Beware of Financial Exploitation.
Forbes.com notes the circumstances surrounding Anna Nicole Smith and her protracted legal siege as an example of what not to do. 2010 marked the fifteenth year of fighting, and the Supreme Court’s ruling that it will hear her case once more, of whether or not her late 90-year-old husband left his estate to her. Some allege the young model was financially exploiting her (wealthy) elderly husband.
This year the first of the baby boomers will turn 65, along with approximately 2.5 million of their peers. Exploitation of those 65 and older is a growing epidemic: a study by Met Life found that seniors are exploited in the amount of $2.6 billion annually. This figure is only expected to grow as the baby boomers hit retirement age.
Good estate planning is one of the first lines of defense against financial exploitation. With solid legal documents spelling out your wishes regarding your estate, your personal and health care decisions, and proper planning for long-term care, you will be better protected than most. Which means you will not be an “easy target.”
Learn more about the estate plan review process on our website.baby boomers, estate, estate planning, financial exploitation, Health Care Decisions, Met Life, personal decisions