The Power to Care

Plan ahead for your financial needs as you and your loved ones age

Now is the time to set up safeguards to secure your long-term financial future and give you and your family peace of mind by lowering the risks of fraud, confusion, or financial exploitation down the road. Here is a basic overview of the essential steps you can take to help protect yourself from targeted scams you might face as you age.

1. Start trust and estate planning. Organize your financial records and work with financial and legal professionals to plan for future financial needs.
    
2. Appoint a power of attorney. This is a trusted individual who can manage legal or financial matters on your behalf in the future if needed.
    
3. Designate a trusted contact for your financial accounts. This is another trusted individual you can designate. In the event of an emergency, like suspected financial exploitation, financial institutions can reach out to this person to help resolve the issue.
    
4. Never give out information or money in response to email requests, text messages, or phone calls. These communications may appear to be from a legitimate source but can be used to commit fraud or a scam.
    
5. Trust but verify. Apply due diligence when sending funds by performing online searches to see if the scenario looks legitimate or if others have been victimized by similar-sounding frauds or scams. Get supporting documents, meet people, and view goods in person. Be on alert if you receive a request to send funds in cash, cryptocurrency, prepaid debit cards, or gift cards.
    
6. Stay connected. Being involved in the community and having trusted individuals to assist with financial matters can provide you with a source for advice and guidance if you’re ever a victim of financial exploitation.
    
7. Don’t hesitate to ask for help right away. Reach out to others if you are concerned that you could be the victim of fraud or financial exploitation. The sooner you ask for assistance, the sooner you can work to recover any lost funds and prevent further losses.

If you suspect that you or someone else is being exploited

You or a trusted person should contact Adult Protective Services. You can find information about your local Adult Protective Services office at the Eldercare Locator on eldercare.gov, a public service provided by the U.S. Administration for  Community Living, or by calling 800-677-1116.

Also contact our firm or any other financial institutions so they can help protect investors and their assets.

Resource: Charles Schwab Advisor Center. For more information about fraud, identity theft, and senior financial exploitation, visit   schwab.com/schwabsafe  |  schwab.com/seniors

This content is developed from sources believed to provide accurate information. The information provided is not intended as tax or legal advice; Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel.

Neither the information presented nor any opinion expressed constitutes a representation of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets.