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Defend Elders Against Financial Crimes By Paul Guerra F older Americans are on the rise. According to the 2010 Investor Protection Trust (IPT) Elder Fraud Survey, more than 7 million older Americans — one out of every five citizens over the age of 65 — have already been victimized by a financial swindle. What can you do to protect yourself or help someone in your life who may be vulnerable just because of age? Being proactive by taking a few precautions now can help defend against fraud in later life: Organize your estate. No matter how old you are, it's a good idea to update and organize all your financial documentation, including your will, financial powers of attorney, real estate deeds, insurance policies, pension and trust documents, birth and marriage certificates, and Social Security paperwork. Maintaining an organized file, and helping others (such as a parent, uncle or close friend) to do the same, can make it easier to spot the inconsistencies and red flags that could signal financial abuse. Make a list of financial contacts. Bankers, insurance agents, attorneys, accountants, stockbrokers, and other professionals should be on it. Share your list with your financial advisor and with family members you trust. Keep a watchful eye. An older person INANCIAL CRIMES AGAINST could be at risk for fraud if he or she feels socially isolated, has suffered a recent loss, or has physical or mental disabilities. Be especially vigilant if the individual is unfamiliar with his or her finances or has family members who are struggling financially or have substance abuse problems. Look for financial mishandling, which can include anything from the use of property or belongings without permission to persuading someone to sign a deed, will or power of attorney through deception or coercion. If you notice any sudden changes in your family member's health, social life or spending habits, ask about the reasons for the shift. Perhaps the most important defense is simply making yourself and those around you aware of the possibility of fraud. It can be subtle and may rely on your urge to help or provide a quick answer. For example, someone who claims to be calling from your attorney's address to request your Social Security number may not be legitimate. Fraud snags its victims by several means — through the mail, through telemarketing, and even through social media. In particular, beware of: + "Free" gifts. Steer away from vacations or prizes that require payment, "postage-andhandling" fees or personal information in order to be claimed. + Claims of health cures and diets. If it sounds too good to be true, it probably is. If you have any questions, ask your doctor. + Fake contests, prizes, lotteries, chain letters, insurance deals and franchise and work-at-home schemes. These can be sent from email addresses that look familiar to you. If a message looks like a form letter, delete it. + Social networking "friend" requests from unfamiliar parties. Limit your online circle to close friends and family. When in doubt, steer clear. For more information about types of fraud, or to report a suspicious offer, contact the National Fraud Information Center at 800-876-7060. Get the information you need to help protect the assets you and your family members have worked a lifetime to earn. Paul Guerra is the President of Brookshire Wealth Management in Canton, OH. For more information visit www.brookshirewealth.com or email Mr. Guerra at pguerra@brookshirefinancial.com. Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC. Brookshire Wealth Management is a separate entity from WFAFN. Wells Fargo Advisors does not provide legal or tax advice. Be sure to consult with your tax and legal advisors before taking any action that could have tax consequences. Please consult your legal advisors regarding your fiduciary duties. Investments in securities and insurance products are: NOT FDIC-INSURED/NOT BANK-GUARANTEED/ MAY LOSE VALUE Wells Fargo Advisors Financial Network, LLC, Member SIPC, is a registered broker-dealer and a separate non-bank affiliate of Wells Fargo & Company. ■ 30 | Cleveland/Akron/Canton MD NEWS ■ MDNEWS.COM ■ JANUARY/FEBRUARY 2014