Can Estate Planning Protect My Senior From Scams in Palm Beach County?

According to the Investor Loss Center, Florida is now the number-one state in the nation for fraud. Floridians face all kinds of scams throughout the average year, and seniors are obvious targets for criminals. These scammers know seniors often struggle with cognitive decline. Even seniors who remain quick-witted may be vulnerable to scams involving new technology. Can estate planning in Palm Beach County help protect your senior against scams?

Fraud Is Getting Out of Control in Florida 

Concerned family members may want to explore asset protection strategies before scammers target their elderly loved ones. Others may only realize the importance of these strategies only after the damage has been done. Whether you’re taking a preventative or reactive approach, it is important to understand how rampant fraud has become in Florida.

In 2024, 1 in every 100 Florida residents reported some kind of fraud. This is the highest rate of fraud in the country, and the real number is probably much higher. Many victims of fraud do not file reports due to shame or embarrassment. Others may think that there’s no point, since it can be extremely challenging to recover lost funds. Scammers today rely on untraceable methods like gift cards and cryptocurrencies, leaving victims and law enforcement with no leads.

Seniors are particularly vulnerable to certain types of fraud. The American Association of Retired Persons states that scammers tend to impersonate people while stealing from seniors. For example, a common scam today involves a fraudster impersonating an employee of the Internal Revenue Service. Others impersonate charities. Artificial Intelligence technology even allows criminals to replicate the voices of a seniors’ grandchildren.

How Can Estate Planning Protect My Senior’s Assets? 

Various estate planning strategies may help protect your senior’s life savings. An obvious choice is a trust, which places your senior’s assets in the hands of a trustee. Once these funds are professionally managed, your senior must go through various checks and balances before accessing their own wealth. This is especially true for irrevocable trusts.

If your senior is struggling with the obvious signs of cognitive decline, you may wish to take further steps. Time is of the essence, and you may be able to establish a Financial Power of Attorney before your loved one becomes mentally incapacitated. This estate planning document allows you to manage your senior’s financial wealth when they are no longer “of sound mind.” If your senior is already mentally incapacitated, you might have to consider a guardianship.

Can an Estate Planning Lawyer in Palm Beach County Help Protect Senior Assets? 

An estate planning lawyer in Palm Beach or Martin County may be able to help you protect your senior’s assets. Various strategies could prove useful, but the most appropriate course of action depends entirely on each family’s unique circumstances. To discuss these circumstances in more detail, consider scheduling a consultation with Kitroser Lewis & Mighdoll today.

Sources: 

gulflive.com/news/2024/10/floridas-fraud-epidemic-ranked-as-nations-top-target-for-scams.html

flcourts.gov/Resources-Services/Office-of-Family-Courts/Family-Court-in-Florida/Guardianship