With Mother’s Day just around the corner, now is a great time to review a few ways to help protect Mom (and Dad). See below for seven helpful tips and actions you can take today!
NAME TRUSTED CONTACTS
- If necessary, Summa Global or your custodian (Schwab or Fidelity) may reach out to your trusted contacts on your behalf to address concerns regarding financial exploitation.
- Offers an additional layer of protection.
ACTION: Name trusted contacts with SGA and custodians.
EDUCATE ABOUT SCAMS
- Elders in particular are targeted by fraudsters, and tactics usually include a sense of urgency and some sort of emotional appeal.
- The IRS or sheriff will never call and ask for gift cards.
- Your grandson is not being held hostage in Venezuela.
ACTION: Be aware of types of scams (fraudsters are always inventing new and more sophisticated ones) and always be cautious. Better to be safe than sorry!
TEACH TECHNOLOGY
- Learning to leverage technology can help.
- Being familiar with your smart phone, computer, email, etc. decreases fraudsters’ opportunities to prey on your lack of knowledge.
ACTION: Be familiar with the technology you use! Kids and grandkids are great resources 😉
COLLABORATE WITH PROFESSIONALS
- It’s important to have trustworthy and knowledgeable professionals in your corner.
- Doctors – communicate and coordinate care decisions
- Financial advisors – act in clients’ best interest in managing finances
- Attorney – specialize in estate planning
- CPA
- Insurance agents – health insurance is particularly important for elder parents
ACTION: Assemble your team! We can provide references if needed.
MAKE A PLAN
- Create or update (if necessary) estate-planning documents.
- Review beneficiaries to ensure accuracy.
ACTION: Work with your team to make sure everything is up to date.
COMMUNICATE
- Talk about your wishes with family members and others involved.
ACTION: Plan a family meeting to make sure everyone is on the same page. We’re happy to meet with you and your family!
DIVIDE AND CONQUER
- Separating responsibilities can help prevent responsibilities from becoming burdensome.
- For example: one child handles finances and another healthcare.
ACTION: Decide who will be responsible for what in case of incapacitation or death.
