Posts Tagged ‘Financial’

Caregiver Providing Financial Guidance – 5 Things You Can Observe To Prevent Scams And Rip-Offs!

by bobcrabtree1 Posted: Sunday, 12/13/2009

Very often, the role of a caregiver is a blend of a doctor, maid, advisor and even an amateur detective. Elderly people are gullible and get regularly fleeced by smooth talking sales persons. The elderly are fiercely protective of their finances and how they use them. However, often they make wrong decisions about where to spend their money. Therefore, you as a caregiver have to look after this aspect and see that their limited resources will tide them over as long as possible.

Many senior citizens have become the victims of scams and smooth talking sales persons who sell them a hope and a dream in exchange for their money. These sales persons are constantly calling or emailing old people in the hope of getting a fast buck. If the elders become victims of a scam, it is something they try to hide from their caregivers. You as a caregiver may never know if they have been ripped off, and they will never tell you about it. Hence, you have to assume the role of an amateur detective to find out about such episodes and take steps to rectify the situation as much as possible. There may be some things you can observe to find out if your parents are victims of scams:

? Watch out for your parents’ mail. If they receive large amounts of junk mail with get rich quick schemes, or phony contests, etc., it is possible that they may have become a victim of some scam.
? Spend some time at your parent’s home and answer the phone there. If there are a large number of calls from charities or scam offers, then their names have got passed around to other such scam artists.
? If you see a lot of junk items lying around your parents’ house, then you can be sure that they have been ripped off.
? Begin paying attention to their budget. There may be some problem with the bank account, or too many checks to con artists. Check out the credit card statement as well.
? Check out the ’sent folder’ in the email account to verify any response to scam email schemes.

Your elderly parents are very often defensive of their financial activities and will resent your interference in their affairs. It takes some amount of gentle coaxing and convincing to let you see the documents. Getting involved in bogus contests or get rich quick schemes is addictive and your elderly parents are no exception to this. In spite of losing thousands of dollars to such scams, they will still get cheated by the next crook who manages to convince them, because they are addicted to it. You need to be gentle and understanding to approach the problem and find a solution.

As a caregiver, you must convince your elderly parents to let you handle their finances. You can start by handling their taxes and once they are comfortable with the idea, you can offer to take over the bill payment and manage the checkbook. Later, you can begin gently questioning the expenditure that looks suspicious to you. Do not try to get back any lost money, however, be vigilant enough to prevent any unfamiliar person from getting access to the money. Cancel all the direct debits that are not easily identifiable. Start getting a control over the phone calls, junk mail and emails. In other words, you have to play the role of a guard dog to protect your parents from scam artists and conmen out to fleece them of their money.

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Why Seniors Need To Have A Financial Economic Stimulus Plan Of Their Own

by bobcrabtree1 Posted: Thursday, 12/10/2009

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If seniors or baby boomers sit back and wait for things to get better in this unprecedented and never before seen economic disaster in this country and in fact around the world, then they better think again.

With bad news hitting our air waves everyday all day long, it is becoming more increasing for older citizens take matters into their own hands, and not wait for things to change you must change them yourself. So how do you make changes in your financial situation with all of the downturn everywhere you turn! The problem that many are facing around the country is what we can and can not do!

The Stock Market is now down 55% of its high and predicted to go even lower so this is not the solution. Pension funds and many investment funds are invested into the markets and have lost a large portion of the principle balances. (Down as much of 75%) Real Estate values are down all over the country as much as 60% and foreclosures are up 22% since the beginning of the year. Fuel costs have gone down but the up cost that the higher prices caused have not come back down. Unemployment rates hit 8% and in some areas as much as 10% and is expected to increase and stay that way for sometime to come.

So what can seniors and their families do to secure that their futures aren?t heading totally in a downward tail spin. There are solutions and steps that can be taken to alleviate some of the economic pressures that maybe around for many of us for the rest of our lives.

Like I said this is unprecedented in history and there is no one who has the answers or how to fix it. The one thing is sure we need to look out for ourselves and as seniors we need to think about the last place there maybe money available and that is the home.

Your home may not have the value it had four or five years ago which by the way was over inflated in the first place so don?t think you have lost something that shouldn?t have been there in the first place. It was FAKE!

So what is the real value of your home and how is it determined.

If you purchased your home 30 years ago and you paid your home off, the fact is your anticipated appreciation should have been between 3-5% per year. But when the market took off ad many people cash out the equity in their homes with hope that they would sell their homes or would be able to pay it off from their proceeds or gains. This did not happen! In many cases they lost no only the interest but the principle of the investment.

Here is good way to look at the value of your home today!

What did you pay for the home originally! Over the years you lived in the home so what did it cost you! What would it cost you today to replace your home if you sold Take the original purchase price and multiply it out by the national average that should have taken place which would be a national average of 5% Once you have done this take the value and ad 10% for improvements if you did any Now you should have the value that your home should have been without the boom years

If your home doubled in value you are ahead of the game, because not only did you live in it all these years but you also received tax benefits over the years that you paid for it.

Now that you know what the value should have been you can now take a look at what the market says that your home is worth. By visiting a number of websites out there that can give a pretty could idea of what it is worth if you could sell it. The biggest word in the English language is IF??

Now for the big answer to the senior who is struggling to make ends meet and are thinking of where to go to get the money to live off of for the rest of their lives.

The Reverse Mortgage is the answer for many people who are in need of having funds to use for living until they leave this world. This program not only provides you with money to live from, but also gives you great flexibility.

In this program called Reverse Mortgage you are in complete control over the funds that you receive, you have the option of taking all of the money or setting up and monthly income or having a credit line for future use.

One of the best parts of the program is that if you plan on living in your home for the rest of your life you can literally freeze your home value from going down any further, unlike if you take out a conventional mortgage.

In this program you are paying a Mortgage Insurance premium to the Federal Government; too not only protect the lender but to protect you and your heirs! The lender is protected should the home value decline and the loan balance which will increase over time the insurance would make up the difference to cover the loss. For you the or your heirs should the home value be less the loan balance at the time the loan is going to be paid off the insurance would make up the difference and your heirs or you would not have to worry about having to come up with the money. In addition; none of your other assets such as; investments, insurance proceeds or savings can be attached to pay the loan off this is called a NON-RECOURSE LOAN.

So as you can see this is a very important issue for many seniors and how they can make a Reverse Mortgage as part of her financial plan and live without fear of not being able to take care of their needs now or in the future. Plan today for tomorrow and don?t be afraid of a Reverse Mortgage it is truly a program that will change your life for the better and give you money without ever making another payment for as long as you live in the home.

I am a Reverse Mortgage Specialist I have spent over 20 years as a Real Estate broker and the last 10 years in the mortgage industry, and 5 of them providing Reverse Mortgages. My years as a professional, I have always felt that helping our seniors is helping the back bone of this country. Our seniors are the ones who made this country great and in the time of their lives that is so suppose to be their golden years it is in many cases painted black. I have dedicated my life to helping them achieve some sort of financial independence and help to enjoy the fruits of their labors. Visit http://www.bestmortgageplans.com or call toll fee 877-463-6546 ext 7807

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How Seniors Can Protect Themselves From Financial Scams

by bobcrabtree1 Posted: Monday, 12/7/2009

Copyright (c) 2009 Sherry Tingley

Seniors in today’s world are prime targets for financial fraud. They haven’t grown up with technology and many times aren’t aware of news circulating on the Internet about ways that people have been ripped off by scammers. They need to follow some simple steps to protect themselves.

Financial literacy is taught to teenagers and younger people, but seniors have a hard time keeping up with the new ways that scammers operate. Older folks however are not updated with what is going on in the financial world ‘making them an easy target for those who profess to be “lenders”.

For seniors to protect themselves from these finance issues, here are a few tips to take into consideration:

1. Budget and List Your Expenses

Saving enough money is key to a much more comfortable life ahead. Look carefully at your budget and make sure you are spending on essentials. For example, there is no more need for you to maintain that four bedroom house if all the kids now have their own families and their own homes. You can sell the house for a profit and get a smaller apartment ‘it is easier and cheaper to maintain.

Having enough income will relieve seniors from stressing out because of finances even if a crisis hits. Budgeting and saving enough for retirement is a good thing.

2. Investments

When it comes to investments, seniors should be more careful. As much as possible, do not invest in the stock market if you are not an expert. The stock market goes down faster than it is supposed to go up. Invest in something that does not fluctuate along with the market.

3. Power of Attorney

Before making any decisions, it is highly recommended that older Americans find someone they can trust to manage finances and other legalities. A son or a daughter is a good choice so that seniors can have peace of mind when it comes to their money. As much as possible, do not give anybody else control over finances except your own children because if you do not have enough control over your money, you might find that one day your money is gone.

4. Charities

If you want to help out in your own way with regards to a certain cause, be very careful because even legitimate charities can obtain the right to withdraw from your bank account. Help out in cash, give it to them and do not sign any agreements whatsoever nor should you give out your bank account number.

5. Beware of Phone Scammers

Do not give any personal information to anyone who calls you pretending to be from a legitimate company. These scammers usually call through the relay service – a service that is supposedly for the service of deaf people which allows them to make a regular phone call. The relay service is a legitimate company but somehow, through the advancement of technology, Nigerian scammers have hacked into their system and they pretend that they are deaf people trying to call relatives. The interpreters do not have the power to end the call since it is against federal laws to meddle in the call. The best thing you can do is report this call as soon as possible and never to entertain them anymore especially if you do not know someone who actually uses the service.

6. Retirement

For those who are still planning to retire. Delay your retirement. Figure out first how much money you have in your pension plan and if your retirement income is sufficient, then go right ahead and enjoy your retirement benefits.

Help protect your loved ones from any type of financial fraud. Offer your help to the seniors in your life. Let them know that you can order personal checks onine with the utmost safety and security. You can safely recommend this to seniors. They will be able to choose from hundreds of styles and will save money at the same time.

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Reuters Outsources to India to Cover US Financial News

by bobcrabtree1 Posted: Sunday, 12/6/2009

Outsourcing of media and publishing is one of the most recent events in the Outsourcing industry, bringing about an unprecedented revolution in the global media and publishing business. Preceding Reuter?s decision to outsource its work to India, Time Warner’s magazine Business 2.0, New York Times, and Technology news portal CNET have experimented with outsourcing their research reports, news alerts, editing work and are looking to initiate pilot programs to get news pages designed in India.

The aim again is cost-cutting and to provide up-to date news, keeping the reports, bulletins, and broadcasts, fresh throughout the day. Reuters has acquired a base in Bangalore (a Reuters Bureau, like any other) with 60 people who are to carry out their basic data analysis, and compile tables, with over 300 non-editorial people monitoring market data. In addition, a polling unit has also been set up to make calls for collecting data, starting with Australian economic polling. The stories, however, will be written in the original centre.

David Schlesinger, global managing editor, Reuters, corroborates that the driving force behind outsourcing their work to India is to avail of the huge cost advantage. According to Schlesinger, the move meant that Reuters could broaden their coverage of US companies without incurring crippling costs. Also, they can use their New York journalists for more interesting stories, and to conduct interviews with senior company officials. Reuters is keen to benefit from the advance in technology in India, which is apt for conducting editorial and publishing work, and looks forward to a flourishing outsourcing publishing business from India.

The journalists employed by Reuters, Bangalore, cover US financial news in night shifts. Company news is reported live as it happens on the New York Stock Exchange. These journalists get an opportunity to work for the world’s biggest news agency, Reuters, for much less than their counterparts in the US. With this move, Reuters implements its massive cost-cutting program. The journalism operation in Bangalore could soon be significantly expanded, said Schlesinger.

So, while the News industry never tires of slamming the outsourcing industry in general, it seems to have discovered the benefits of Outsourcing for itself.

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Seniors – Planning Ahead is Key to Financial Stability

by bobcrabtree1 Posted: Friday, 12/4/2009

Dollars & Sense

As published in the Naperville Sun ? 8/27/06, The Beacon News ? 4/29/07

By Denice Gierach

Recently, there was a case in the news of a Brooks Astor, a New York socialite, who is now 104 years old. Her grandson is in a heated battle to remove his dad as Mrs. Astor’s caregiver. In court papers that were filed, the grandson accused his father of ignoring Mrs. Astor’s health and personal needs and requested a friend of Mrs. Astor’s be appointed as her guardian.

While we may not all be in Mrs. Astor’s social or economic position, senior custody battles are being propelled by a number of demographic shifts. As the population ages and more people live longer, more seniors are likely to eventually lose their mental or physical capacity, leaving decisions over their finances and personal care to others. With divorce and second and third marriages leading to tension among children and stepfamilies, there is even more tension over the care of aging relatives. The ensuing custody battles are driven many times by long-standing family rifts and the desire to control the family assets.

Today many family members live far away from each other, making it more difficult to monitor the condition and care of elderly relatives. Sometimes family members are not even aware of the needs of the elderly relatives or the current condition of their care. For all of these reasons, it is important to have seniors take proactive steps ahead of time to minimize the chances of guardianship proceedings or custody battles later.

In Illinois, a person who is of sound mind and memory may designate a person or a bank trust company to act as a guardian (and may designate successor guardians) in the event that he or she is found to be a disabled person by the courts in Illinois. The designation needs to be in a written document and signed in the same manner as a will. The court will determine if the appointment of the designated guardian will be in the best interests of the person at the time the court determines that the person is considered disabled under the law. A person is considered disabled under the law if that person, because of mental deterioration or physical incapacity is not able to manage his personal or financial needs.

There are several other steps that a senior should consider taking. First, the senior should have a current financial power of attorney in which the senior appoints a trustworthy agent, often a spouse, another family member, or an adviser, to make financial decisions if the senior becomes unable to make them. The senior should also consider the use of a living trust. The senior transfers the title to all of their assets into that trust. The senior manages the trust until the senior is no longer able to do so, and is then succeeded by a successor trustee appointed by them in their trust document. In the event that the senior is again able to manage his financial affairs, the senior can again control and manage the trust.

The use of the financial power of attorney and living trusts which hold the title to all of the assets may preclude a fierce family battle later. In many circumstances, there will not be any need for a court appointed guardian. Instead, the trustee that was appointed by the disabled senior handles all of the financial matters for the disabled senior and the agent appointed by the financial power of attorney handles financial and other items that are not owned by the trust. In that case, all of the decisions have already been made by the senior before he or she is unable to do so.

Currently, few people plan ahead. The survey done by AARP in 2003 which reviewed 1,500 people age 45 and older found that only 27 percent had created a financial power of attorney document. So, if you don’t want to be like Mrs. Astor as a pawn in a custody battle, you had better plan ahead!

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