Estate planning strategies vary for elderly parents as compared to parents of younger children. If you are searching for advice for your parents, you have come to the right place. Sirkin Law Group has attorneys that help families create strategies in estates that protect elderly parents from scams and unlawful transfers late in life.
As experienced elder law attorneys since 1993, we have come across many situations where someone is attempting to take advantage of our client’s parent. Sometimes, the financial abuse occurs in the family, and other times, there are caregivers, neighbors, friends and others that are attempting to defraud the elderly.
Can you give any advice to your parents about their estate? The answer is yes. Bringing attention and awareness of news stories affecting the elder parent, creates room for discussion and then advice. Of course your parents want to keep their independence and that should be respected to allow them to preserve independence so long as it does not make their entire estate open to deceit.
Let your parents know that there are many types of scams. There are lottery scams, grandparent scams, sweetheart scams, get rich quick scams, as well as IRS or FTB type scams which are currently directed at your elderly parents.
Can you get permission from your parents to talk to their financial advisors and bankers? Yes. One way to protect your parents is to request them to allow you to simply talk to their financial planners, CPAs and attorneys. This does not mean that you will necessarily have access to their accounts. It enables the financial advisor to warn you with a call or email if there is some type of unusual activity involving the financial account. Most banks and brokerage firms are implementing tools to keep elder parents safe and their children informed.
Estate planning for elderly parents differs from estate planning for parents with young children. Ask us to help you and your parents in planning for their estates.
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Mina Sirkin is an elder law attorney in the San Fernando Valley / Los Angeles County, with offices in Woodland Hills, Glendale and Pasadena who provides children and parents with estate legal advice. For appointments call 818.340.4479 or email us at Info@SirkinLaw.com.