The Lust For Boomers' Money

Jun 2014
61,178
35,386
Cleveland, Ohio
#1
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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Likes: 2 people
Nov 2013
10,583
10,082
NY
#3
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
 
Likes: 1 person

Blueneck

Former Staff
Jun 2007
54,387
41,252
Ohio
#4
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.
 
Likes: 4 people
Jun 2014
61,178
35,386
Cleveland, Ohio
#6
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
26,975
19,166
South Florida
#7
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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Likes: 1 person

RNG

Moderator
Jan 2015
13,972
9,781
Left coast
#8
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.
 
Likes: 1 person
Nov 2013
10,583
10,082
NY
#9
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.
 
Likes: 3 people
Jun 2014
61,178
35,386
Cleveland, Ohio
#10
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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