your later years.
Older adults also typically require more frequent medical visits over time. If an individual faces a serious health challenge, they may need to undergo surgery and other invasive treatments. Long recovery periods and rehabilitation also add to their financial burden.
Cognitive decline increases the need for costly medical services. More importantly, it can impact a person’s ability to manage their own finances.
The risk of elder abuse and fraud must be considered. Having the right banking and financial strategies in place gives you and your loved ones the protection needed to avoid these common threats.
Financial Protection in Your Later Years
Securing sensitive data prevents the risk of any financial losses. Financial information should never be given to another individual through email or over the phone.
Bank and other account statements should be reviewed periodically. Online banking makes it easy to keep tabs on income and spending. Regular reviews let you catch errors or unusual activity early on.
Estate planning strategies can be used to protect valuable assets. Power of Attorney gives others the legal authority to make decisions on your behalf if you become unable to make important financial decisions.
Banking Best Practices for Elders
Identifying financial risks is essential to protecting you or your loved one’s financial future. Older adults can fall victim to financial scams that lead to significant losses and emotional upset.
By managing your bank accounts, you can get the most out of your savings and income and avoid these common risks.
Seniors and their family members should keep an eye out for any unusual banking activity. This includes large transfers, withdrawals, or purchases made with bank credit and debit cards.
Missing bank statements, checks, and other documents can be a sign that a person’s finances aren’t being properly managed.
Older adults must understand any documents they sign. They should consult with a skilled legal professional when drafting wills and establishing trusts.
Family members should note any changes made to those documents over time and any new estate planning tools that are put in place.
Unpaid or missing bills create financial risks that need to be addressed as soon as possible to avoid future losses.
Family members must be aware If anyone unfamiliar to the family gains access to an older adult’s home or personal information.
Working with an elder law attorney is the first step in protecting the financial future of you or your loved ones.
Your attorney can help you plan for long-term care and protect you against common financial risks.
Protecting assets and putting some simple banking strategies in place gives your entire family the peace of mind in knowing that their personal, financial, and health needs will be looked after for years to come.