DIGITAL DECEPTION Secrets of the Internet’s Sneakiest Scams
The internet has become deeply intertwined with our lives, enabling us to reconnect with old friends, stay informed about the latest news, and explore new ideas. However, with the good comes the bad. Scammers have been developing new strategies to take our money, and if you’re not careful, you could become a victim. Here are three internet-enabled scams you should be aware of. Unfamiliar Emails We get emails every day, and most come from unfamiliar senders. These emails rarely contain relevant or beneficial information, but they often carry potential
harm. Don’t click on links or attachments within these communications unless you expect them. Scammers can even spoof friends’ or family members’ emails, so it’s always good to be cautious. Scam Calls Your phone number is public information, and scammers use that to their advantage. They often call seniors, claiming to be someone from their bank, cellphone provider, or another company with which they have an account. They ask for sensitive information shortly after the call begins. Never give it to them. The real organizations rarely call, and if they do,
they will not ask for sensitive information. If you receive a suspicious call, hang up and contact the supposed organization directly to verify its authenticity. Shared Networks When you enter a business, you may feel compelled to join its public Wi-Fi. While there’s nothing inherently wrong with this practice, you do not want to use public Wi-Fi to log into and view your bank account, medical information, or social media accounts. Scammers wait on public networks to intercept passwords. Shared networks are not as safe as they may appear.
INFLATION’S HIDDEN IMPACT ON YOUR ESTATE The Price of Planning Ahead
Most of us notice inflation when we check out at the grocery store, not when we think about our estate plan. Prices for everyday items are creeping up, but those same price changes can also impact the value of what we own. When that happens, our estate plan may need a second look. Inflation means that money doesn’t stretch as far as it used to. A dollar today buys less than it did a few years ago. Homes, cars, and investments all fluctuate in value due to inflation. In the 1950s, the average home sold for about $7,400. Today, it’s well over
$370,000. Wages have also increased, albeit at a slower pace. That gap explains why inflation matters when estate planning. When the cost of goods and property rises, the total value of our estate rises with it. That sounds positive, but it can also push an estate closer to federal or state tax thresholds. A house valued at $1 million today might be worth $1.5 million in a few years, and that extra half-million could create new tax questions. Families sometimes find themselves paying more in taxes, only to watch those assets drop in value soon after. The best way to handle this issue is to plan early and keep plans updated. We can start by reviewing our estate annually and comparing it to current tax limits. Adding beneficiary designations to accounts, such as life insurance or retirement funds, keeps those assets outside the taxable estate. Giving modest gifts to family or charities can reduce overall value while allowing us to see the results in our lifetimes. Inflation is constantly changing, and our plans should adapt to it accordingly. Reviewing what we’ve built every year helps ensure that our loved ones receive what we intend, without unwelcome surprises when the time comes.
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