Homeowner and Reverse Mortgage Scams

Homeowners beware! Another potential source of financial scam is through reverse mortgage scams. Direct mail pieces, emails, even TV ads, promote that these “financial advisors” can exponentially increase the potential monetary value of your home or property. Sometimes these written pieces seem official and appear to be written “on behalf” of an official from your county, like The County Assessor.  This letter may state the assessed value of the property and give the homeowner the chance for a reassessment of not only the property value, but also the taxes associated with it. These con artists use public information and twist it through false advertising into a financial scam to get you to provide them with funds.

For more information on reverse mortgage scams, investment schemes and other types of fraud targeting the elderly, be sure to visit our Resources page to receive a free copy of our book, Senior Shakedown: The Unknown Dangers of Getting Old, and How to Protect Your Loved Ones.

If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.

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source http://www.scottcounsel.com/homeowner-and-reverse-mortgage-scams/

Investment Schemes

In a perfect world, most adults begin saving and planning for their retirement well before they are actually able to retire. This careful planning and management of funds can make seniors susceptible targets of investment schemes. Investment schemes can come in many forms. Everybody knows about the infamous Ponzi scheme –  a pyramid scheme that gives the appearance of earnings and profits when they really do not exist. Then you hear crazy stories about a Nigerian prince needing an heir to share in his newly discovered inheritance or other similarly concocted nonsense.  Regardless of the type of investment scheme, they are a way for scammers and con artists to get rich quick off elderly and vulnerable individuals.

For more information on investment schemes and various other scams perpetrated against seniors, check out the Resources page for a free download of our book, Senior Shakedown: The Unknown Dangers of Getting Old, and How to Protect Your Loved Ones.

If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and guide you in a secure plan for your future.

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source http://www.scottcounsel.com/investment-schemes/

Counterfeit Prescription Drugs

Obtaining medical prescriptions online has become increasingly easy and prevalent. Savvy shoppers are learning to do their due diligence and research rather than just fill prescriptions at their local pharmacy. Many online retailers offer greater discounts in bulk amounts with expedited ease. However, there is a sordid side to getting online prescriptions filled. There is a high incidence of counterfeit prescription drugs being made and used to fill every day orders. This is a very common scam that the Food and Drug Administration (FDA) is tracking.

Besides the danger of ingesting something harmful or NOT ingesting the medicine you really need, you are now transmitting your financial information to online con artists. We highly recommend you always verify that you are using approved vendors for medical and financial purchases.

For information on this and many other types of scams targeting the elderly, be sure to check out the Resources page for a free download of our book, Senior Shakedown: The Unknown Dangers of Getting Old, and How to Protect Your Loved Ones.

If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.

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Medicare and Health Insurance Scams

Who is eligible for Medicare? Generally Medicare is available to people 65 or over, younger people with disabilities and people with end stage renal disease (www.hhs.gov). Medicare has two parts: Part A (hospital insurance) and Part B (Medicare insurance). There are eligibility requirements; which you can find online at www.hhs.gov (U.S. Department of Health & Human Services).

Why are we highlighting Medicare? There are many ways for crooks and financial scammers to find out your age, where you worked, if you paid taxes, where you live, and surmise if you are eligible for Medicare. Some scammers may pretend to be representatives of Medicare in an effort to coax personal information from their targets. Taking it to the next level, there are even reports of fake mobilized clinics where unlicensed services were performed and then Medicare was billed.

For more information on this and other types of scams that con artists used to target the elderly, be sure to check out our book, Senior Shakedown: The Unknown Dangers of Getting Old, and How to Protect Your Loved Ones from our Free Resources page.

If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.

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Internet Fraud

There’s no denying the fact that the Internet is a huge part of daily life for millions of people in today’s society. For younger adults and children, learning to navigate the complexities of the world wide web is easier and is part of daily routines.  This familiarity with using the Internet consistently and regularly leads to the belief that younger people are more likely to recognize internet scams or fraud and avoid them. The same may not be said for seniors and the elderly. Since some older adults tend to have limited access to the Internet, they unknowingly become easier targets for scammers when they do start going online more frequently.

Potential situations that could arise include: falling victim to some pesky pop-up ads claiming their computer is infected with a virus and that a “free scan” (from a fraudulent anti-virus program) is needed to get rid of it. There is also potential that the scan may con the Internet user out of a great deal of his or her money, or even infect the computer with an actual virus that exposes all of the computer’s information to scammers and con artists.

Another internet scam that seniors often fall prey to comes in the form of email or phishing scams. In these types of scams, he or she may get an email from a seemingly legitimate company asking them to either update or confirm any personal information. Another such email scam may even appear to be coming from the IRS regarding a tax refund. We find it is vitally important that seniors and the elderly learn about how to protect themselves online, There clearly are advantages in learning how to use the Internet; we strongly recommend finding safe and proper ways to do so.

If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.

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source http://www.scottcounsel.com/internet-fraud/

Funeral and Cemetery Scams

Losing a loved one is hard enough on its own without also having to worry about fraud on top of it. The sad truth, however, is that there are two types of funeral and cemetery scams that target seniors, according to the Federal Bureau of Investigation.

The first comes in the form of scammers and con artists reading obituaries or either calling or attending a funeral service of someone they don’t even know for the express purpose of taking advantage of the stranger’s grieving loved ones. They may make claims that the individual had an outstanding debt with them in an effort to extort money from relatives.

The second type of scam comes from funeral homes that are in disrepute. These facilities will often take advantage of a person’s unfamiliarity with just how much a funeral costs in order to get unsuspecting family members to pay for extra services they do not need–thereby adding to the bill and putting more money in the pockets of the funeral home. As an example, in this type of scam, a funeral director may insist on using a casket even if a cremation is to be performed.

For more information on the different types of scams that target seniors, and how to watch out for them, make sure to visit our free resources page to download of copy of Senior Shakedown: The Unknown Dangers of Getting Old, and How to Protect Your Loved Ones.

If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.

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source http://www.scottcounsel.com/funeral-and-cemetery-scams/

Fraudulent Anti-Aging Products

The unfortunate truth of today’s society is that each and every person is expected to be young, vibrant, and beautiful 24 hours a day, seven days a week. Think about how many different anti-aging products you see commercials for everyday. Even people who don’t seem to actually need anti-aging products are using them! So, is it really any surprise that unsuspecting older adults and seniors can become easy targets for scammers promising the newest and best in anti-aging products? After all, there are some who may feel it is necessary to hide their true age via “miracle” products in order to feel more accepted in social circles or society in general.

It is the above mindset, then, that pushes older adults to look for the next best way to keep up a more youthful look and erase any wrinkles and signs of aging -often through treatments or medications- and this is where scammers will come into play. They may promise younger, better-looking skin through Botox scams or some type of homeopathic remedy that doesn’t actually remedy anything at all.

Scams involving Botox can be quite dangerous, since many labs creating fake Botox are often working with the real root ingredient, botulism neurotoxin. This is, in fact, one of the most toxic substances there is, and these fake miracle products can often produce side effects far more dangerous to a person and his or her health than simple wrinkles or droopy skin. A person’s life can literally be at stake, so it is important to be on your guard when it comes to any kind of beauty or anti-aging product that seems suspicious.

 

If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.

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source http://www.scottcounsel.com/fraudulent-anti-aging-products/

Top Ten Senior Financial Scams

The unfortunate truth is that seniors and the elderly are often easy targets when it comes to financial scams. The reason for this is because financial scams against the elderly go unreported for a number of reasons, not the least of which is simple embarrassment. In fact, financial scams are so prevalent among the elderly for the simple reason that seniors and the elderly are often thought to have a large sum of money in their bank account. Oftentimes, financial scams and crimes can be difficult to prosecute, and, as such, are considered to be “low-risk” crimes. However, this is simply not the case, as financial scams can leave anyone (but especially the elderly) incredibly vulnerable with not much (if any) time to get back all the money they lost.

While you may think that a majority of targeted seniors are wealthy, this too is a misconception. Those older adults with lower incomes can also become targets for scams, and the surprising truth is that, oftentimes, it isn’t a complete stranger perpetrating the crime. More than 90% of elder abuse–including financial scams–are committed by someone close to the elder, even family members.

So, what are the top ten financial scams against seniors? Let’s take a look:

1. Medicare and health insurance scams

2. Counterfeit prescription drugs

3. Funeral and cemetery scams

4. Fraudulent anti-aging products

5. Telemarketing and phone scams

6. Internet fraud

7. Investment schemes

8. Homeowner and reverse mortgage scams

9. Sweepstakes and lottery scams

10. The grandparent scam

We’ll be covering many of these a bit more in-depth over the course of several individual articles, but this was just a simple overview to show just how prevalent financial scams against the elderly can be and are. If you would like more information on this subject right now, you can check out our book, Senior Shakedown: The Unknown Dangers of Getting Old, and How to Protect Your Loved Ones by visiting the Free Resources page of the site.

If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.

The post Top Ten Senior Financial Scams appeared first on Scott Counsel.

source http://www.scottcounsel.com/top-ten-senior-financial-scams/

How to Set Up a Funeral Trust

There are multiple ways a funeral trust may be set up:

• It may be set up directly through the funeral services provider.
• You can find someone who deals with funeral trusts specifically via the internet to walk you through the process.
• Funeral trusts are also sold through insurance companies, and any such trusts are normally funded via single-premium whole life insurance.

If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.

The post How to Set Up a Funeral Trust appeared first on Scott Counsel.

source http://www.scottcounsel.com/how-to-set-up-a-funeral-trust/

Advantages and Disadvantages of a Funeral Trust

Just like a great many things in life, there are both advantages and disadvantages to having a funeral trust, so let’s look at them now.

Advantages

If you already have a funeral trust in place, any other relative or person, or the funeral home will be able to handle any arrangements you have when needed. Another advantage comes in the form of the possibility of increasing your potential eligibility to receive long-term care benefits through Medicaid–thanks to the Medicaid Funeral Trust. If the trust is funded with life insurance, you will also have no taxable income to report, as life insurance cash values grow tax deferred.

Disadvantages

If you are considering using a funeral trust, you should ensure that an independent trustee is in place in order to make sure that the funeral bill is reasonable and to pay out any excess to the family. You’ll also need to make sure that the proceeds in the trust will be an acceptable form of payment prior to naming the funeral home as a trustee or beneficiary. You’ll also have to make sure that all of your information is current. Also, if you happen to move, you should make sure to change the trustee and beneficiary to the new funeral home. Also important, remember to provide either your executor or all of your heirs with a copy of the trust along with any contact information you have for the funeral home and beneficiary (if different).

If you don’t, any income from assets in the trust could be taxed to you as the creator.

If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.

The post Advantages and Disadvantages of a Funeral Trust appeared first on Scott Counsel.

source http://www.scottcounsel.com/advantages-and-disadvantages-of-a-funeral-trust/

What Expenses Are Paid For By a Funeral Trust?

The following expenses are paid for via a Funeral Trust:

• Basic Services of Funeral Director and Staff
• Other Professional Services
• Embalming
• Other Care of Deceased
• Funeral Home Facilities and/or Staff Services
• Casket
• Cemetery Charges
• Cemetery and Burial Plot
• Other Funeral Merchandise

You can read more about Medicaid Funeral Trusts here.

If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.

The post What Expenses Are Paid For By a Funeral Trust? appeared first on Scott Counsel.

source http://www.scottcounsel.com/what-expenses-are-paid-for-by-a-funeral-trust/

What is a Medicaid Funeral Trust?

It is possible that, in your search for answers to questions regarding Medicaid, you may have seen the term Medicaid Funeral Trust come up at some point. But what exactly is a Medicaid Funeral Trust?

The Internal Revenue Service defines a funeral trust simply as a fund of pooled income that is set up either via the funeral home or cemetery. The trust is funded by any property (normally cash, bonds, or life insurance) that a person transfers into it with the express purpose of covering both funeral and burial costs.

More often that not, the funeral trust is entered into directly with the funeral home itself, and the funeral home may potentially agree to lock in costs for any future funeral or burial services at a predetermined (and agreed upon) price.

The funeral home may also serve as trustee for the trust as well.

A funeral trust may be either revocable or irrevocable. An irrevocable trust cannot be dissolved until all terms of the trust have been met. With an irrevocable trust, this means that the creator of the trust must die before the terms and assets in the trust can go to work—thanks to wording in the trust that states that assets cannot be paid until death. However, it is important to note that an irrevocable funeral trust CANNOT be dissolved by any person or entity (not even the creator of the trust) for any reason whatsoever. Neither can anyone have access to any assets placed in the trust at any time.

Conversely, a revocable trust can be created by anyone and then dissolved by the creator at a later date. When the trust is dissolved, any remaining assets in the trust will then go back to the ownership status they had prior to being placed in the trust.

If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.

The post What is a Medicaid Funeral Trust? appeared first on Scott Counsel.

source http://www.scottcounsel.com/what-is-a-medicaid-funeral-trust/

Medicaid Liens

When Medicaid pays for benefits on behalf of their enrollees, they make that money back in the form of what is known as a Medicaid lien. For individuals aged 55 and up, states are required to recover payments via the person’s estate for things like nursing facility services, home and community-based services, and any and all related hospital and prescription drug services.

There are certain situations in which any money remaining in a trust after a Medicaid enrollee passes away can be used to reimburse Medicaid. However, states cannot reimburse money from the estate of a deceased person if he or she has a spouse that’s still alive, a child under age 21, or one who is blind or disabled, regardless of age. The states are also required to waive estate recovery when not doing so would cause undue hardship.

However, states may also impose some liens for Medicaid benefits that had been paid incorrectly in an effort to receive judgment by the court. They may also impose liens on any real property during the lifetime of a Medicaid enrollee who is institutionalized permanently. Exceptions are as follows: a spouse, child under age 21, a blind or disabled child (regardless of age) are living in the house, or there is a sibling who has an equity interest in the home.

It is required by law, however, for states to remove the Medicaid lien when the enrollee is discharged from the facility or hospital and returns home.

If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.

The post Medicaid Liens appeared first on Scott Counsel.

source http://www.scottcounsel.com/medicaid-liens/

Financial Documents and Care Planning

It is vital to begin preparing for any potential long-term care needs now, even if the need is not imminent. When it comes to planning for long-term care, there’s a lot to consider. You’ll want to make decisions on things like:

• Housing
• Health-related matters
• Legal matters
• Financial matters

There are a multitude of documents related to each of those points, and it can be quite confusing figuring out exactly what documents you actually need. To make legal decisions, there are three documents that are highly recommended. They are:

• Health Care Power of Attorney
• A Living Will (also called an Advanced Directive)
• A DNR (do-not-resuscitate order), if desired.

Health Care Power of Attorney

Also known as a durable power of attorney for health care, this document is one that names and gives someone the ability to make medical decisions on your behalf. Whomever you choose needs to both understand and respect any values and beliefs you have regarding your health care. It is important to talk with the person before naming them as your agent in order to make sure they are comfortable assuming the role.

Living Will

This document is also called a health care directive, and it keeps track of any of your wishes for medical treatment approaching the end of life. It should clearly state which types of life-sustaining treatments you do or do not wish to receive if you are considered terminally ill, permanently unconscious, or are in the end stages of a fatal illness. For instance, a living will can state whether you want to receive artificial breathing if you can no longer breath on your own. You can learn more about living wills by clicking the links.

Do-Not-Resuscitate (DNR) Order

A DNR order informs health care providers you do not wish to be revived through CPR or other forms of life support if you stop breathing or your heart stops beating. It should be signed by a health care provider and inserted in your medical chart. Hospitals and long-term care facilities have these forms that a staff member can assist you in filling out. A DNR order is not required.

If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.

The post Financial Documents and Care Planning appeared first on Scott Counsel.

source http://www.scottcounsel.com/financial-documents-and-care-planning/

Financial Planning and Budgets

Financial issues are a sore spot for a lot of folks, and many of them often have trouble in planning out their finances and properly managing a budget. You might not even know there’s a difference between the two, but in fact there is:

Budgets

A budget is simply something that people can use that lets them break down each of their expenses into categories over a certain time period (like weekly, monthly, or yearly). It is a guideline to follow in order to help with spending.

Each individual expense is placed into the budget and then added together for the total. This is then subtracted against the total amount of income made during the same time period. What results is the amount of money that can be saved during that period. To save more money, for example, expenditures can be changed or dropped from the budget altogether (if possible).

Financial Plans

A financial plan is a tool that people use to help them achieve their long-term financial goals. Since it breaks down expenditures as well, it is similar to a budget in this manner. However, a financial plan is much more focused on the end goal(s) and is oriented toward achieving them.

As an example, if you want to save a certain amount of money in order to retire, a financial plan would be the outline you would use in order to reach that goal. While indeed similar to budgets, financial plans differ in that they are focused more on income and assets—things like bank accounts, pensions, home equity, etc. A financial plan can also provide an estimate for how much money can be made with socks, bonds, mutual funds, 401Ks, and the like.

If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.

The post Financial Planning and Budgets appeared first on Scott Counsel.

source http://www.scottcounsel.com/financial-planning-and-budgets/