Managing Your Parents’ Assets: What You Need to Know

Managing our own assets can seem stressful enough – let alone managing the assets of an elder parent. In recent years especially, more scams targeting elders and their finances have become popular. From phone scams to online scams and fraudulent paperwork received via mail, it is important to know how you can help protect and manage your elder parents’ assets.

What Types of Common Scams Impact Older Adults?

There are various common scams in today’s world that are targeted toward elders in specific. Some of the most common types include:

  • Phone call scams
  • Electronic phishing
  • Fraud
  • Unauthorized financial transactions
  • Mortgage scams
  • Lottery scams

Phone call scams

Some of the most prominent scams targeting today’s seniors are phone call scams. An example of one type of phone call scam is the following: A person calls a senior pretending to be a family member, often a child or grandchild. This person will pretend he or she is in some type of emergency and needs money.

Electronic phishing

Electronic phishing involves the act of a party sending out a fraudulent email, phone call or text pretending to be a representative from a reputable company. The goal of these scammers is to obtain personal information, like passwords or credit card numbers.


Elder fraud occurs when a trusted individual, typically a family member, close family friend or family caregiver, deceives an older adult by promising false goods or services in exchange for money.

Unauthorized financial transactions

Unauthorized financial transactions are another example of a scam that is used to target seniors. This often occurs when someone who has access to the senior’s bank account transfers money out of the account without the consent of the senior.

Mortgage scams

A mortgage scam occurs when a scammer intentionally misrepresents information, such as when scammers target low-income seniors with the promise of paying off their mortgage, without the intent to actually do so. This is just one common type of mortgage scam impacting seniors.

Lottery scams

With lottery scams, scammers will call a senior claiming that they have won the lottery or some other type of prize. The scammer will then claim that in order to obtain the winnings, the senior must send money or gift cards.

How Can You Talk to Your Elder Parents About Estate Planning?

Talking about estate planning may not seem easy, but the conversation does not have to be stressful. Sitting down and having an honest conversation with your elder parents about estate planning can help all parties involved gain an understanding of who is responsible for what – which is key if you find yourself responsible for caring for your parents’ finances, and therefore protecting them from the types of financial scams mentioned above.

For any questions regarding managing your parents’ assets, or any of your other estate planning needs, we are here to help. Contact us today to learn more about how we can work with you.

For more information regarding various estate planning and elder law topics, view our resources page, where you will be able to find previous blog articles, newsletters and our informative webinar series.

Image by Mohamed Hassan from Pixabay

About the Author

Alyssa Marie Monteleon, Esq.

Alyssa Marie Monteleon is an elder law and estate planning attorney at the Monteleon Law Group, PLLC with offices in New York and Virginia. For more information, please visit or call (914) 840-2529.

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