Protecting Those You Love - Wells Fargo Advisors

2y ago
22 Views
2 Downloads
5.71 MB
8 Pages
Last View : 1m ago
Last Download : 2m ago
Upload by : Anton Mixon
Transcription

Protecting those you loveA guide to identifying and avoiding elderfinancial abuseInvestment and Insurance Products: NOT FDIC Insured NO Bank Guarantee MAY Lose Value

It’s a growing problem —and it can happen to anyoneIt’s easy to understand why elderly individuals are targets for financial abuse. They may havesignificant assets or equity in their homes and usually have a regular source of income such asSocial Security or a pension. They also may be especially vulnerable due to isolation, cognitivedecline, physical disability, or other health problems.Victims often feel embarrassed or humiliated, incompetent, or fear further isolation orrepercussions from abusers. For these reasons, elderly persons may suffer in silence andfinancial abuse crimes go unreported. It’s important to raise awareness of the red flagssurrounding this crime by talking with elderly loved ones and helping them understand theyare not alone in dealing with financial abuse.In this guide, we’ll provide you with suggestions about how to protect yourself and the onesyou love. We’ll also give you resources to call if you are a victim of elder financial abuse orsuspect someone who is.Did you know?Nearly1 in 7older Americans say theyhave fallen victim toelder financial abuse andexploitation.1An estimated 2.9 BN to 36.5 BNis lost every year to financialexploitation of older adults.2It is estimatedthat in up to90%of elder financial exploitationcases, the abuser is a familymember or trusted person.³1. Wells Fargo Elder Needs Study, 20182. Consumer Financial Protection Bureau; Suspicious Activity Report of Elder Financial Exploitation: Issues and Trends Report. February 20193. According to National Adult Protective Services Association, 2018

Taking steps to protect yourself Ensure you have an emergency contact in place with your financial institutions. Consider having these important documents and let a trusted person know where to find them:WillDurable Power of AttorneyHealth Care Power of AttorneyLiving WillRevocable Living Trust Change account numbers, phone numbers, credit/debit card numbers,and passwords if your information is compromised. Review credit reports, account statements, and bills carefully forany unusual activity or charges. Send duplicate statements to a trusted person for review. Contact your financial advisor to discuss the importance of naming aTrusted Contact and to obtain a form.

Protecting others by knowingthe warning signsPay attention to money management patterns Reluctance to discuss financial matters previously discussedas a matter of course Sudden, atypical, or unexplained withdrawals, wire transfers, or disbursements Unpaid utility or other bills; confusion about accounts, funds, and transactions Abrupt or unexplained changes in legal documents Excessive interest in finances of an older individual by familymembers or others Signatures that seem suspicious or forgedBe aware of social, behavioral, and physical changes Relationships with new best friends and “sweethearts” Isolation either deliberately by a caregiver or simply as a result of life changes Onset or worsening of illnesses and disabilities; decline in mental capabilities Changes in behavior, including fear, submissiveness, and withdrawal Disheveled appearance, forgetfulness, and adjustments to normal routine “Improper coaching” overheard or evident in conversations with an elderly person Missing possessions from the home or residenceFor helpIf you suspectfinancial abuse isgoing on, don’t beafraid to report it.See the resourcesavailable to youin the back ofthis guide.

Watch out for these common stranger scamsSome financial scams are easy to identify, but many are not quite so easy to spot. Here are a fewof the most common scams strangers may use to trick elderly individuals into giving up money,personal information, or property.Government scams (IRS/Medicare) — Scammers pose as government officials requiringtheir victims to wire cash or use prepaid debit or gift cards to pay a bogus tax bill. Or theymay provide sham Medicare services at makeshift mobile clinics in order to bill theinsurance and pocket the money.Granny scam — Fraudsters play to the emotions of grandparents by identifyingthemselves as grandchildren calling or emailing about an emergency situation. They maysay, “I’ve been arrested and need money wired quickly,” or “I need cash cards for bail.”Prize and sweepstakes fraud — Under the guise of a telemarketing call to notify thewinner of a lottery or sweepstakes, the victim is told they must pay taxes on the jackpotvia mail or wire before they can claim their prize.Sweetheart fraud — With the false promise of love and companionship, elders areconned into trusting a new “friend” that they meet in person or through social media. Theromantic partner then swindles them out of money and/or property before disappearing.And for when the abusers are knownMost older investors (68%) believe that a stranger would be the most likely perpetrator of financialexploitation against them.1 But the reality is very different — it is estimated that in up to 90% offinancial exploitation cases, the abuser is a family member or trusted person.2Typical types of financial abuse include: Using ATM cards and stealing checks to withdraw monies from the victim’s accounts In-home care providers charging for services; keeping change from errands, paying billswhich don’t belong to the vulnerable adult, asking the vulnerable adult to sign falsified timesheets, spending their work time on the phone and not doing what they are paid to doWhere to find helpAwareness of the latest scams is one of the best ways to protect against financial abuse.Stay up to date by visiting aarp.org/money/scams-fraud.1. Source: 2018 Wells Fargo Elder Needs Survey2. According to National Adult Protective Services, 2018

Our commitmentHelping you and your loved ones avoid or recover from financial abuse is integral tohelping you succeed financially.That’s why we’re committed to investing time, people, and resources to help identify, intercept,and investigate incidents of suspected elder and vulnerable adult financial abuse.Every year, our team members are trained to help discover and address risk factors that mayexpose this abuse and resolve problems in a professional and confidential manner. We arededicated to putting safeguards in place to help protect the assets our customers have workedhard to accumulate.

What you can doHere are four steps you can take to help prevent elder financial abuse and exploitation:1Talk — Don’t wait for a crisis to address financial topics with children or aging parents. Hold afamily meeting with loved ones to talk through plans. Respect the desire for elderly individualsto remain in control of their finances for as long as possible.2Write — Make sure wills, trusts, powers of attorneys, and living wills are draftedand/or updated.3Engage — Know your neighbors and connect frequently with family. Isolation isoften a contributing factor to elder financial abuse. Familiarity, regular contact, andconversations will allow you to understand and speak up if something seems amiss.4Advocate — Make sure to talk about the latest scams with family and friends.Become active locally to bring more attention to the elder financial abuse issue byvolunteering at a community senior center or contact your local United Way agency.ResourcesEldercare Locator: eldercare.acl.govFind local services and resources by ZIP code or city name. You can also access servicestoll-free at 1-800-677-1116.Alzheimer’s association: alz.orgYou’ll find Know the 10 signs checklist as well as other resources to help diagnose anddeal with the disease.Wells Fargo: arn more about the warning signs of financial fraud and how to spot common schemes.Department of Justice: justice.gov/elderjusticeUtilize a library of tools and educational resources that help promote the safety of older Americans.Local law enforcementNotify your local police and adult protective services when you see signs of elder financial abuse.wellsfargo.com/privacy-security/fraudWells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC,Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. 2019 Wells Fargo Clearing Services, LLC. All rights reserved CAR-0419-04250 (CAR extension to 12/31/2021) IHA-6977609

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank

Related Documents:

Wells Fargo Enhanced Stock Market CIT 101 Wells Fargo Factor Enhanced Large Cap Core CIT (formerly, Wells Fargo Factor Enhanced Large Cap Index CIT) 107 Wells Fargo Fundamental Small Cap Growth CIT 123 Wells Fargo Growth CIT 126 Wells Fargo Large Cap Intrinsic Value CIT 129 Wells Fargo Liability Driven Solution CIT I 131

I. Is LOVE AN ART? II. THE THEORY OF LOVE 7 1. Love, the Answer to the Problem of Human Existence 2. Love Between Parent and Child 3. The Objects of Love a. Brotherly Love b. Motherly Love c. Erotic Love d. Self-Love e. Love of God III. LOVE AND ITS DISINTEGRATION IN CONTEM-PORARY WESTERN SOCIETY 83 IV. THE PRACTICE OF LOVE 107File Size: 1MBPage Count: 148Explore furtherThe Art of Loving by Erich Fromm - Goodreadswww.goodreads.comThe Art of Loving According to Erich Fromm - Exploring .exploringyourmind.comThe Art of Loving - Kindle edition by Fromm, Erich. Health .www.amazon.comRecommended to you b

Section 11. Repair of Cathodic Protection Wells 70 Section 12. Temporary Cover. 70 Part III. Destruction of Cathodic Protection Wells 71 Section 13. Purpose of Destruction 71 Section 14. Definition of "Abandoned" Cathodic Protection Wells. 71 Section 15. General Requirements 71 Section 16. Requirements for Destroying Cathodic Protection Wells. 71

Wells Fargo Retail Services 4 of 34 D 0921 WFJA GDA-Gen18/Doc# 11202487 Wells Fargo Retail Services General Dealer Agreement Application Wells Fargo Jewelry Advantage Credit Card Program DK 0921 WFJA Section 3 I/We certify the information provided in connection with this Wells Fargo Retail Services Enrollment Package is true, to the best of my/our

The love dare challenge day 1. The love dare challenge reviews. The love dare daily challenges. The love dare challenge printable. The fireproof love dare challenge. The love dare challenge app. I believe the only thing you need to have to know true love is true love. SearchReSearchDaniel M. Surprisingly, I am not in a failing marriage, but I .

Love Never Fails 12 Love No. 5 I love you more than the air that you breathe. I love you more than the many waters that cover the earth, that flow to and fro, back and forth, as I desire. I love you now and forever. I love you. My love covers a multitude of sins in a way that no one else can copy. My

THE NEW NATION NEWS IS A WHOLE NEW WORLD OF LOVE you only dreamed of! Find out what wonders love can work in these true stories from our worldwide new nation of love. We hope they will help you find the love you need to make you happy, and that others will find happiness through your love too! LOVE IS GOD! GOD IS LOVE! LONG LIVE LOVE! — With .

This dissertation is about the Loyalist Regiments of the American Revolution, 1775-1783. These were the formal regiments formed by the British, consisting of Americans who stayed Loyal to the British crown during the American Revolutionary War. They fought in most of the main campaigns of this war and in 1783 left with the British Army for Canada, where many of them settled. The Loyalist .