Protect Your Parents from Fraud

October 26, 2009 | Julie Hall

Your parents protected you when you were young with advice and example. Look both ways before crossing the street, never speak to strangers, and a host of other suggestions were meant to protect you. Sadly, our parents reach a point where they need us to protect them!

Here are six suggestions to protect your parents from scams and schemes:

1. Ask or discuss with your parents who has durable power of attorney.

2. Register your parents’ telephone numbers with the National Do Not Call registry (www.donotcall.gov).

3. Discuss with them the list of common frauds (see The Boomer Burden, chapter 7). Ask them to contact you if they suspect anyone is trying to defraud them.

4. Ask your parents to contact you if anyone offers to buy any of their possessions.

5. Make sure a family member personally visits your parents on a weekly basis. If this is a challenge and you have other siblings, take turns.

6. Reduce junk mail for a small fee by going to either of these web sites: www.stopthejunkmail.com and http://mailstopper.tonic.com.

The National Center for Elder Abuse is an excellent resource for information on financial and other forms of abuse against senior citizens. It publishes reports and conducts research on this growing problem. NCEA’s mission is to promote understanding, knowledge sharing, and action on elder abuse, neglect, and exploitation. Its web site also offers links to other excellent resources and organizations also devoted to protecting senior citizens. Their web site is www.ncea.aoa.gov.

Honor your parents by standing between them and anyone who sees them as an easy target.

The remedy for procrastination and denial

October 12, 2009 | Julie Hall

When it comes to making arrangements for estate distributions upon one’s death, too many older adults are seized with a rather dramatic disease diagnosed as procrastination with a touch of denial.

Of course, we will all die — it’s a certainty, but many people do nothing about it while they are alive. They think in terms of “if” I die and not “when” I die. Denial makes them procrastinate on very important personal decisions they should be making.

Procrastination and denial have a remedy called “AWARE”.

A stands for Anguish. When a loved one dies and leaves no instructions on what to do with his or her estate, the next of kin becomes angry and resentful of having to mentally and physically handle another person’s lifetime of accumulation. The frustration, anger, resentment and guilt are in their voices when they call me to help them dispose of the household possessions. So, alleviate this emotional strain by spending a small amount of time now when you are mentally and physically able to arrange your affairs yourself.

W stands for Will. “Don’t leave life without it.” Your Last Will and Testament is the wisest document you can possess. Have an attorney help you, since template forms may not hold up in the statutory process for distributing assets. Not just for those of wealth, a will is important for any well-prepared individual. A will is needed to make sure you have designated the right beneficiary when your estate is distributed after your death. The investment in time and money here is minimal compared to the anguish you will cause a loving family member or friend without one.

We’ll finish the remainder of “AWARE” in the next post!

Seniors, their children, stuff, and grief

September 14, 2009 | Julie Hall

In my work of helping seniors appraise the worth of their personal property, or liquidating it, I have seen examples of unsavory human behavior during the process. This comes from family, friends, neighbors, or strangers.

In dealing with a lifetime accumulation of stuff, seniors are often at a vulnerable place in their lives and daunted by the task. That’s when predators appear, driven by insensitive greed and persuasive powers. These unscrupulous mischief makers could be stopped in their tracks if only the senior had the knowledge of how much their personal property was worth. They should also proactively create a master list of what they perceive to be treasures – either sentimental or financial.

When seniors have avoided making these choices by doing nothing for their estate planning and distribution, they are actually making a decision with dire consequences. I always recommend that seniors distribute their treasures personally now, or in writing for distribution at death. When the gift is personally made, however, they have the satisfaction of seeing the joy on the face of the recipient!

If a personal transaction is not done, then the next best thing is to write down who gets what on a master list. This master list should be kept safely with the will. Both documents will almost always minimize family disputes and exploitation.

Problems generate when the children or close relatives are burdened with dealing with the death of the senior, the pressure of dealing with the estate, and the overwhelming task of disposing of the personal property. Seniors who recognize their own responsibility in this matter and make the decisions themselves are practicing the best defense against family quarrels or exploitation in any guise!

Who is the Estate Lady?

September 8, 2009 | Julie Hall

The Estate Lady is a fitting name for my company. I am the company — a mixture of compassionate advocate, honest rescuer, detailed organizer, wise advisor, certified expert in personal property worth, and observer of human behavior.

I’ve always treasured older adults! Unfortunately, I’ve witnessed many situations when seniors are blatently taken advantage of, when it comes to both their money and their personal belongings. That’s why I paired my love of appraising personal property with dismantling households and channeling accumulated life treasures into the most appropriate way to benefit their owners.

It doesn’t take seniors or their children long to discover that I know what I am doing. My hallmark is trustworthy counsel and behavior in appraising and handling their personal property. My clients — professionals representing seniors such as attorneys, financial advisors, accountants, and bank trust officers, children of older adults, or seniors themselves — discover that my name and my company have built a reputation of honesty and compassion in providing comprehensive personal property services. My point of difference in this industry is that I do a total turnkey in personal property appraisal and liquidation, wiht a host of certifications that reinforce a strict code of ethics and knowledge in all my dealings.

My work is physically exhausting and sometimes sad or dangerous when liquidating and conducting estate sales. It is detailed and precise in appraisal reporting. But, it is always filled with passion and a sense of purpose in helping older adults. I see the most remarkable human behavior, and often the worst behavior, in my line of work!