Six Elder Fraud Scams and How to Help Prevent Them

The Pursuit of Happiness: Early Adults Want Financial Independence

By Lisa Margeson, head of retirement client experience and communication, Merrill Suppose you have a parent or grandparent who lives alone. They hire someone fall victim to some form of financial fraud, notes Blomberg.” Here are six common elder Additionally, approximately • Start saving for retirement and take to replace the roof on their aging fraud scams, along with strate1 in 4 early adults with a retirement advantage of having longevity on house and give the roofer half the money up front. And that’s gies you can use to help protect your loved ones. Parents are understandably concerned about their children’s wellbeing and your side. Contribute to an employersponsored savings plan such as a 401(k) — at least at a level that meets any company match. the last they see of the roofer. No matter how close your relationship, can you be sure they’d let you know what happened? Elder fraud is on the rise, but it remains a vastly under1. Pros who are not legit: Con artists often advertise “foolproof” investments or claim special expertise in working with retirees or older clients. One California have been supporting them financially. • Talk to your local Merrill advisor, who reported crime. “Older people are often reluctant to complain thief advertised inexpensive will-preparation services. After can assist with putting together a about being duped,” says Tom gaining clients’ trust, he talked parents on their early adult children is — over $500 billion annually. The outlook isn’t entirely bleak, as the majority of early adults (72 percent) say they would benefit from financial 2 plan to help pursue your goals. For more information, contact Merrill Lynch Financial Advisor Eric F. Gonzales in the Napa, CA, office Blomberg, dean of Florida State University’s College of Criminology and Criminal Justice. “They may fear appearing foolish or worry that wellmeaning relatives will pressure them to move to a retirement community, depriving them of them into investing with him by promising 12% annual returns. Checks from investors went straight to his personal offshore account, and he made off with $11 million before he was finally caught. What you can do: Remind family members that leguidance. Here is some advice to early adults to help their pursuit of financial at 707.254.4606 or eric_gonzales@ml.com. their independence.” Even so, by 2020, more than 20 million Americans age 65 and older will gitimate businesses will happily wait while you check their references. If they’re unsure about a

Use these tips to help you protect your loved ones from the threat of financial fraud that’s increasingly targeting older Americans.

company, it’s also wise to ask for a second opinion from someone they trust.

2. Unbelievable billing practices:

After storms or other natural disasters, scam artists often go door to door, telling homeowners that their properties have been damaged and offering to make repairs at a big discount, says Blomberg. Then they may only pretend to do the work and demand payment. Similarly, auto mechanics may charge for parts not installed and work not performed, he adds. What you can do: Help older relatives keep their properties and cars in good repair, and urge them not to hire anyone who can’t provide clear identification and references.

3. Internet and telephone fraud:

These scam artists may be thousands of miles away, and they often play on people’s trusting nature and desire to help others. A caller may ask for a donation for a worthy-sounding cause. And yet another congratulates you for winning a $1 million prize — and says all you need to do to claim it is provide your Social Security number to confirm your identity and pay a special collection fee. What you can do: Set a firm policy not to give personal information over the phone and remind older relatives to do the same, suggests Debra Greenberg, a director in the Retirement & Personal Wealth Solutions Group at Bank of America. “And if you want to make a pledge to a charity, ask to receive something in writing first,” Greenberg says. Ignore internet offers with obscure origins and prizes that come out of the blue and require a fee to collect.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, Member SIPC and a wholly owned subsidiary of BofA Corp. Investment products: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value © 2020 Bank of America Corporation. All rights reserved. | MAP3184764 | WP-08-20-0229.B | 472503PM-0420 | 08/2020

4. Not-so-free lunches: Older Americans are often targeted by unscrupulous salespeople offering a free lunch or dinner in return for listening to a sales pitch. As often as not, that pitch turns out to be a very hard sell. They can find themselves being pulled into a dubious purchase before the “free” meal is over. What you can do: Make sure that family members know not to

One way for family members to get an early warning about potential red flags is through the Merrill Trusted Contact Person Form, notes Cynthia Hutchins, director of Financial Gerontology at Bank of America. “It authorizes an advisor to reach out to a family member or trusted family friend, if they spot unusual fi nancial activity,” she says. M. SANDOVAL ARCHITECTS, INC. Architecture | Historic Preservation | Design

sign a contract, make an agreement or pay any money unless a trusted friend or family member is involved, says Blomberg. 6. Family fraud: Perhaps the most distressing form of fraud involves other family members. Problems may start innocently,

5. “Friends” with ulterior motives: when a son or daughter gains Good friends are priceless, but control of a retired parent’s con artists posing as friends can money sense accounts to help pay bills. After cost you dearly. Someone who a while, the line between the lives nearby may offer to assist with chores and errands, or even to serve as a home health aide — finances of the parent and the child may become blurred, and the temptation to dip into the Are You the “Family Bank”? and soon begin “helping” with financial transactions, gaining funds becomes irresistible. When the parent dies, other siblings and how to say no — if family members turn to you for financial support. RESIDENTIAL + access to accounts. What you can could find that their expected COMMERCIAL do: These cases can be among inheritance has vanished. What a position to provide it. Yet the “Finances in develop a basic philosophy that applies to the most difficult to prevent, you can do: Even if one sibling Retirement” survey found that few respondents everyone. Explain that this philosophy helped 707.637.4363 • with lonely victims forming an takes on the job of helping with had budgeted to be able to help family members your family build its wealth and that any loan or msandovalarchitects.com emotional attachment to the a parent’s finances, try to build financially, despite giving an average of $6,500 gift decisions will be made based on your core perpetrator. Try to get your transparency into the process annually to family. “We create budgets for such values, such as a strong work ethic, pride and retired parents or grandparents from the beginning, with other things as travel or shopping, so why not for self-sufficiency. If you’re dreading the prospect Fonts: Avenir Light Avenir Roman to talk openly with you about family members staying involved family giving?” asks Bill Hunter, Retirement of refusing a request, prepare your reasons their finances, especially if you through regular, open conversa-Client Experience, Director, Strategy & Solutions beforehand so that you can explain them know there are cognitive issues, at Bank of America. tions. You might also consider unemotionally. When you can’t afford to give, and offer to review checking asking your financial advisor to Hunter advises that you determine how much outline the reasons for your decision. overwhelming majority (80%) doing so because accounts for signs of trouble. If set up a multigenerational family you can commit to this purpose without When a family business is involved, notes you see a lot of checks made out meeting to discuss financial disrupting your retirement planning and current Schmieder, it’s possible that your relatives don’t sometimes wished you could just say no? Maybe saving for that desired purchase — whether it’s Naturally, you’ll always want to be there for your family members when they need you, but there to cash, or to someone you don’t know, consider that a red flag. Other red flags: suspect signatures on checks and financial or legal documents, or sudden, unexplained changes to powers of attorney, wills or trusts. Maybe a certificate of deposit has been redeemed early, despite penalties, or you notice unusual wire transfers. Are checks bouncing or bills going unpaid? Is there suspicious ATM activity — such as withdrawals that took place when the account holder was bedridden? All could be clues that something isn’t right. concerns. Another useful precaution may be to have parents assign power of attorney to a trusted lawyer. If the parents become unable to handle their own affairs, this can add legal formality to the process and may help prevent abuse. In all of these cases, the best offense is usually a good defense. Criminals usually look for the path of least resistance, so if you make it clear you won’t be fooled, chances are they’ll move on. living needs. When you have that figure, consider your other priorities. Are there any lifestyle changes you may need to make in order to keep giving to family during tough times? Most important, before you give, be sure to set aside an emergency fund for yourself to help ensure that you will have a comfortable cushion in retirement. 3. Set firm guidelines for saying yes. Decide in advance under what circumstances you would feel comfortable giving or lending money. “If you’re going to make a gift of the money, think about using the occasion as a teaching moment,” suggests Hunter. Without sounding preachy or judgmental, try to explain to your relative how you’ve put yourself in a position to provide this assistance. Have you kept your debt understand the company’s financial limitations. “Not everyone may be aware, for instance, that company owners have an obligation to reinvest their profits into their businesses to maintain growth,” he says. Use this opportunity to explain that the company’s profits aren’t a ready source for gifts or loans. As you consider each request, it’s always important to remember that gifts or loans to family members will have a direct impact on your retirement planning. There might be an unwritten fifth rule, says Hunter: “Beware of being overly generous, or you could end up needing financial help yourself.” Senior Helpers stans ready to serve your family’s needs with: • Proprietary LIFEProfile™ Risk Analysis and personalized Senior Helpers Smart Care Plan™ to identify and address the concerns most important for successful aging • Consistent, data-driven approach • Proven care programs for Dementia, Round-the-Clock Care, Transition Care, and Short and Long-term hourly needs want to Stay Home. Our mission is to help them do just that. 109 9 OUT OF EVERY 10 SENIORS Fonts: Avenir Black Avenir Roman PMS 7460 C100, M34, Y14, K0 R0, G134, B184 HEX: #0084b7 PMS 361 C75, M4, Y100, K0 R63, G174, B42 Hex: #40ae49 earning, saving, spending, investing and sharing under control, for instance, or lived within your means or avoided high-interest credit cards? Contact us today to learn more: FOR MORE INFORMATION: “For young adults in the family, this could be a 707.200.6665 | SeniorHelpers.com/napa express your family’s values?” says Stacy Allred, Merrill Lynch Financial Advisor Eric F. Gonzales Napa, CA valuable lesson,” he says. “If you expect to be paid back, create a loan All rights reserved. Senior Helpers locations are independently owned and operated. ©2020 SH Franchising, LLC. HCO #284700002 707-254-4606 // eric_gonzales@ml.comdocument,” recommends Joe C. Schmieder, principal consultant of the Family Business Consulting Group. This may include details on For more information, contact FALL 2020 how frequently repayments will be made and Merrill Lynch Financial Advisor whether interest will be charged. If the family Eric Gonzales in the

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TRADITIONAL ITALIAN ORGANIC ITALIAN in the heart of downtown Napa. Ca’ Momi Osteria also offers tastings of Ca’ Momi Napa Valley and Italian wines plus late night live music each weekend.

MEDITERRANEAN AMERICAN GRILL & BARCOMFORT CUISINE TARLA - True to our namesake, the Tarla Grill aims to yield nourishing, creative, and culturally exciting eats originating from Turkey and Greece, lands heralded for their cuisine and a culture that takes pride in the relationship between mankind and the land! We take our responsibility of ensuring the origins of our ingredients seriously and pride ourselves on using local, seasonal and organic fare whenever possible. DOWNTOWN JOES - An American style grill united with quality and freshness. Our menu is locally resourced then cooked with the flair that is true Napa Valley. We proudly feature salads, burgers, sandwiches, seafood, steaks, decadent house made desserts, and more modern pub grub. CELADON offers award-winning global comfort food and is located in the Napa River Inn. Enjoy an unforgettable dining experience on our heated outdoor patio or in our intimate indoor dining area. The seasonally influenced menu features flavors from the Mediterranean, Asia, and the Americas.

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WINE COUNTRY EL FRESCOTRADITIONAL ITALIAN MEDITERRANEAN LA TOQUE’S Chef Ken Frank’s landmark Napa Valley restaurant is the proud recipient CA MOMI is a traditional Italian & organic food restaurant serving premium, locallyof both a Michelin Star and The Grand Award from Wine Spectator. The menu evolves SMALL WORLD - A world of flavor awaits at Small World Restaurant, where the sourced, organic ingredients whenever possible in support of local purveyors and constantly to show off each season’s finest ingredients from a network of local farmers menu features the vibrant cuisine of the Mediterranean and the Middle East. Falafel, like-minded businesses across Napa Valley. and purveyors who supply us with some of the finest foods in the world. Our wine Hummus, Baba Ganoush, Schwarma, Pita Sandwiches, Garden Fresh Salads, and pairings are considered by many to be the ultimate food and wine experience. Fresh-Made Baklava.

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TARLA - True to our namesake, the Tarla Grill aims to yield nourishing, creative, and culturally exciting eats originating from Turkey and Greece, lands heralded for their cuisine and a culture that takes pride in the relationship between mankind and the land! We take our responsibility of ensuring the origins of our ingredients seriously and pride ourselves on using local, seasonal and organic fare whenever possible.

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EIKO’S - Eiko’s delivers imaginative twists on traditional Japanese cuisine. Our vision for the menu combines modern and authentic traditional Japanese cuisine including seasonal, fresh sustainable fish and ingredients delivered daily from our local markets and purveyors. In addition to traditional raw fish preparation, our chefs creates a selection of innovative dishes inspired by our local culture and taste profiles featuring C CASA - We offer a fresh approach to tacos and much more. Fresh, made-to- order white corn tortillas topped with ingredients like seasoned buffalo, rotisserie lamb, grilled prawns, fresh crab, micro greens, goat cheese, chipotle aioli and Serrano salsa. And, we offer interesting small plates and salads, rotisserie meats and poultry and seasonal entrees with a C CASA twist. Napa as influence and inspiration. 610 1st St #B, Napa, CA 94559 / Oxbow Market 1385 Napa Town Center, Napa, CA 94559 707-226-7700 | www.myccasa.com 707-501-4444 | www.eikosnapa.com

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MEDITERRANEANAMERICAN EATERY menu features the vibrant cuisine of the Mediterranean and the Middle East. Falafel, fast, lunch, dinner and bar appetizers. The restaurant features Wine Country Cuisine, Hummus, Baba Ganoush, Schwarma, Pita Sandwiches, Garden Fresh Salads, and emphasizing fresh and sustainable products. Just minutes from downtown Napa, the Fresh-Made Baklava. Grill overlooks one of the most beautiful golf courses on earth and offers a respite from the daily routine for everyone who visits. 928 Coombs Street (Downtown Napa), Napa, CA 94559

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AMERICAN GRILL & BAR ITALIAN AMERICAN CUISINE AMERICAN GRILL & BAR IL POSTO TRATTORIA - We offer the traditional italian experience through food, served in a casual setting in the beautiful Napa Valley. Our menu offers a variety slection of antipasta’s, salads, pizza’s along with freshly made pasta dishes. NAPA GENERAL STORE - Refreshing locals and visitors since 2002. Our riverside patio is an ideal spot for enjoying a meal with friends (including four-legged friends) and family. Join us for breakfast or lunch during the week - and our award-winning weekend brunch. Come for the food, stay for the great wines and artisan gifts! We support DOWNTOWN JOES - An American style grill united with quality and freshness. Our menu is locally resourced then cooked with the flair that is true Napa Valley. We proudly feature salads, burgers, sandwiches, seafood, steaks, decadent house made desserts, and more modern pub grub. DOWNTOWN JOES - An American style grill united with quality and freshness. Our menu is locally resourced then cooked with the flair that is true Napa Valley. We proudly feature salads, burgers, sandwiches, seafood, steaks, decadent house made local food purveyors and locally source our ingredients. desserts, and more modern pub grub. 707-251-8600 | www.ilpostonapa.com 540 Main Street Napa, CA 94559 707-258-2337 | www.downtownjoes.com902 Main St, Napa, CA 94559 Reserve online at NapaGeneralStore.com or by calling 707-259-0762 707-258-2337 | www.downtownjoes.com

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AMERICAN CUISINE AMERICAN CUISINE NAPKINS - An American cuisine restaurant with an exciting scene for locals and travelers who happen upon them.Weekend brunch (11 am to 3 pm) and one of the best happy hours in Napa (food and drink specials from 3 to 7 pm). Weekend nights the bar area turns electric with entertainment including live performances and dancing to DJs NAPKINS - An American cuisine restaurant with an exciting scene for locals and travelers who happen upon them.Weekend brunch (11 am to 3 pm) and one of the best happy hours in Napa (food and drink specials from 3 to 7 pm). Weekend nights the bar area turns electric with entertainment including live performances and dancing to DJs 1001 2nd St, Napa, CA 94559 707-927-5333 | www.napkinsnapa.com1001 2nd St, Napa, CA 94559 707-927-5333 | www.napkinsnapa.com