There are few things in life that break my heart more than elder abuse. Unfortunately, elder financial abuse is rapidly on the rise, and those most vulnerable can be easy targets.
So often, the shame associated with these situations causes our loved ones to be less transparent with us. I was catching up with a client recently who shared a family story of the emotional and financial toll on their parent when scammers posing as IRS agents defrauded the parent of a sizeable sum. Not 48 hours lat-er, my father was telling me what happened when scam artists called my mother and tried to coerce sensitive information by using information about one of her grandchildren. Thank goodness my father heard her and immediately took the phone and hung up. Many families are not as lucky.
There are strategies to help protect these vulnerable family members.
1. If your family member does not have caller id, perhaps now is a good time to upgrade their phone to include it. With the holidays coming; is there anything more important than protecting our loved ones?
2. Coach family members to identify themselves if an answering machine is used. Also, coach them to ONLY answer calls from family or service pro-viders with whom they currently do business.
3. Download an app to their cell phone to block, or at least, identify spam calls. Remind elderly family members to update any apps and keep un-necessary apps to a minimum. A great way to do this is to make it a “family best practice” and have everyone in the family have a month tech up-date to include:
1. Updating passwords and ensuring they are documented and unrelated between log ins.
2. Updating apps and security systems on all devices.
3. Backing up computers either to the cloud or an external hard drive monthly.
4. Consider buying an inexpensive tablet for games, Facebook etc. to minimize potential security breaches instead of using computers or phones for leisure apps.
5. Remind elderly family members that even if they don’t use social media; their information can be found by scam artists and is much easier to attain in today’s world. If you didn’t initially call someone, the caller doesn’t need to know anything, and you can hang up.
6. Financial privacy is key; but often simply stopping in with your vulnerable family member to the bank, or CPA or financial advisor can create a communication bridge should suspicious behavior pop up.
Orchestrating Fiscal Harmony™,
Kelly Kunst CFP®
Founder
2021 Five Star Wealth Manager
Once again, I am honored to be named a Five Star Wealth Manager by Texas Monthly. Nearly 4,000 Dallas-Fort Worth wealth managers were considered for the award; ten percent of these candidates were named 2021 Five Star Wealth Managers. Being recognized is always nice, but the real blessing is serving families and helping them on the path to fiscal harmony in their lives.
There are risks involved with investing which may include market fluctuation and possible loss of principal value. Particular investments may not be suitable for certain situations. Carefully consider the risks and possible consequences involved prior to making an in-vestment decision. Our firm does not provide legal or tax advice. Be sure to consult with your own legal and tax advisors before taking any action that may have tax implications.
Investing in real estate involves special risk, including possible declines in real estate values, adverse economic conditions, and changes in interest rates and may not suitable for all investors.
Securities offered through Berthel Fisher & Company Financial Services, Inc. (BFCFS). Member FINRA/SIPC. Please note electronic mail is not secure: BFCFS does not accept or take responsibility for acting on time-sensitive instructions sent by email. If you are not the intended recipient, you are hereby notified that any dissemination, distribution or copy of this transmission is strictly prohibited. If you receive this communication in error, please immediately notify the sender. The information included should not be considered investment advice. There are risks involved with investing which may include market fluctuation and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making an investment decision.
Orchestrating Fiscal Harmony™,
Kelly Kunst CFP®
Founder
2021 Five Star Wealth Manager
Once again, I am honored to be named a Five Star Wealth Manager by Texas Monthly. Nearly 4,000 Dallas-Fort Worth wealth managers were considered for the award; ten percent of these candidates were named 2021 Five Star Wealth Managers. Being recognized is always nice, but the real blessing is serving families and helping them on the path to fiscal harmony in their lives.
There are risks involved with investing which may include market fluctuation and possible loss of principal value. Particular investments may not be suitable for certain situations. Carefully consider the risks and possible consequences involved prior to making an investment decision. Our firm does not provide legal or tax advice. Be sure to consult with your own legal and tax advisors before taking any action that may have tax implications.
Securities offered through Berthel Fisher & Company Financial Services, Inc. (BFCFS). Member FINRA/SIPC. Please note electronic mail is not secure: BFCFS does not accept or take responsibility for acting on time-sensitive instructions sent by email. If you are not the intended recipient, you are hereby notified that any dissemination, distribution or copy of this transmission is strictly prohibited. If you receive this communication in error, please immediately notify the sender. The information included should not be considered investment advice. There are risks involved with investing which may include market fluctuation and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making an investment decision.