The Lust For Boomers' Money

Jun 2014
64,249
39,015
Cleveland, Ohio
Reverse mortgages, home warranties, prepaid burial plans, tax planning, vehicle leases, Medicare planning, greedy relatives.......shit! Shit! Shit!

Boomers hold the VAST majority of the wealth still owned by Americans who are not rich, and we are being chased down the street by robbers.

Ay ye ye. This is going to work, too. In time, we'll get sicker, less alert, needier, more frightened...we are all delicious prey.

So, any ideas? Should we pass laws punishing more harshly or outlawing the most predatory financial products? Make it easier for our children to act as a second set of eyes on our money?

There's a huge problem, and not even a glimmer of a solution.

Your thoughts?
 
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Nov 2013
11,886
12,021
NY
It's quite an ugly industry that has itself established around this clientele, yes.

If i can be of any help, let me know.. more than happy to take that money off your hands, to show those folks :D
 
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Blueneck

Former Staff
Jun 2007
56,167
44,332
Ohio
Reverse mortgages, home warranties, prepaid burial plans, tax planning, vehicle leases, Medicare planning, greedy relatives.......shit! Shit! Shit!

Boomers hold the VAST majority of the wealth still owned by Americans who are not rich, and we are being chased down the street by robbers.

Ay ye ye. This is going to work, too. In time, we'll get sicker, less alert, needier, more frightened...we are all delicious prey.

So, any ideas? Should we pass laws punishing more harshly or outlawing the most predatory financial products? Make it easier for our children to act as a second set of eyes on our money?

There's a huge problem, and not even a glimmer of a solution.

Your thoughts?
Don't spend your money foolishly.
 
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Jun 2014
64,249
39,015
Cleveland, Ohio
It's quite an ugly industry that has itself established around this clientele, yes.

If i can be of any help, let me know.. more than happy to take that money off your hands, to show those folks :D
You are so kind!
 
Jun 2014
64,249
39,015
Cleveland, Ohio
Don't spend your money foolishly.
The vast majority of the non-rich owned dough will be held by people careening towards infirmity and death.

What about laws that require a trustee or some such approve sales/secured loans on homes owned by people 65 or older?
 

Tedminator

Former Staff
Jun 2010
27,291
19,695
South Florida
The vast majority of the non-rich owned dough will be held by people careening towards infirmity and death.

What about laws that require a trustee or some such approve sales/secured loans on homes owned by people 65 or older?
The parents with their children can discuss what to do with all the assets/properties and then get an estate lawyer to handle the details.

https://www.investopedia.com/terms/e/estateplanning.asp
Estate planning is the collection of preparation tasks that serve to manage an individual's asset base in the event of their incapacitation or death, including the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law.


 
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RNG

Former Staff
Jan 2015
14,121
9,875
Left coast
The problem is that each of those things except the greedy relatives started as a if not needed then helpful service, but then the ethically challenged entered the market.

Again, in the socialist quagmire that is Canada, these things are probably better regulated but not well enough to shut down all the black-hearted bastards that abuse the elderly.

A relative you can trust or a good (?) lawyer can save a lot of grief. Signing over power of attorney to someone streetsmart and trustworthy is a good idea. But first you need to find such a critter.
 
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Nov 2013
11,886
12,021
NY
The vast majority of the non-rich owned dough will be held by people careening towards infirmity and death.

What about laws that require a trustee or some such approve sales/secured loans on homes owned by people 65 or older?

Having a government 'mandate' to have a second pair of eyes based on your age.. there are oh so many issues with that... i can't even start thinking of all the hurdles, legal challenges and the negativity that would come from that.

And how do you vet such trustees ?
It would probably just create a sub-industry of folks, who do that for a living, taking a fee from those folks, and making them do things that are in the trustees interest, rather than in the interest of the actual investor.
 
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Jun 2014
64,249
39,015
Cleveland, Ohio
The parents with their children can discuss what to do with all the assets/properties and then get an estate lawyer to handle the details.

https://www.investopedia.com/terms/e/estateplanning.asp
Estate planning is the collection of preparation tasks that serve to manage an individual's asset base in the event of their incapacitation or death, including the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law.


They can, but my concern is elders on their own, or whose adult children are financially abusing then. Once the money has been extracted from a victim of financial predation, odds that it will ever be repaid via restitution are approximately fuck all.

A law banning house sales/refinancings unless a government agency (states' departments of aging, mayhaps?) have approved the transaction as nonabusive might -- might -- frustrate the thieves, at least some of the time.

Financial abuse of elders is already an explosively growing crime wave. As Boomers' average ages gets older, this cannot be expected to decline on its own.
 
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