In a thread elsewhere about late in life annuities, this caught my eye.
My mindset is very similar to harley's.
I'm guessing most people won't turn over control if they are competent. However, incompetence can come on suddenly (medical crisis such as a stroke or an accident leaving one unable to manage one's affairs) or slowly (imperceptible cognitive decline).
The slow scenario is hard for anyone from the outside to get a handle on (remember, it's imperceptible). And it's not going to be recognized by the victim himself/herself who is losing executive management (frontal lobe) ability to make good decisions.
In the latter/slow scenario, one seems to be competent, but is plenty able to follow - to the letter - the instructions of scammers to wire money, or to put money into the investment fund of "a friend of a friend," or to be cat-fished by a new lover on the internet.
This happened to someone in our family as I've mentioned before. It took awhile for the relatives closest to the victim to figure out what was going on. She was a very strong personality and did not seem different in any way other than how she was handling her money. She herself did not believe she was being defrauded. In fact, they eventually discovered she was a whole-hearted participant in her scammer-aided financial suicide. Earlier intervention could have shielded some of her savings.
One possible safeguard I've heard of... I have an aunt who took her daughter to meet with aunt's FA. Aunt has given FA a mandate to notify the daughter if she - the aunt - seems to be doing unusual withdrawals.
One can read about the elderly being scammed in many ways. It doesn't much matter if you have a lot of money or a little money if the scammers get it all.
So, whether you are like harley and me (or not) what is your plan to prevent your financial suicide aided by scammers and other criminals...?
(If you don't wish to discuss, or feel this is repetitive, feel free to ignore)
because I'm a control freak, especially about money. I just don't see a situation other than mental incompetence where I would turn over control.
My mindset is very similar to harley's.
I'm guessing most people won't turn over control if they are competent. However, incompetence can come on suddenly (medical crisis such as a stroke or an accident leaving one unable to manage one's affairs) or slowly (imperceptible cognitive decline).
The slow scenario is hard for anyone from the outside to get a handle on (remember, it's imperceptible). And it's not going to be recognized by the victim himself/herself who is losing executive management (frontal lobe) ability to make good decisions.
In the latter/slow scenario, one seems to be competent, but is plenty able to follow - to the letter - the instructions of scammers to wire money, or to put money into the investment fund of "a friend of a friend," or to be cat-fished by a new lover on the internet.
This happened to someone in our family as I've mentioned before. It took awhile for the relatives closest to the victim to figure out what was going on. She was a very strong personality and did not seem different in any way other than how she was handling her money. She herself did not believe she was being defrauded. In fact, they eventually discovered she was a whole-hearted participant in her scammer-aided financial suicide. Earlier intervention could have shielded some of her savings.
One possible safeguard I've heard of... I have an aunt who took her daughter to meet with aunt's FA. Aunt has given FA a mandate to notify the daughter if she - the aunt - seems to be doing unusual withdrawals.
One can read about the elderly being scammed in many ways. It doesn't much matter if you have a lot of money or a little money if the scammers get it all.
So, whether you are like harley and me (or not) what is your plan to prevent your financial suicide aided by scammers and other criminals...?
(If you don't wish to discuss, or feel this is repetitive, feel free to ignore)
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