I've seen it and I am still amazed
I don’t know but my mother was 68 when my dad died and she couldn’t reconcile her bank statement. I don’t know what would have happened if I hadn’t been there to do it all.
I've seen it and I am still amazed
Read into the article, she was told her reverse mortgage was going away and fell for an in-home con job.
“I’m sorry but how does one live to be 66 and be that stupid about finances?”
It’s actually quite easy, especially if one spouse handles the finances for the couple. The other spouse will often be quite in the dark about the condition of their finances and financial matters in general. Plus, they can be especially vulnerable in the months right after the spouse has passed.
The problem is these people seldom seek help until after they are in trouble, instead of sounding a proposed action out ahead of time. If you don’t have kids to help out, then find friends, neighbors, fellow parishioners. There are any number of people who can give you good, independent advice. It’s so much easier to prevent problems in the future than to untangle the mess afterwards.
My parents questioned this as well...until my grandmother got mixed up with some guy trying to talk her out of the deed to her home.
Grandma had been on her own for more than 20 years by this time and had taken care of her own finances (Grandpa died young). She had never been the type to allow herself to be pushed around. We have family members who we can see are pretty easy "marks". Grandma wasn't one of them!
I think elderly people just become more able to be confused and intimidated. There are so many scams out there.
She's a widow. Based on this story - I'd say a very good chance her late husband handled the finances.
Hey, one of them just got elected President!
My aunt, who was always single and always in charge of her own finances died at age 80......with a drawer full on tax notices from the IRS. No big thing to straighten out if we had found it out while she was alive, but damn near impossible after she died.
At some point things just break down.
We do financial planning and get called all the time to help seniors. Most are not trustful of people they don't already know. Some distrust their children or listen to the wrong child who really doesn't know much.
Here's a simple test. Ask how many here think it's a good idea to pay off their house or build their retirement upon a tax deferred investment. I'll bet it's over 90%. And they're all sure they're right.