Protecting Your Real Estate and Other Valuables
Why should senior citizens be concerned? The answer: Fraud.
Many older American citizens have a nest egg that they are counting on to support them financially for the rest of their lives. They usually own their own home and have other assets that a con man will try to take from them.
Individuals that grew up in the 1930s to 1950s were raised to be very polite and trusting.
Unfortunately these are traits that a con man will exploit. Older Americans are less likely to report a fraud because they are too ashamed to admit that they were manipulated and swindled. In some cases, an elderly victim may not report the crime because they are concerned that relatives may come to the conclusion that the victim no longer has the mental capacity to take care of his or her own financial affairs.
Here are some tips to help avoid fraud:
— If it sounds too good to be true, it probably is.
— Don’t be afraid to ask questions about the product or service.
— Call the Better Business Bureau and ask if any complaints have been filed.
— Avoid pressure tactics like “act now or the offer won’t be good”
— Don’t act on “you’ve won a free gift or vacation, but you have to pay a process fee”
— Don’t buy from an unfamiliar company; legitimate businesses understand that you want more information about their company and are happy to comply.
A Senior Specialist with a real estate company is someone who can help you make wise decisions about selling the family home, financing, buying rental property, or managing the capital gains and tax implications of owning real estate, among many other issues. In addition to guiding clients to the right experts on tax laws, probate, and estate planning, Senior Specialists can offer clients relevant information on current trends in senior real estate transactions.
Diane LaPlace is a Senior Specialist with Keller Williams and may be reached at 985-727-7103.
