As AI and high-tech scams targeting older adults become more sophisticated and more widespread, attorneys at Shatz, Schwartz and Fentin P.C. are encouraging families to view estate planning as an important tool for financial protection and fraud prevention.
The most recent Federal Trade Commission numbers show older Americans reported losing $2.4 billion to fraud, four times the amount reported just four years earlier. Increasingly sophisticated scams target seniors through fake tech support alerts, impersonation schemes, investment fraud, online romance scams and other digital tactics.
Estate planning and elder law attorneys say documents such as durable powers of attorney, trusts, health care proxies and trusted financial contacts can help families respond more quickly when suspicious activity or signs of diminished capacity arise.
“Estate planning is not only about what happens after someone passes away,” said Attorney Carol Cioe Klyman, a shareholder at Shatz, Schwartz and Fentin P.C. and co-author of the third edition of Massachusetts Elder Law. “It can also help protect individuals during their lifetime, especially at a time when financial scams are becoming more aggressive and increasingly targeted toward seniors.”
Attorneys say in many cases, victims may not realize they are being exploited until substantial financial damage has already occurred. Proactive planning and conversations among family members can help establish safeguards before problems develop. Having legal documents in place can provide trusted individuals with the authority to assist with financial decisions, monitor concerns and intervene when necessary.