Vincent, Romeo & Rodriguez, LLC
Call Now, For Phone Consultation
Denver Metro Office 303-500-5859
Boulder County Office 303-720-7260

Financial planning can help seniors avoid elder abuse

Experts say that the life expectancy of the average person is rising, with many saying that people will soon regularly live to be 100 years old. This means that many families will need to be prepared for the financial demands of longer lives. Unfortunately, senior citizens in Colorado often fall prey to both strangers and relatives who want to financially exploit them, which can seriously damage their assets. There are ways for people to protect themselves, and that includes comprehensive financial planning.

Nearly half of all senior citizens handle all of their own financial responsibilities, which is admirable, but can make them targets for financial abuse. Furthermore, research says that a significant majority of financial abuse cases are never reported, with a third of people saying they wouldn't even know how to do so. Despite the prevalence of financial scams, many seniors aren't aware of some of the most common methods. The good news is that the same research shows that people are well aware of the need to have safeguards in place. Many seniors report that they are careful to protect themselves by not giving out personal information over the phone, by not following email links from people they don't know and by regularly reviewing their credit report, among other measures.

One way seniors can protect themselves financially is to establish a durable power of attorney, though a large majority do not have one designated. A financial advisor can also help elderly people make decisions with their best interests in mind. Other seniors feel comfortable relying on their families for help with any decisions around money, though that isn't always the case for everyone.

What's most important is that all people, no matter their age, ensure that they utilize financial planning. This is a way for people to designate how certain assets are to be used throughout their lives, even if they experience cognitive decline or a medical problem. An attorney with significant experience in elder law can help seniors in Colorado determine what's right for them.

No Comments

Leave a comment
Comment Information
Email Us For a Response

Contact Our Firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location:

Louisville Office
1805 Hwy. 42
Suite 100
Louisville, CO 80027

Phone: 303-720-7260
Fax: 303-604-6052
Louisville Law Office Map

Englewood Office
5460 South Quebec Street
Suite 333
Englewood, CO 80111

Phone: 303-500-5859
Fax: 303-723-8814
Englewood Law Office Map

Phone Numbers:
Phone Numbers:
    • Super Lawyers
    • Super Lawyers
    • ACTEC | The American College Of Trust And Estate Counsel
    • Top Lawyers 2015 | 5280
    • ACTEC | The American College Of Trust And Estate Counsel
    • Top Lawyers 2015 | 5280
    • Life Care Planning Law Firms Association
    • National Academy of Elder Law Attorneys, Inc
    • NELF | National Elder Law Foundation