One of your responsibilities as a member of the Sandwich Generation may be to protect your elderly family members and their financial future. If they make a poor investment decision or get scammed and lose their savings, they may need more support from you in later years.
Many elderly family members want to remain financially independent. Be supportive and initiate a discussion about their financial situation. Providing protection to family members who wish to remain financially independent begins with knowing about and having permitted access to that person’s financial information. It is easier to obtain the information needed to act on their behalf in advance, rather than later in a crisis situation.
Learn how to spot and avoid investment fraud, and teach your family about the warning signs. Scam artists often target seniors because they likely have accumulated wealth and assets. In addition, family members often refer investments to each other, suitable or not, so be on alert.
Checklist - Parents
- Speak to your elderly family members about their financial matters.
- Know the location of assets (insurance documents, retirement plans, and other investments) and have current copies of their estate planning documents
- Know their advisers and sources of information (accountants, doctors, financial planners, family members) and be on the lookout for signs of financial abuse.
- Be aware of and help family members avoid investment frauds and scams.
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