Other Family Members
Let’s face it, just about every family’s got a wild card (or two, or three). Maybe mom and dad turn a blind eye to your 40-year-old brother’s can’t- keep-a-job antics and still pay his rent for him. Or grandma and grandpa have been bankrolling your Aunt Sally for decades. It’s really tough when it comes to family to keep a clear head. But it’s also really important that your family’s wild card doesn’t derail mom or grandma’s lifetime of working and saving. There needs to be at least one person in the family keeping a close eye on things and helping your older loved ones make important financial decisions with their head instead of their heart. Help your older loved ones name a financial power of attorney. This is usually done when people are creating a will, but you can do it at any time. A financial power of attorney is a document that allows someone to make money decisions on your loved ones’ behalf in the event they can’t make those decisions for themselves. Say grandma’s been in a car accident and is in a coma. Her financial power of attorney is legally able to take care of her money matters, like paying the mortgage and hospital bills when she can’t. It’s not a comfortable conversation to have, I know. But when push comes to shove, you want a reliable person in that position. How Can You Tell if You're Being Scammed? An email that appears to be from a real organization, but has a fishy email address A notification that you won a contest you didn’t enter A call or email from the IRS that requires personal info A call or email that asks you to pay a fee or fine with a gift card or wire transfer A caller who pressures you to make a payment or give them personal info New elder scams pop up all the time, but most have some things in common. So, alarm bells should go off if you or your loved one encounters some of these scammy traits:
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