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Oct 24, 2014 by |

Factors Elderly and Senior Investors Should Know

Seniors and elders who are looking to or currently are investing in products should be aware of a few concerns to make sure they make right investment choices:

  • Investment products with withdrawal penalties, lacking liquidity, having long holding periods, benefits vest outside of the seniors’ life expectancy, or overly complex products
  • Investment advice telling seniors to use their home equity to invest in securities
  • Investing in high-risk investments by using retirement savings or early IRA withdrawals
  • Taking on too much risk as a way of maximizing retirement income
  • The older a senior or elder is, the more likely they have diminished capacity to make the right choices
  • High risk of financial elder abuse from investment advisers to elders’ and seniors’ own children

– Signs of financial exploitation:

  • Reluctance to discuss financial matters
  • Unusual changes in account statements, investments, other finances
  • Sudden changes in documents such as wills and trusts or a sudden change of power of attorney
  • Increasing isolation
  • Actually admitting to financial exploitation
  • Lack of knowledge or concern about missing funds or changes in finances
  • Unusual or first-time wire transfers
  • Signs of insufficient care, even with enough money to afford good care
  • Giving money to a caretaker under threat of eviction or being placed in a nursing home

Seniors and elders, if you or someone you know has encountered any of the above factors, they may be victims of financial elder abuse. Families and friends of seniors and elders, if you suspect any of the above is happening to a loved one, there may be financial elder abuse going on.

If you know or suspect anything, contact Evans Law Firm, Inc. at or by calling 415-441-8669 for a free and confidential consultation. Evans Law Firm, Inc. handles financial elder abuse, physical elder abuse, insurance fraud, banking fraud, consumer fraud, and other financial fraud cases.

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