How to Prevent Financial Elder Abuse – Wait Three Days Before Signing Anything:
When I was a child and I earned some money, a hole would immediately start burning in my pocket. I would be excited and tell my mother what I wanted to buy with the money. She would tell me to think about it, and to wait three days before buying anything. This was my mother’s “three day rule.”
Waiting the three days gave me a chance to think about whether the expenditure of my hard earned money was a good idea or not. Often times, I would forget about the purchase and move on to something else during those three days. The three days also gave me a chance to talk to my parents and friends and ask for their advice before I made the purchase. Also during that time, my father would strongly encourage me to save my hard earned money. I am sure that the “three day rule” saved me a lot of money, grief and disappointment.
In order to avoid financial elder abuse, we should take my mother’s “three day rule” advice. Wait three days before you sign anything that requires spending your money. During that time, ask other professionals, family members and friends what they think about the deal or contract. Do not do business with people or organizations you do not know. Ask for referrals from professionals and your friends and family members regarding the purchase of products and services. That fact that you are being rushed may be an indication that you are being pressured into a bad deal.
Typical financial elder abuse situations that we see include but are not limited to: Time share sales; Inappropriate financial sales and advice; and Real Property Investments. Also, a reverse mortgage may not be right for you, so seek professional advice before entering signing the contract. A movie star on TV may not be the best person to take advice from regarding a reverse mortgage.
Michael J. Young
Elder Law and Asset Protection Attorney
Medi-Cal Attorney Walnut Creek
1931 San Miguel Dr. Ste., 220
Walnut Creek, CA 94596
925-256-0298