[USER]

My parents gave away financial information to a scammer who reached out via text messaging. I did what I could for the short term (new bank account, credit freezes, etc.), but this has happened a few times. What can do we going forward for the long term?

Assuming your parents are willing to have you help – which means take ownership of their finances – have you done this type of thing?

Do you take ownership of the finances for your parents? Do you provide them with a “dumb phone” instead of a smartphone? Have you ever tried the “grandpad” vs a computer? Do you allow your parents to remain control of their finances but set all the 2FA to your cellphone so you get notified of anything they might be doing?

I am looking to hear other peoples stories and what you’ve done in this situation once all the “easy advice” is no longer applicable.  As in, they’ve been told multiple times what to look out for, to always contact me when related to some kind of financial situation so we can discuss it together, and are completely open to having others take control to prevent them from having this happen again.

[Erika]

From a retired Professional Guardian – do POA BUT keep what you do transparent to protect all parties.

[Christopher]

I’d scam them myself and then exercise defacto power of attorney over their finances whether they like it or not.

(This isn’t legal or legal advice, I’m not a lawyer, I’m not your lawyer).

More seriously, power of attorney or trusts are your primary tools here. If they don’t want that kind of stuff, I’m not sure you can do much.

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[Michael]

We’re living through this now. MIL is having issues with dementia and apparently got scammed repeatedly before FIL finally stepped up to the plate at the insistence of the kids.

We’re still trying to unwind the mess.

[Lee]

I might be considered “aged” parent that is referred to here. I take care of 100 year old MIL’s finances.

I have notification on all transactions in or out for all her accounts. I journal all of my activity on her behalf.

She has no cell phone and does not use a computer. She has no access to her SS#, nor CC number.

I don’t have a full answer for problems with “aged parents”, but this is what I have in place.

[Harmony]

My MIL is a widower, with early stage dementia, and on a fixed income. We got her a Trulink debit card. We transfer her spending money to the card at the beginning of every month.

We also set all of her bills to auto pay out of her account. With the trulink card, we are able to set where and how much the card can be used.

This prevents her from overspending, but also from being scammed.

[Christina]

We had power of attorney over my parents’ finances. They had access to their money but it required our approval for any amout over $1000. All their bills were paid out from their trust and they get an allowance weekly.

This was set up by my parents a long time ago so we could step in to take control before it was too late.

[Suzanne]

I worry about this as well for my aging parents. I just keep reminding them not to respond to anything. Don’t answer any texts or the phone. If it’s not from someone you know so far, we’ve been OK as far as I know.

[Lori]

Talk to an elder law attorney in your state. While your parents are still reasonably cognitive, you need documents in place to take care of them; documents beyond the boiler plate POA/MPOA.

If you don’t do it while they are cognitively sound, you’ll be doing a guardianship later.

[Author]

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