Good morning, good afternoon, good evening. Depending on the part of the world you’re in. This is Jonathan Satovsky of Satovsky Asset Management and on today’s episode of “Seeking Wisdom, Wealth, and Wellness,” I want to talk about elderly exploitation.
An AARP study reports over $28 billion annually in the exploitation of elder adults. Surprisingly, over 72% of those older adults actually know the people. It could be a family member or a friend, though oftentimes it’s computer hackers.
We, unfortunately, heard of an incident of someone that was embarrassed to say that their computer was taken over and hundreds of thousands of dollars were taken from their account. It’s heartbreaking. Heartbreaking the amount.
So, people should have a trusted contact. People should name a springing power of attorney or power of attorney, people that they trust in their lives or have a corporate trustee. You need layers of protection from your blind spots, particularly due to longevity, aging, dementia, and Alzheimer’s. These are things that people don’t really want to confront and face their blind spots. So, protect yourself, protect your loved ones, and get the right support and structure in place so that as you age, and your loved ones age, everyone stays healthy, wealthy, and wise.
Have a wonderful day.