Chapter 10
Protecting Estates, Trusts, and the Elderly
In This Chapter
Realizing why the elderly are targeted by fraudsters
Identifying common frauds that hurt the elderly
The sad truth is that the elderly are prime targets for fraudsters. As much as their loved ones try to protect them, the frailties and economic realities of old age combine to make them targets. In this chapter, we talk about why the elderly are susceptible to fraud and introduce you to some of the most common scams that are run against the elderly.
As an accountant, you can play a vital role in helping to prevent frauds that prey on your elderly clients. One of the most important ways to help is simply to spend some time talking to your elderly clients when they call or visit you to discuss taxes or financial planning. They may be more willing to talk to you than their family members about their concerns — and to listen to your warnings about potential frauds. That’s because they may fear that if they admit to falling for a fraud, for example, a family member will deem them incompetent and try to put them in a nursing home.
What if you’re approached by an elderly client’s family member who wants to discuss that client’s business or state of mind? Keep in mind that talking to a family member about a client may ...
