As the parents of many baby boomers are well into their
70s, 80s, and even 90s, many boomers are worried about protecting their parents’ accounts from wrongful
trading activity, or even theft.
There is a delicate balancing act between respecting
one’s parents’ financial independence and their right to make their own decisions regarding their
finances, and protecting their parents from unscrupulous brokers or even devious relatives who might
seek to take unfair advantage.
One of the easiest protections is to work out an
agreement whereby dual monthly account statements and trade confirmations are forwarded to responsible
children who can monitor any trading activity or cash withdrawals.
As your parents age, it is also not a bad idea to
initiate an informal relationship with your parents’ financial advisor, with your parents’ approval, so
the financial advisor knows that someone else is watching what they are doing. Further, joint
accounts with adult children, trust-type accounts, and other protections can be pursued to assure the
availability of monies for your parents’ retirement years, while keeping funds secure.
If you feel your elderly parents have been taken unfair
advantage of, we look forward to providing them with a free initial consultation.
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