They steal it.
Finding willing customers to voluntarily fork out $5K a month for prison food and room is really a drag. So some nursing homes just go straight to Elder Looting. All that’s required is some valuable property, an unscrupulous judge, and a defenseless elderly mark.
The New York Times took 2,000 words to tell several stories of nursing home Elder Looting, but we’ll spoil the suspense with the Cliff Notes explanation.
1. An individual is admitted to a nursing home.
2. The home asks the individual to list close family and friends and all assets. The home does a asset search to locate forgotten real estate, stocks, and bank accounts.
3. If the mark is truly defenseless and asset rich, the home asks a friendly judge to make the home the mark’s “guardian”.
4. The home then loots all assets. The mark dies and no one is the wiser.
The lesson here is, “Don’t get old.”