Last week, we discussed the most common types of scams perpetrated on Western Kansas seniors. To read more, you can visit: http://www.dclawfirm.net/blog--news/why-are-retirees-easy-targets-for-con-artists-part-one. Today, we begin Part two (2) in our four (4) part series on financial scams and learn what you can do to protect yourself from a telemarketing trap.
How Can I Identify a Telemarketing Scam and What Should I Do?
These are some of the most common tactics used to commit fraud by telephone:
Urgency or Mania: A fraudulent telemarketer will scream and shout about how excited they are that you have won a prize or say something similar to, “You are the grand prizewinner, but if you don’t accept your reward immediately (and pay a “handling charge”) the runner-up will win instead.”
Authority: The telemarketer puts his “boss” on the phone, so you will know the offer is “legitimate.” The “boss” is another accomplice in the scam.
Fear of Missing Out: The prize you have won is so good, you think you can’t pass up this deal of a lifetime. This is an especially dangerous tactic tempting lower-income level seniors who already are struggling to make ends meets.
Reciprocity/Pity: The caller explains that he or she won’t get paid unless you accept the prize and pay the "handling fee". If you protest that you can’t afford the fee, the scammer asks how much you can afford, and says he or she will make a special exception for you and accept the lower amount.
Recently we presented an article on financial abuse of elderly. Today, we continue that theme by providing the first in a four (4) part series on the types of fraud attempts to which older adults often are subjected.
Why are some retirees from Western Kansas targeted for elder financial abuse and cons? In addition to slowing cognitive skills, some of these individuals have a significant amount of money sitting in their bank accounts and other financial investments, making them prime targets for swindlers. They tend to be retired, at home, answer their telephones and open their mail. According to a report by the Federal Trade Commission, 56% - 80% of telemarketing scams are directed toward senior citizens. Lest you be misled, wealthy, aging adults are not the only ones targeted. Low-income elders are at risk for financial abuse, as well. Their more precarious financial situation puts them at an even greater risk of loss of independence if the con-job is successful.
Think all scams are generated by Internet or telemarketing fraudsters? Think again. Professionals such as attorneys, financial advisers, insurance agents, and funeral homes have been found to manipulate
Which estate planning tool should you use—a Will or a Trust? The decision rests mainly on your personal circumstances. Do you have many assets to pass to heirs? Will your family be agreeable to your distribution plan or will they likely object? Will all your beneficiaries be able to responsibly manage an inheritance? Do you care if your assets and distribution plan become public? These are some of the questions you will need to answer with your attorney to determine which estate planning tool is best for your situation. Let’s take a quick look at both instruments and compare their features.
• Best used for uncomplicated estate plans;
• Can be prepared quickly and relatively inexpensively;
• Can contain Trust and tax provisions;
• No built-in protections for incapacity;
• Requires the expense and time of a probate to pass titled property or enact Testamentary Trust provisions;
• Requires a minimum of 6 months to settle; on average takes 9-12 months; the more complex the estate the more time before distribution occurs;
• Will and all probate documents, including asset inventories, are available for public viewing; If beneficiaries or heirs file a complaint or challenge the terms of the Will, all Court documents are available to the public.
• Can be used for simple or complicated estate plans;
• Great for individuals who wish to maintain privacy;
NEWS YOU CAN USE
Davis & McCann, P. A.,