When Family Finances Turn Sour: Understanding & Preventing Money Conflicts
Download MP3Introduction to Probate and Family Law Fraud
- Growing Concern: Probate fraud and family law fraud are now among the fastest-growing scams in the financial services industry, especially during major family events such as divorces, deaths, conservatorships, or transitions to long-term care.
Shifting Wealth Dynamics Across Generations
- Challenges for Younger Generations: Unlike previous generations, current generations (Gen Z, Millennials, Gen X) face significant economic barriers—high housing costs, inflation, and limited job opportunities—making it hard to build wealth.
- Older Generations’ Accumulated Wealth: Baby Boomers and earlier generations built wealth during more favorable economic conditions, making their saved assets a tempting target for younger family members.
Exploitation of Family Events for Financial Gain
- Inheritance Manipulation: Some individuals attempt to divert assets before a relative’s passing or while settling an estate.
- Asset Transfer in Divorces: In contentious divorces, one spouse may try to transfer assets to themselves before the proceedings to avoid sharing them with their partner.
Strategies Used in Financial Fraud Scams
- Hiding or Reducing Income: Individuals may create fake bank accounts, hide assets, or even lower their income intentionally to minimize spousal maintenance or child support obligations.
Protective Steps
- Seek Expert Guidance: If you’re facing a major family event, consider consulting legal professionals, doing asset research, and seeking reliable advice to protect your interests.
- Resources Available: Check the link below for recommended consultations and additional resources to help safeguard your family’s assets.