Protecting your money is important for every working adult. It is especially more important for parents as well as people who are nearing retirement because they can be victims of fraud and other scams.
The St. Louis Post-Dispatch published an article about how to help yourself and your parents avoid scams and protect their well-earned money and savings. Read about it below.
Talk
Older people are less willing to admit that they can be victims of tax scams or fraud. However, being open with your parents and admitting that you yourself as an adult can be a victim can help make the discussion easier and more welcome.
Discuss who will take charge when a person becomes incapacitated, who will act as power of attorney, who holds your finances, etc. This is so that you and your loved ones know who to contact and work with when an event demands it.
Furthermore, talking with your parents and updating them about your lives will also mean that they will not fall for the Grandchildren or Children Need Money scam. Family members who are isolated or are not in contact are potential victims of exploitation, says an elder-law attorney Sally Hurme.
Limit Credit Cards
According to Carolyn McClanahan, who is a financial planner at Life Planning Partners, own only two credit cards. One, which is for bill payments, and another for everyday expenses.
Use only one brokerage firm and one bank. Having multiple assets in multiple banks makes it harder for financial advisers to keep track of assets and detect suspicious activity or transactions.
Plan
Although it's not the most lighthearted and fun of conversations, planning about successors and what to do when you are incapacitated is integral. Elder-lawyer Carolyn Rosenblatt says that you should plan what to do when you exhibit signs of diminished capacity but are unaware of it.
For more tips, read St. Louis Post-Dispatch's article here.
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