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How to safely use payment apps

January 30, 2023 By Liz Weston

As a frequent PayPal user, Kim Palmer wasn’t surprised to see a payment request on the app pop up. But when she read it, she knew something was wrong.

In Kimberly Palmer’s latest for the Associated Press, learn how to safely use payment apps.

Filed Under: Liz's Blog Tagged With: Cash App, payment apps, PayPal, scam, Venmo, Zelle

Wednesday’s need-to-know money news

October 6, 2021 By Liz Weston

Today’s top story: 6 tips for traveling without a credit card. Also in the news: The most pet-friendly airlines, how to sell from your sofa with live stream shopping events, and letters from the IRS regarding the Recovery Rebate are not a scam.

6 Tips for Traveling Without a Credit Card
Debit cards, gift cards, PayPal and cash can be used to cover travel costs if you don’t have or want a credit card.

The Most Pet-Friendly Airlines
Alaska, American and Hawaiian top our list, but regardless of airline, flying with a pet is going to be expensive.

How to Sell From Your Sofa With Livestream Shopping Events
A whole new shopping experience.

Don’t Throw Away These Letters From the IRS, They’re Not a Scam
The Recovrty Rebate info is real.

Filed Under: Liz's Blog Tagged With: IRS, livestream shopping, pet-friendly airlines, scam, traveling without a credit card

Wednesday’s need-to-know money news

October 23, 2019 By Liz Weston

Today’s top story: 6 places to shop on Black Friday. Also in the news: Is a 580 credit score good or bad, a new bill would make for-profit colleges ineligible for federal student loans, and what to do if a stranger sends you money on Venmo.

6 Places to Shop on Black Friday — Big-Boxes and Beyond
Thinking outside the big box.

580 Credit Score: Good or Bad?
Steps to take to get out of the bad place.

Bill would make for-profit colleges ineligible for federal student loans
Many of these schools aren’t accredited.

What to Do If a Stranger Sends You Money on Venmo
The latest scam.

Filed Under: Liz's Blog Tagged With: Black Friday, Credit Score, for-profit colleges, scam, Student Loans, tips, Venmo

Q&A: To help elderly dad hold off mooching adult kids, call in the experts

July 3, 2017 By Liz Weston

Dear Liz: My dad, age 90, needs personal care and I am trying to get him to move out of his house to a senior residential place. He is in agreement, but it is taking a long time to make this happen. He owns his home free and clear and, along with the sale of his home, has enough financial assets to cover these costs.

The problem is my two sisters’ husbands, who overspend and are in debt. These two guys continue to pressure my sisters to ask my dad for money for such things as their mortgages, expenses for their children and credit card debt. My sisters are not just starting out — they are in their 50s! Not only that, when I ask them for help with our dad, they flake out on me. I’ve told them that the financial assistance can’t continue because Dad will need his money to pay for his care.

I feel that my sisters’ and their husbands’ behavior is senior financial abuse. I read that this situation happens a lot in families, where the kids will milk an elderly, wealthy, sympathetic parent or grandparent, sometimes draining their savings. Or one dysfunctional sibling with take financial advantage of a parent, while other siblings in the family struggle with making ends meet. In our family, both my sisters have children, so my dad feels a soft spot for helping them out. I am single, no children, and I am treated differently. I do struggle to make ends meet. My dad is sometimes even reluctant to reimburse me $20 for gas that I spend driving him around and doing shopping and errands.

I’m trying to remain on good terms with my sisters but it is getting tough. Is there any financial advice or references you can give in my situation?

Answer: You’re right that most financial abuse of the elderly is committed by people close to the person, typically family, friends or caregivers. The toll isn’t small, either. A survey by Allianz Life Insurance Company found that the average victim lost $30,000 and 1 in 10 lost more than $100,000.

Family members may not see what they’re doing as abuse. They may think that they “deserve” the money or that it’s some kind of advance on a future inheritance. They also know that Dad just can’t say no and will continue to press him for money as long as they’re allowed to do so.

You and your dad should consult an elder law attorney to discuss ways your dad can be protected against predators. You can get referrals from the National Assn. of Elder Law Attorneys at naela.org, and the attorney can discuss your options.

One obvious solution would be for Dad to hand over his checkbook to you, which would give you the unpleasant job of standing up to your brothers-in-law. You’re certainly in a better position to do so than your elderly father, but he may not be willing to give up control or you may not want the job.

Another option is hiring third parties. Daily money managers provide personal finance and bookkeeping services to elderly clients. They can keep a watchful eye on transactions and spot signs of fraud. You can get referrals from the the American Assn. of Daily Money Managers at aadmm.com. Hiring a geriatric care manager also could be a good move. The manager could assess your father’s health, living and financial situations and help craft a plan to help him move forward. Referrals are available from the Aging Life Care Assn. at aginglifecare.org.

Filed Under: Elder Care, Estate planning, Financial Advisors, Q&A Tagged With: elder abuse, elder care, elder law, elderly, family and money, finances, financial elder abuse, q&a, scam

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