ETFOptimize | High-performance ETF-based Investment Strategies

Quantitative strategies, Wall Street-caliber research, and insightful market analysis since 1998.


ETFOptimize | HOME
Close Window

How to Protect Your Aging Parents From Financial Fraud

By: NewsUSA

(NewsUSA) - Today, many adults have elderly parents who live independently. As the number of digital scammers preying on the elderly increases, however, your aging parents are at higher risk of financial fraud.     

“You must be ready to safeguard your parents against the growing threat of digital scammers and become their trusted advocate,” says Laura J. LaTourette, CFP.® Not long ago, LaTourette had to come to the aid of her own mother, who had been targeted by scammers pretending to help upgrade her computer.     

Here are several tips LaTourette offers for protecting your parents’ finances as they age:     

• Talk it over. Sometimes talking about money is tricky, even with close family members. Older adults need to understand that they are at risk for fraud if they don’t have someone to help manage their money as they age. Ask about spending, saving and philanthropic habits, and know who has access to your parents’ account information.     

• Form a team. Enlist other family members if needed, and identify other trusted contacts with whom your parents feel comfortable discussing money matters. If your parents work with a CERTIFIED FINANCIAL PLANNER™ professional, set up a meeting to talk about fraud protection and create an elder care plan for your parents.     

• Make safety simple. Set up online account information, and show your parents how they and you can monitor account activity. Set up automatic withdrawals for monthly bills. If your parents still like to review and balance their checking accounts each month, use that as an opportunity to identify anything that looks out of the ordinary.     

• Establish power of attorney. As parents age, they may need someone else to communicate with financial institutions or health care providers. Make sure your parents have an updated power of attorney that lists you and/or any other trusted contacts. The same goes for a medical power of attorney.     

• Shred what you can. Many older adults have financial documents that don’t need to be kept, but because of sensitive information cannot simply be thrown out or recycled. Once you identify old financial documents, either shred them yourself at home or gather boxes of material to take to a community shredding event, which occur periodically in most communities.     

• Check their credit. Be sure to monitor your parents’ credit reports at least once a year; this helps ensure that no one is opening any false accounts using their identities.     

Visit LetsMakeAPlan.org for more information on how to assist your parents in safeguarding their finances as they age.

Recent Quotes

View More
Symbol Price Change (%)
AMZN  233.22
+4.06 (1.77%)
AAPL  278.85
+1.30 (0.47%)
AMD  217.53
+3.29 (1.54%)
BAC  53.65
+0.66 (1.25%)
GOOG  320.12
-0.16 (-0.05%)
META  647.95
+14.34 (2.26%)
MSFT  492.01
+6.51 (1.34%)
NVDA  177.00
-3.26 (-1.81%)
ORCL  201.95
-3.01 (-1.47%)
TSLA  430.17
+3.59 (0.84%)
Stock Quote API & Stock News API supplied by www.cloudquote.io
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the Privacy Policy and Terms Of Service.


 

IntelligentValue Home
Close Window

DISCLAIMER

All content herein is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor should it be interpreted as a recommendation to buy, hold or sell (short or otherwise) any security.  All opinions, analyses, and information included herein are based on sources believed to be reliable, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. We undertake no obligation to update such opinions, analysis or information. You should independently verify all information contained on this website. Some information is based on analysis of past performance or hypothetical performance results, which have inherent limitations. We make no representation that any particular equity or strategy will or is likely to achieve profits or losses similar to those shown. Shareholders, employees, writers, contractors, and affiliates associated with ETFOptimize.com may have ownership positions in the securities that are mentioned. If you are not sure if ETFs, algorithmic investing, or a particular investment is right for you, you are urged to consult with a Registered Investment Advisor (RIA). Neither this website nor anyone associated with producing its content are Registered Investment Advisors, and no attempt is made herein to substitute for personalized, professional investment advice. Neither ETFOptimize.com, Global Alpha Investments, Inc., nor its employees, service providers, associates, or affiliates are responsible for any investment losses you may incur as a result of using the information provided herein. Remember that past investment returns may not be indicative of future returns.

Copyright © 1998-2017 ETFOptimize.com, a publication of Optimized Investments, Inc. All rights reserved.