Hey BFF’s!
I’m quite sure I speak for the majority when I say, we don’t like to imagine the day our parents will no longer be with us in the flesh. I know I don’t, heck I get teary-eyed thinking about it. My parents are remarkable, and I want them around forever. But I’m also realistic and no one lives forever. However, while they are here, I want to make sure they are protected to the best of my ability. I want your parents protected too.
Our parents all have different scenarios. Some are healthy and others may be cognitively impaired and cannot do the small or big tasks they used to. Whether it’s cleaning, cooking, paying bills, or balancing their checkbook.
Amid adapting to our parents aging, we have to look out for those that prey on the elderly and look for ways to take advantage of them. These criminals come in many forms ranging from calling to say your grandchild needs money, a bill is a past due, or even a maintenance man or woman coming to do a “repair”. I remember when my granny was alive, my dad would ensure he was present if someone was coming to do anything at granny’s.
Scam who, not my granny…NOT TODAY LUCIFER!
Therefore, today let’s discuss 7 ways to keep our elderly-ish and elderly loved ones from being financially exploited.
- Have a conversation. We know they aren’t going to live forever; they know they aren’t going to live forever. But there needs to be a plan in place. I know if something happens to my parents or my father-in-love, they are coming to live with my husband and me. We already discussed how much space we will need to ensure everyone is comfortable.
- Establish a living trust and designate a trusted trustee. A living trust guides the trustee who is managing their assets. All the trustee has to do, is follow the instructions you and your parents have outlined.
- Pull their credit report once a year from Equifax, Experian, and Transunion, just like you should be pulling yours. Check for fraud, new accounts, etc. You can also think about freezing or locking their social security number. Locking is extreme, before you do it weigh out the pros and the cons.
- Designate a power of attorney (POA). Take note – There are two types of POA’s general and durable. The general POA is in effect until the principle is incapacitated. The durable POA is in effect until the principle dies.
- Simplify their portfolio. I recommend sitting down with a certified financial planner and discussing long-term goals and risk tolerance. As you get older you tend to be more conservative with your risk level.
- For some, opening a joint bank account might be a necessity. Also, think about setting up daily spending limits.
- This is for everyone, register your cell and home phones numbers on the National Do Not Call registry. I know we are all tired of these random “the warranty on your car is about to expire” calls. You can register at here.
When you’re ready to have these uncomfortable but needed conversations with your loved ones, give them a heads up. Don’t just pop up on them and throw it at them at once. Prep them and yourself for the talk. Ask them what time works best for them. Most importantly, be patient!
Alright my financially unbothered friends – don’t forget to like, share, and follow-on IG @_CompletelyUnbothered.
Have a great week – Stay safe, productive, positive, and at peace!
