Senior Scams Series – The $10...

Author: Wolfe Ossa LawCategories: Elder Law

Senior Scams are plaguing America today. 1 in 5 Americans over 65 fall victim to scams.

Jeff and Hazel built a home together for more than 50 years. Once Jeff passed away, Hazel was all alone, becoming an easy target for senior scams. Hazel was getting older, and had become a bit forgetful. Some “close friends” offered to buy her million dollar home from her, since she didn’t need the space, for $100,000. She thought it was a great deal.  But instead of giving her the actual money, they gave her a $1,000 IOU, because it was easier for them. The friends then sold her home, made a tidy profit, and moved Hazel down to North Carolina with them.

Once there, they bought her a RV, that they graciously let her park on their property, charging her a measly $1,000 monthly rent. On top of the cost of the RV they bought her, of course. Rather than actually collecting this money they subtracted the monthly costs from the IOU they owed her, and once that got down to zero they kicked her out. She called her nephew crying hysterically from a hotel room, but there was nothing to be done. These “friends” of hers had dotted all their I’s and crossed all their T’s.  And Hazel lost everything.

The unfortunate truth about seniors scams is that they work. If she had transferred her house by a life estate deed, or transferred it into a trust  completely in order to lock-down her house, she likely wouldn’t have lost anything. It’s important to get your Estate Planning done now, when you know you’re able to make good decisions, so that you don’t need to worry about it later.

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