Elder Financial Abuse, part 3. Stuff That Happens

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Funeral-related scams

There are several of these and they always have in common trying to stick the victim with the most expensive items available. This type of scam can happen to anyone, but dishonest funeral parlor managers seem to target seniors more often than not.

Being stuck with the best casket available, when the deceased will be cremated is an oxymoron because in cremation caskets there can be no metal. Some people choose to have two caskets, one for the cremation made of wood or cardboard, and another if there will be a funeral. Yet be aware that most of the time you can rent the casket for the service and not have to pay for two full boxes.

And never let anyone tell you to buy a very expensive casket because the deceased would have liked you to remember him/her that way. You are the one who knew the deceased and, if you think about it, if he or she was so intent on having a wonderful casket they would have mentioned it to you before passing. What counts is the time they were alive, not having the highest price tag on the send-off. It's not about money but of honoring a person's life.

Cemetery plot scams

Out to make more and more money, cemeteries around the world have been found in the past 20 years to have been pulling caskets out of plots, doing away with them -won't go into details- and reselling the plots. It isn't isolated and it's happened in many, many countries.

I am not sure how to suggest preventing this from happening to you. If you have not invested in a plot, or have no family plot to use, make good research before investing in one.

Last, but not least, the telemarketing scams

So many to choose from!

- Fake charity scams. This type of fraud goes up after natural disasters. If you want to make a donation, initiate it yourself, to a charity that is well established. And if you're the kind of person who doesn't like to get onto the charity call lists, go online and use Network for Good. (For US taxpayers): With them you can make a donation that can be made anonymously, but they still give you a tax credit form to deduct it from your taxes next year. Or you can buy a cashier's check or money order, and mail it.

- The "we've located some money in your name but need a processing fee" scam. Need I say more?

- What about the "you've won the ABC lottery!" when you never entered or have heard of it? And you need to front a processing fee? Right!

There are others that are harder to catch. The financial or investment advisers scams are like that.

Never give an investment company your bank information over the phone. Always as for an in-person meeting at the adviser's office. Usually that will deter most scammer of this type.

Yet, there have been reported cases of actual certified investment managers pocketing part of the investment money of their victims and while it has happened at many different ages, there were more elderly victims than not. Check your statements and make sure that your every deposit to an investment or insurance fund is accounted for on the statements. If you are unsure, call the company (not your adviser) and ask for their help. Always get the name of the person with whom you speak written down, by the way. My grandmother did that already 30 years ago, as a good preventive measure, because it holds the person accountable for providing you accurate information.

And that's it, folks. I know that there are a myriad little scams out there that you have heard of, and that there may be some major ones that I haven't even heard of yet. I would love it if you mentioned anything else that I might not have said in the comments section below. I am trying to give you, and your friends and family, a well-aimed heads up so that everyone knows what to look out for.

Please share these articles with anyone you think might be interested or in need of the information. It's our pleasure to help your finances in any way we can.