By Rick Law, Senior Advocate and Certified Elder Law attorney in the West Chicagoland suburb of Aurora, in IL. Rick Law and his daughter Attorney Diana Law are part of the multi-generational firm of the Estate Planning Center at Law Elder Law.
Financial fraud may be experiencing an uptick in activity, but it is interesting to note that many scams that are prevalent now are not really new or unique.
Kimberly Blanton, of the Boston College Center for Retirement Research says, “While the Internet has made financial fraud more pervasive, law enforcement said most online scams are not much different than those employed by snake oil salesmen in the 19th century and Florida swampland salesmen in the 1960s. Unsuspecting consumers are deceived over and over again with the same schemes, failing to realize that scammers are infinitely creative in making them believe they’re offering something new and lucrative.”
One type of financial scam that seems to have been around since the dawn of time is the sudden appearance of the wolf in sheep’s clothing. “Cloaked in a new disguise, con men appeal to the individual’s weak spot: a desperate shortage of money before payday, a need to earn more than the yield on their certificate of deposit, a need to pay medical bills.”
These scams are most popular in times of financial uncertainty and are likely to target vulnerable seniors who are worried about their retirement and having to financially support their adult children.
Too many families needlessly lose everything they have. Don’t let that be you. If you need help paying the overwhelming cost of long term care, give our office a call at 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now, because when you’re out of money, you’re out of options!
Rick L. Law, Attorney, Estate Planner for Retirees.
Rick has been named the #1 Illinois elder law estate planning attorney for the past 8 years in a row by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Call 800-310-3100 for your free consultation now!