As more than 10,000 baby boomers reach retirement age every day, the need for estate planning, financial planning, and advice on elder law issues continues to rise. However, the aging population has also led to a rise in the number of con artists or scammers that are dedicated to taking advantage of retirees and elderly people. When you add into the mix the ever-growing presence of the Internet and the often decreased cognitive capacities of the aging, those intent on taking advantage and fraudulently depriving the elderly of their money have a range of new tools to use. Here are a few warning signs that are often present in fraudulent offers.
Sign 1: Guaranteed Success
Financial con artists often use solicitations that offer high rewards, guaranteed returns, or no risk investments. It should be no surprise that most, if not all, of these programs are worthless, if not outright fraudulent. There are no guarantees in life, and anyone offering you instant success is not to be trusted.
Sign 2: Artificial Time Constraints
In order to stop you from thinking a situation through in its entirety, fraudsters often use a false time constraint. They will tell you that you need to act now, or that time is limited, so you don’t spend the time to sit down and think about their offer.
Sign 3: Complexity
While many financial investments are complicated, many con artists use incredibly complicated deals in order to try to confuse potential investors. If you don’t understand an investment, don’t invest in it. If you think it is legitimate, first get advice from a reliable advisor, such as your financial planner, accountant, or lawyer.
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