How can I protect my elderly parents from financial exploitation?

If your elderly parents live in Nevada, there are a few steps you can take to help protect them from financial exploitation. First, make sure they have a Durable Power of Attorney (DPOA). The DPOA is a legal document that appoints someone (you) to make decisions on behalf of your parents if they become incapacitated or otherwise unable to make decisions for themselves. This person has the power to manage their finances, including controlling bank accounts, paying bills, and managing investments. Second, make sure your parents understand the Nevada Elder Law. This law is designed to protect seniors from exploitation. It bars certain fraudulent practices, such as unauthorized sales of annuities and other financial products, and it also sets limits on how seniors can give away money or property. Third, review your parent’s financial accounts regularly. This includes checking in with the bank or brokerage firm to make sure no unauthorized transactions have occurred. It’s important to be on the lookout for any suspicious activity, such as sudden withdrawals from accounts or unexplained charges. Finally, stay informed about the latest scams and schemes targeting seniors. Keep an eye out for news stories about people posing as financial advisors or representatives of charities and pressuring seniors to give them money or property. By following these steps, you can help protect your elderly parents from financial exploitation.

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