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Seniors – How to Protect Yourself from Financial Scams

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Millions of older adults are victims of financial scams each year. Here are some tips to protect yourself.

  1. Stay connected and involved

Isolating yourself, not having regular connections to people, not leaving your home, puts you at greater risk of elder abuse. Most violence only occurs behind closed doors, and elder abuse is no exception. Some people as they get older, withdraw from their community. Other seniors are isolated because they no longer drive, or see, or walk on their own. Some older persons worry about their safety out in public. Find services nearby that can help you stay active. Visit your local senior center. Stay involved in your religious community. Maintain friendships.

  1. Strangers and people you are close to can take advantage of you

Your family and friends can be a wonderful source of love and support. As a senior, you should understand that you are more vulnerable than you were when you were younger. So be aware of situations and people who might take advantage of you. Would it surprise you to know that studies have shown that over 90% of all reported elder abuse is committed by family members, adult children, grandchildren, nieces or nephews. The abuse could be physical, but is often financial. Examples include: talking you into giving them large sums of money; gaining access to your accounts and withdrawing money; promising to do things for you in exchange for money but then not doing them; or outright theft. Unfortunately elder abuse can and often does involve physical abuse, threats, intimidation, and neglect of basic care needs.

  1. Direct deposit Social Security and retirement checks

Arrange for all of your benefit checks like Social Security, pensions, retirements and annuities to be directly deposited into your bank account. This ensures the checks go right into your accounts and are protected. And you won’t have to run to the bank every time you get a monthly benefit check.

  1. Never give personal or financial information over the phone

If you didn’t initiate the call to a person or business, never ever give your credit card, banking, Social Security Number, Medicare number, or other personal information over the phone. Misuse of Medicare dollars is one of the largest scams involving seniors. These scams include billing for services never delivered and selling unneeded devices or services. Don’t ever allow anyone to use your Social Security number or Medicare number. If a salesperson is trying to sell you something they promise will be paid for by Medicare, end the conversation.

  1. Use a paper shredder

Keep your credit cards and wallet secure and safe. Be very careful about giving out your credit card information and how it will be used. Don’t give out your bank or credit card information over the phone to a person who calls you for something. Asked questions. Don’t assume it will be protected. Shred all receipts that have your credit card number. Identity theft is pervasive. Regularly check your bank and credit card statements to make sure there are no questionable or fraudulent transactions.

  1. Beware of solicitors

Don’t buy things from someone you don’t know who knocks on your door or calls you. Don’t give them any personal or financial information. If your neighbor’s daughter is having a bake sale for her school or is selling Girl Scout cookies, sure buy a box or two if you like. But otherwise, tell solicitors you don’t buy or give to anyone who visits or calls you unannounced. Never donate if it requires you to write your credit card information on a form.

  1. Get on the “Do Not Call” list

To stop telemarketers from contacting you, go to: donotcall.gov

That is the official website for the National Do Not Call Registry. Sign up to stop telemarketers’ calls.

Also, don’t let incoming mail sit in your mailbox for a long time. When you send out sensitive mail, drop it off at a secure collection box or directly at the post office.

  1. Unsolicited offers = danger

Call and shop around before you make a purchase. Be an informed consumer. Take someone you trust with you to help you make difficult decisions or decisions regarding large purchases.

Carefully read contracts, and make sure you understand them before you sign. Make sure the contract is complete and includes everything agreed on. Understand when and how you can cancel and get a refund. And don’t ever let someone pressure you into making purchases, signing contracts, or paying money.

 

Social Security, Divorce and Spousal Benefits

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Even if you’re divorced, you could still be entitled to spousal Social Security benefits.

If you are married or divorced you have an advantage when it comes to Social Security benefits. It’s called the “spousal benefit”. It allows the spouse who earned less money and contributed lower amounts to Social Security to collect up to 50% of the higher earning spouse’s Social Security benefit at full retirement age.

Let’s say wife’s benefit at full retirement age is $2,000/month but husband’s benefit is only $750/month based on his own work history. In this example, the husband, as the lower earning spouse, can elect to collect the spousal benefit of $1,000/month at full retirement age – getting $250 more each month.

Even divorced persons have the ability to collect Social Security spousal benefits based on their former spouse’s earnings if they meet all of the following criteria:

  • Your marriage lasted at least 10 years
  • You are currently not married
  • You are 62 years old or older
  • Your former spouse is entitled to Social Security benefits
  • Your own benefit is less than the benefit you would get based on your ex-spouse’s work history

Other factors may affect your ability to get spousal Social Security benefits. Visit the Social Security Administration’s website – ssa.gov for more information.

Do I Have to Probate My Loved One’s Estate?

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What is “probate”?

It is a court process where a decedent’s assets are taken over by an appointed “personal representative”, the last debts and bills of the decedent are paid, and the assets are eventually distributed to the beneficiaries named in the Will or if there is no Will, the decedent’s heirs.

What Assets Have to Go through Probate?

Probate only applies to assets that are owned, or titled, in the individual name of the decedent at the time of their death.  Probate does not apply to assets in joint tenancy with right or survivorship, IRAs and life insurance where there are beneficiary designations, pay-on-death accounts or transfer-on-death accounts, or any assets held in a living trust.  Since a majority of assets are held in one or more of these types of ownership, it can be rare when a probate is actually required.

Are There Alternatives to Probate?

Yes. In California you can pass up to $150,000 of property (not including real estate) without having to go through probate.  Instead, you can use a small estate affidavit, also referred to as a “13100 Declaration”. Probate Code Section 13100 governs the transfer of small estates.  For real property, the limit is $50,000 that can pass without probate.  That is a very small number for California real estate, so real property almost always must be probated if it is held in an individual’s name and not in joint tenancy at time of death.

What is the Difference Between an Executor and An Administrator of An Estate?

When a probate case is filed, the court appoints someone to handle the estate and report to the court. This person is generally known as the “personal representative”. Executor or Executrix (if the person is a female) is the traditional term for the person named in a Will and appointed by the probate court to oversee the estate. If the person died without a Will, the person appointed by the probate court to handle the estate is known as the Administrator or Administratrix.

Whether you’re an Executor. Executrix, Administrator or Administratrix your duties in managing the estate, to the court and the beneficiaries are the same.

What Are “Letters Testamentary” or “Letters of Administration”?

When a family member tries to wrap up a decedent’s assets, they are told by a bank or financial institution that they need “Letters Testamentary” or “Letters of Administration.”  These “letters” are not drafted by lawyers.  They are documents issued by the Court after a probate case has been filed and the Court has signed the order appointing the personal representative, Executor or Administrator.

What Estates Have to Go Through Probate?

When a person dies owning assets in his or her own, individual name worth more than $150,000 (not including real estate), then you need to file a probate case to transfer the decedent’s assets to the beneficiaries under the Will or to the decedent’s heirs.  If the decedent owned real property worth more than $50,000 in his or her own name, then you must go through to probate.

Coronavirus (Covid-19)

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My staff and I hope this finds you, your families and friends to be safe and healthy during this unprecedented situation with Covid-19, the coronavirus. First and foremost, make sure you and your loved ones follow the guidelines recommended by health experts. If you are experiencing health problems, call your doctor. If you are experiencing a serious health emergency, call 911 for immediate health, whether it is related to Covid-19 or not.

This may be a good time to look over your financial and personal records to make sure they are up to date and organized the way you want. Are your IRA and life insurance beneficiary designations up to date? Do you have a will or trust? An Advance Health Care Directive? It is wise to have these in place before this pandemic descended upon us, and the need still exists to take of yourself and your family.

We continue to work  and take care of our client’s needs, while following the shelter in place orders and social distancing guidelines. Face to face meetings have, for the time being, been replaced by phone calls, FaceTime, Zoom and emails.

If there is any way we can help, call us. Stay well.