Scamming the elderly out of their money is becoming more and more prevalent in our society. In an effort to make people – parents, children, grandchildren, siblings – more aware of the devious attempts by strangers, friends and relatives to prey on the elderly, I plan to post all of the scams I become aware of.
An elderly widow is trying to plan what to do with her money and her property after she dies. She wants to split everything equally among her children. One of her sons, who lives close by and takes care of all her needs, endears himself to his mom and tells her to put everything in his name and he promises to split everything equally with his siblings when something happens. After some convincing, the mother adds the son to her bank accounts, investments and the title to her home. The mother dies. The son owns everything and will not give his siblings anything, declaring that “Mom wanted me to have it because I took care of her. If she didn’t want me to have everything, she would have split it up before she died.” The siblings are left with nothing for an inheritance, not even mom’s jewelry.
Be careful of allowing the elderly to be the subject of undue influence by a stranger, friend or relative. Once the undue influence begins, it is hard to convince an elderly person that they are being used by someone with ulterior motives.