Protecting Seniors’ Assets: How Seniors Can Be Smart About Protecting their Financial Assets from Fraud

One of the biggest problems facing seniors today is making sure that they are protecting their funds from fraud. More than ever, scammers are developing creative methods to steal funds – especially from seniors who have accumulated assets over a lifetime through smart savings plans.  There are upcoming seminars in your local area to help combat senior identity theft and scams.  Follow this link to to our Senior News and Events page to find out about local March 2010 meetings held by Senator Ellen Corbet in Pleasanton, Fremont, San Leandro and Union City.  Experts will be presenting information on common scams to avoid, ways to protect yourself, and suggestions on what to do if you have been a victim of fraud or a scam.  Continue reading for some tips on how to protect your hard earned assets.

If you or an elderly person you know is wondering how to ensure that assets are secure for their future, here are a few tips that money experts recommend:

·                             Don’t trust too quickly. You can never be too careful. Check out a financial planner’s background thoroughly before giving him or her any access to your funds.  www.ethicscheck.com is a great site that can help you determine whether an investment planner is trustworthy.

·                             Watch out for variable and indexed annuities. Many financial experts recommend that seniors steer clear of annuities since these financial products with their high fees, holding periods and taxable nature are often not ideal for the elderly.

·                             Get it in writing. Always get information on investment opportunities in writing before handing over any money. It’s also a good idea to take down address and company information and check it with the Better Business Bureau.

·                             Beware of opportunity seminars that sound too good to be true.  Many scam artists prey on seniors’ assets by holding special seminars to inform them of unbelievable investment opportunities. Seniors should be savvy when listening to these pitches. And remember – there’s no need to act quickly on an investment opportunity. Many scammers use time pressure to convince trusting people to hand over access to funds.