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  • The Dark Side of the Internet: Protect Yourself From Online Scams and Digital Attacks

    The Dark Side of the Internet: Protect Yourself From Online Scams and Digital Attacks

    In the digital age, online scams and cyber attacks are becoming more frequent, posing risks to not only everyday users but also to lawyers who manage clients’ sensitive information. But there’s no need to fear if you take measures to keep your data safe. And if (when?) you’re working with a lawyer, you should also know what actions lawyers take to protect your data. Taking these two approaches, let’s discuss how you can safeguard yourself from these digital attackers and how lawyers ensure their clients’ data is protected from the bad guys.

    Since this article is being published around “Star Wars Day” (i.e., May 4th, as in “May the fourth (Force) be with you”), I’ll refer to the bad guys as the “Dark Side” just for fun.

    7 Tips to Protect Yourself From the Dark Side

    Navigating the internet safely requires vigilance and knowledge about potential threats, even as the Dark Side constantly comes up with online scams and attacks designed to steal personal information or harm your devices. Here are some essential steps to protect yourself from these cyber threats and ensure your digital experience remains secure.

    1. Verify who you’re interacting with and confirm the identity of anyone asking for personal details online. Scammers often pretend to be from a trusted company. If you receive an email or message that looks suspicious, or even a little off, contact the company directly using information from their official website. 
    1. Create strong passwords. This is crucial. Your passwords should be long, unique, and include a combination of letters, numbers, and symbols. Avoid using common words or sequences that can be easily guessed. Additionally, use different passwords for different sites. A password manager can help you generate and manage secure passwords.
    1. Don’t click on links or attachments without knowing who the sender is. Clicking on links or downloading attachments from unknown sources can be dangerous. These can lead to fake websites designed to steal your information or install malware on your device. When in doubt, don’t click, especially when links come to you via text. Never, ever click a link sent to you via text without verifying that the sender is a real friend or company you’re doing business with.
    1. Keep your software and devices updated. Regular updates help fix security vulnerabilities. Use antivirus software to protect against malware and other threats.
    1. Educate yourself about the types of scams that exist, such as phishing emails that ask for personal information or offer too-good-to-be-true deals. Being aware is your first line of defense.
    1. If you get a call from a bank, a government agency, or even from a child or grandchild asking for money or gift cards for any reason, or access to your computer, tell the caller you’ll call them back. Hang up and call your child or grandchild directly, OR the bank or government agency and find out if they were actually calling you. As an added measure, with your family, have a family “code phrase” that must be spoken out loud in the event of an emergency, such as “blackie is a brown dog” or something unique that only your family would know.
    1. MOST IMPORTANT: Never give anyone remote access to your computer, unless it is from a tech support company you engaged with proactively, meaning you called the tech support line on the company’s website directly and you initiated the request for support. Scammers will pretend they are from Coinbase or your bank and tell you they need to access your computer to resolve your account problem. Don’t fall for it.

    It’s also important to note here that the elderly are the most targeted group for online scammers. So if your parents fall into this age group, pass along this article to them so they’re armed with knowledge to protect themselves.

    The Dark Side Won This Time, Now What?

    Even after taking all these measures, sometimes the bad guys get away with it and scam you or a loved one. If you think you’ve fallen victim to a scam, it’s important to act quickly. Immediately inform your bank or relevant service provider if you’ve shared any sensitive information. They can take steps to protect your account. You should also update your passwords right away, especially if you believe they may have been compromised. Again, ensure your new passwords are strong and unique. You may also want to report the scam to the alleged sender, so they know someone is impersonating them and can take protective measures themselves. And if applicable, report the scam to the relevant online platform, or even the local police, consumer protection agencies, or internet crime complaint centers.

    Rest Easy Knowing We Have Your Back

    At our law firm, we don’t just give legal advice; we’re your trusted advisor for life. If you’ve been scammed, we can help you set up your affairs in such a way that there are layers of protection built-in so it doesn’t happen again. We’re also here for your family. If your elderly parents don’t have an estate plan in place – or it’s been a while since they had it reviewed – we’re here for them too. We can help them protect not only their data, but everything they want to pass on to you.

    If you want to learn more about how we can help you and your parents create a Life & Legacy estate plan that keeps your family out of court and conflict and ensures your plan works when you need it to, schedule a complimentary 15-minute call with our office.

    This article is a service of Jeannette Marsala, Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning Session, during which you’ll get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life and Legacy Planning Session.

  • Navigating the World of Cryptocurrency: A Guide for Parents and Teens

    Navigating the World of Cryptocurrency: A Guide for Parents and Teens

    In an era where digital innovation shapes every aspect of our lives, it’s no surprise that our teenagers are drawn to the allure of cryptocurrency. This digital form of money represents a shift away from traditional financial systems. If you’re the parent of teens, understanding cryptocurrency is crucial so you can provide them with the guidance they need to navigate this new world safely and wisely. I’m here to help you learn what you need to know.

    What is Cryptocurrency, Exactly?

    Cryptocurrency, which folks also call “crypto” is, in essence, virtual money that can be used to buy goods and services. It can also be traded for profit, much like stocks. However, unlike the dollars in your wallet, crypto exists only in the digital world. The crypto universe is vast, with thousands of digital currencies out there.

    Crypto is based on blockchain technology, which ensures transactions are secure, transparent, and decentralized, so they’re not controlled by any government or financial institution (there are pros and cons to this that we’ll describe below). Imagine blockchain as a digital Lego tower where each block represents a piece of information, and once a block is added to the tower, it can’t be removed or altered, making it a super secure way to keep track of cryptocurrency transactions – kind of like a high-tech, unbreakable diary.

    A critical component of understanding cryptocurrency is the concept of a crypto wallet. Unlike a physical wallet, a crypto wallet doesn’t store currency; instead, it holds secure digital keys that allow access to cryptocurrencies.

    What Parents of Teens Need to Know

    To the younger, digital-native generation, cryptocurrency is an exciting and innovative concept. They’re not afraid of technology and investing online. They’re aware of the potentially significant returns on investments, stories of cryptocurrency millionaires, and the prospect of being part of a cutting-edge financial movement. This is why crypto is very attractive to teens.

    Parents should know that while there are no laws specifically prohibiting teens from owning or trading cryptocurrency, most platforms and exchanges require users to be 18 years old. For eager and younger investors, custodial accounts present a solution. These accounts allow parents to oversee their teen’s investments, providing a controlled environment where teens can learn about digital currencies.

    These accounts not only allow parents to monitor their teen’s investment activities but also offer a hands-on educational experience in managing and understanding digital currencies. It’s a balanced approach that combines the practical aspects of investing with the security of parental oversight. And if you’re a business owner, you may want to consider paying your kids and then putting up to $7,000 of what you pay them into a Roth IRA using cryptocurrency and a self-directed IRA structure. By doing this, you can invest that $7,000 in cryptocurrency, and let it ride for the next 50 years. Imagine what it will be worth to them then, and it will grow 100% tax-free.

    For more information about custodial accounts and self-directed IRAs invested in cryptocurrency, schedule a call with us.

    Be Aware of the Risks

    While learning how to invest in crypto can be a great learning activity for you and your teen, be aware of the risks involved. For one, the crypto market is highly volatile. Prices can surge or plummet within a short period, making investments speculative and risky. It’s crucial to have open discussions with your teen about the importance of not investing more than they can afford to lose, and about the reality of the speculative nature of digital currency. Teach your teen the importance of research, diversification, and long-term thinking, and you’ll help instill responsible investment habits that will last a lifetime (and make you proud!).

    Most importantly, ensure you know how to get into their cryptocurrency accounts in case something happens, and that someone knows how to get into your accounts as well. The biggest risk to your cryptocurrency investments is that you haven’t documented them such that someone could access your accounts when something happens to you. Contact us and let us help!

    Alternatives and Best Practices

    For families that find direct investment in cryptocurrency too daunting, there are alternative ways to engage with the digital economy. Encouraging your teen to learn about blockchain technology or exploring investments in crypto-related stocks and ETFs can provide a safer introduction to the concepts without the direct risks associated with cryptocurrency trading.

    However, if you’re ready to make a go at it, here are some best practices to keep in mind:

    Foster a Culture of Learning. The rapid evolution of digital currencies makes continuous learning essential. Encourage your teen (and take the opportunity yourself) to stay informed about the latest developments by reading reputable news sources, listening to podcasts, and even speaking with a financial advisor.

    Establish Guidelines. Before your teen makes any financial investment, it’s important to establish clear guidelines. Discuss together how much time and money is reasonable to invest, the importance of privacy and security in digital transactions, and the expectations for responsible behavior. Setting these ground rules early on can lay a strong foundation for healthy financial habits.

    Embrace the Future. Regardless of whether your teen decides to invest in cryptocurrency, understanding this new facet of the financial world is invaluable for you. The rise of digital currencies offers a unique opportunity for parents and teens to learn together about the future of money, technology, and personal finance. It’s a chance to explore new concepts, discuss values and responsibilities, and prepare for a future where digital currencies may play a significant role.

    Prepare Yourself and Your Teen With Our Guidance

    Whatever the future holds, we believe it’s important to educate your children about finances so you leave a legacy of fiscal responsibility when you’re gone. That’s why we help ensure that when you’re no longer here, your assets – including cryptocurrency – are passed on the way you want, easily, and without your family ending up in court and conflict. We do that by approaching estate planning as a relationship – a lifetime relationship with you as your and your family’s trusted advisor so you have someone to turn to in times of change and uncertainty, and in times of joy and excitement.

    To learn more about how we can guide you and your family to secure the future you want, schedule a complimentary 15-minute call with our office.

    This article is a service of Jeannette Marsala, Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning Session, during which you’ll get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life and Legacy Planning Session.

  • Parents, Step-Parents, And Children, Oh My! Blended Families + Death = A Potential Nightmare

    Parents, Step-Parents, And Children, Oh My! Blended Families + Death = A Potential Nightmare

    Anyone who’s seen an episode of “Modern Family” knows that families these days come in many different shapes and sizes. Long gone are the days when a “family” was defined as a mother, father, and two children. In this article, we’ll focus on one of the types of families that’s common in our modern culture: the blended family.

    The Unique Dynamics At Play in Blended Families

    A “blended family” comes into being when parents divorce and at least one remarries. While everyone may get along effortlessly while the parent is alive, that too often doesn’t happen once the parent dies. Why? Because the law still hasn’t caught up to our modern definition of “family.” The law often favors the spouse, which works well when the spouse and the deceased have children together. But when the deceased parent has children from another marriage, the children can – indeed, often are – cut out of their inheritance.

    Other than the law being slow to catch up, there are a few more reasons why this happens:

    • The parent trusts the new spouse completely and can’t comprehend the spouse ever doing anything to harm the children;
    • The new spouse may place his or her own interest ahead of the children – or have children from a first marriage and want them to benefit instead; or
    • The parent hasn’t been educated about what could happen when he or she dies, and hasn’t consulted with a competent attorney to get educated.

    A True (and Common) Story That Became a Nightmare

    In a recent marketwatch.com article, a woman wrote about her own nightmare scenario. Her father (we’ll call him “Dad”) owned several properties, including the house she lived in as a child. He remarried, and when his health started to decline, her stepmother (we’ll call her “Stepmom”) made financial moves so he could qualify for government health care benefits under the Medi-Cal program. Whereas Medi-Cal is a needs-based program (meaning you only qualify if you can’t afford to pay), many people with means are able to take advantage of legal maneuvers and set their assets aside so they qualify. Doing this keeps assets protected for the next generation(s).   

    So far, so good. It seems as if Stepmom has the children’s interests at heart, right? Not so fast.

    In order to qualify for Medi-Cal, Dad had to transfer his assets to someone else while he was alive. That “someone else” was Stepmom. Apparently, she convinced Dad it was the right move and that she could be trusted with his properties. Dad eventually died, and so at the time of his death, Stepmom owned all his properties, including the childhood home. Stepmom went on a selling spree, cashing in on them all. Guess where the money went? If you guessed Stepmom and HER daughter, you’d be right. Dad’s children from his first marriage got nothing.

    Wait – Surely That’s Not Legal!

    You may be thinking that’s a horribly unfair outcome – so bad that it has to be illegal. But it’s not. It’s completely legal. Once Stepmom owned the properties, she was free to do anything she wanted with them. She chose – deliberately – to give her stepchildren none of the proceeds and under the law, she had the absolute right to do this. The children had no recourse. They’d lose in court every day of the week.

    So we’re left to wonder: is this the outcome Dad wanted? Could he have foreseen Stepmom was capable of cutting out his children? Did he know there was another way he could have protected them and still qualified for government benefits? With education from a trusted lawyer, would he have done anything differently?

    How to Ensure Your Children Are Spared From the Potential Consequences

    If you want to avoid the same tragic consequences, there are some steps you can take right away:

    1. Don’t Be Afraid of the Inevitable: Benjamin Franklin is quoted as saying, “Nothing is certain but death and taxes,” and he was half right (you can avoid taxes with careful estate planning but that’s a topic for another article). Death is certain. Yet we’re all uncomfortable talking about death, much less planning for it. Accept death as a reality then make plans while you can.

    2. Hold a Family Meeting: Having a heart-to-heart about your wishes, values, and goals can go a long way in preventing misunderstandings after you pass away.

    3. Educate Yourself: Hands down the single most important thing you can do is educate yourself and educate yourself now. Don’t rely on the internet. Laws are different from state to state, families are different, assets are handled in different ways, and the internet won’t take all this into account.

    4. Work With a Lawyer Who Understands Your Family Dynamics: One size doesn’t fit all when it comes to planning for life and death matters like these! What works for one family might not work for yours. You need a tailored plan to fit your unique needs. You deserve, and your family deserves, to have a plan that works when your family needs it. That’s why you need a trusted, heart-centered attorney who will appreciate your unique situation and educate you so you’re empowered to put the right plan in place. Your family’s future literally depends on it.

    Your loved ones don’t have to face tragic circumstances when you pass. With honest conversations, proper education, and guidance from a trusted attorney, you can put together a plan that keeps the peace and makes sure your loved ones are taken care of just the way you want.

    To learn more about how we approach estate planning from the heart and yet with all the strategies you need to keep your assets in the family, schedule a complimentary 15-minute call with our office.

    This article is a service of Jeannette Marsala, Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning Session, during which you’ll get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life and Legacy Planning Session.

  • 3 Estate Planning Documents Your Parents Need Right Now

    3 Estate Planning Documents Your Parents Need Right Now

    Today we’re diving into a topic that’s absolutely crucial: estate planning for your parents. As they gracefully navigate their golden years, ensuring their peace of mind (and yours!) becomes a top priority. Whether they raised you the way you want, or showed you how you want to do it differently, as your parents age, one of the very best things you can do for your own best future, and that of your entire future lineage – your children, grandchildren, and beyond – is to take great care of the people you were born to or raised by.

    The questions you need to start asking now are: How will you help them if they become ill or injured? Who will take care of their bills and make sure their health needs are met? How do they want to be cared for, if and when they cannot care for themselves?

    The starting place is open conversation and a power trio of estate planning tools: the general power of attorney, the power of attorney for healthcare (including a living will), and the HIPAA waiver.

    Let’s break down why these tools are the unsung heroes of comprehensive estate planning for your parents, and how to bring them up so you can support your parents to get them created or updated, no matter how much or how little money they have in the bank.

    1. General Power of Attorney (POA)

    A general power of attorney (or POA)  grants a person you name (often a family member or trusted friend) the authority to manage your financial affairs if you become unable to do so yourself. From handling bills to making investment decisions, the general POA ensures that your financial matters are handled, whether you’re experiencing a temporary illness or a long-term inability to manage your money, such as in the case of memory problems.

    If your parents have assets that you must be able to access easily in the event of their incapacity, you may decide that a POA for accessing their accounts isn’t sufficient, as it can be difficult to get access to bank accounts even with a POA in place and will require court action. In that case, the best course of action is to ensure that their assets are titled in the name of a trust, with you or someone you trust as the named successor trustee, who can step in and handle financial matters for your parents, without any court involvement, when needed.

    2. Power of Attorney for Healthcare and Living Will

    It’s possible your parents already lean on you for guidance with their healthcare decisions, and it’s equally possible they don’t share details of their healthcare with you at all. No matter which side of the spectrum your parents stand on, the question of what will happen to their healthcare needs if they become seriously ill can feel overwhelming —  and trust me, it’s even more overwhelming during moments of medical crisis.

    Thankfully, a power of attorney for healthcare and living will allow your parents to explain their medical wishes to guide medical providers and family members on what treatments and life-saving measures they’d like to have, even in the toughest of times.

    The power of attorney for healthcare designates someone to make these medical decisions on behalf of your parents if they’re unable to do so. This trusted individual becomes the advocate, ensuring that healthcare choices align with your parents’ values and preferences.

    Meanwhile, the living will – also known as a declaration to physicians – outlines your parents’ wishes regarding life-sustaining treatments in the event they’re unable to communicate. From CPR to artificial hydration, this document provides clarity amidst uncertainty, giving both your parents and their loved ones peace of mind that the decisions being made around their care are what they themselves would want.

    3. HIPAA Waiver

    In the digital age, privacy is paramount – but what happens when privacy becomes a barrier to essential healthcare-related communication? Enter the HIPAA waiver, the ultimate tool for opening communication roadblocks in times of need.

    HIPAA (the Health Insurance Portability and Accountability Act) protects the privacy of individuals’ medical records. While this is crucial for safeguarding sensitive medical information, it can sometimes hinder the flow of communication between healthcare providers and family members, especially for the elderly and those incapacitated by an illness or injury.

    By signing a HIPAA waiver, your parents authorize specific individuals to access their medical information and speak directly to their medical providers, ensuring seamless communication and informed decision-making. This is essential in medical emergencies but is also extremely helpful if your parents need help hearing their doctor or understanding their medical advice.

    How to Bring Up Estate Planning With Your Parents

    The best way to bring up estate planning with your parents is to get your own planning handled first. Then let your parents know that in the process of handling your own planning, your lawyer raised the question of whether you were an agent under anyone else’s power of attorney, or named as a successor trustee in your parents’ trust, or if you’re going to be caring for aging parents at some point.

    If you’ve worked with a lawyer and they didn’t ask you those questions, give us a call and let’s review your plan and your parents’ planning to make sure that everything you’ll need is dialed in. This can all get quite messy very quickly, and now is the time to talk with your parents.

    Why the Urgency?

    You might be thinking, “Why the rush? Can’t we tackle this later?” Here’s the scoop: Life is unpredictable, and procrastination can be a costly gamble. Waiting until a crisis strikes to get these tools in place can lead to a whirlwind of legal and emotional chaos, leaving your parents’ wishes unfulfilled and their affairs in disarray.

    By proactively planning ahead, you’re not just checking items off a to-do list – you’re investing in your parents’ peace of mind and yours.

    Don’t wait for a storm to hit – schedule a 15-minute call today to learn how our unique Life & Legacy Planning process is designed with your family’s well-being in mind, offering personalized guidance and support every step of the way.

    This article is a service of Jeannette Marsala, Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning Session, during which you’ll get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life and Legacy Planning Session.

  • Help Your Parents Avoid These New Financial Scams – Part 2

    Help Your Parents Avoid These New Financial Scams – Part 2

    In part one of this series, we explored two popular scams that are targeting older adults this year: the grandparent scam and cryptocurrency pickpocketing. In this week’s blog, I’m sharing two more scams that you and your parents need to be aware of, plus tips for staying protected.

    Let’s dive in.

    03 | PERSONALIZED PHISHING EMAILS

    Imagine opening your inbox to an urgent email from a seemingly legitimate source – perhaps your bank, a popular online retailer, or even a social media platform. The message claims there has been suspicious activity on your account and urges you to click a link or provide sensitive information to verify your identity. This is the classic phishing email – a crafty attempt to deceive you into revealing your personal data.

    Phishing has been around since email became mainstream, but what has changed is the depth to which scammers feign legitimacy. Even if you or your parents are familiar with phishing email schemes, new approaches and advances in technology are making it harder than ever to detect a phishing email.

    Same Scammers, New Tricks

    Phishers often pose as trusted entities such as banks, governments, or department stores. But in recent years, phishers have been sending their victims more personalized emails to trick them into thinking the message is from someone the victim personally knows or is personally connected with. The email will address the victim by name and may appear to come from a friend, co-worker, or supervisor. It may even contain a legitimate-looking email domain, signature, or logo.

    The email will usually claim that there is a time-sensitive matter that needs to be addressed, such as a gift that needs to be purchased for a co-worker’s birthday or important client, and asks the victim to purchase the gift via online gift cards, PayPal, or crypto.

    For example, you may see an email that reads:

    “Hi Jim, this is Mr. Boss. I’m going to be in meetings all day today but I need to send a gift to our new client right away. Please purchase a $200 gift card on Amazon and send it to this email address. I will then forward it to our client.” 

    Some phishers will pose as banks, lending agencies, or debt relief programs and claim that you have been approved for special credit or financial assistance. In the aftermath of the COVID-19 pandemic, student loan pause, and hurricane season, you may have seen an email like this:

    “Hi Aaron, it’s Gav with Hardship Relief Program. We tried reaching you at your home and did not hear back… I’m not sure if you’ve spoken to an assigned agent yet, but I do see that you’re pre-approved for our Hardship Program. So, what I’m going to do is keep this in a pending status. Please give me a call between the hours of 8 AM and 10 AM EST to go over the details. My number is 555-886-3424.” 

    Identifying Scams: It’s All In The Details

    Before you respond to any kind of email requesting a phone call, consider whether the sender’s request seems legitimate. Did you actually open an account or fill out an application? Is it normal for your boss to email you about important requests? 

    Always scrutinize the sender’s email address, even if it looks legitimate, by hovering your cursor over the email address to reveal its true origin. Avoid clicking on suspicious links, and never share personal information via email, no matter how professional the sender’s email appears. 

    Check the email and “from address” for typos, and verify the information provided by the sender, such as the company name and phone number, by searching for it online. When in doubt, contact the company directly through official channels to confirm the authenticity of the message.

    04 | THE ONLINE OVERPAYMENT SCAM

    In the world of online buying and selling sites like Etsy, Facebook Marketplace, Poshmark, and Craigslist, scammers are increasing their attacks and their success by preying on the good conscience of other people. 

    In the overpayment scam, the fraudster contacts the victim pretending to be interested in purchasing an item the victim has listed for sale online. The scammer offers to purchase your item, usually at an inflated price and appears to make a payment that’s higher than the agreed-upon amount.

    The scammer then requests that you refund the excess amount they “accidentally” sent, and will usually act panicked, upset, and harried. The scammer may even threaten to report the victim to the police for “stealing” the scammer’s money.

    But here’s where the twist comes in: the overpayment sent by the scammer was actually fake – a fraudulent check or a forged payment confirmation email that made it seem like you received funds when in fact the scammer didn’t send anything at all. When you refund the overpaid amount, you’re essentially giving away your legitimate money, and by the time the scam is realized, the scammer has disappeared into the digital abyss.

    To protect yourself and your parents from this sinister scam:

    • Always require online buyers to pay through traceable means, such as PayPal, Cash App, or Venmo. 
    • Avoid sending and receiving money from strangers through non-refundable money transfer services like Zelle.
    • Never accept more money than the purchase price.
    • If the buyer wants a refund, verify that you actually received the funds by logging into your payment servicer account and checking your balance there. Do not rely on a confirmation email which can be easily faked, especially if your payment account doesn’t show any payment received. 

    Preserving Your Assets and Protecting Your Loved Ones

    Staying on top of constantly changing financial scams can feel overwhelming, but with the right knowledge and tools, you can help keep yourself and your aging parents safe from the financial and emotional harm scams cause. 

    We’re available to help guide a discussion with you and your parents about your financial well-being as part of your estate plan, including how to catalog their assets and how to make it as easy as possible for you to help each other in the case of an emergency or scam attempt.

    If you want to know more about how we can help you and your family, call me today at (650) 600-1735. It would be my honor to look after your family’s plans now and for years to come. 

    This article is a service of Jeannette Marsala, Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, during which you’ll get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.

  • Help Your Parents Avoid These New Financial Scams – Part 1

    Help Your Parents Avoid These New Financial Scams – Part 1

    Fraudsters and scam artists are nothing new, but changing tools and technology are making it easier than ever for scammers to target their victims, especially seniors. To protect your aging parents (or yourself) from these con artists, it’s crucial to equip yourself with the knowledge of how these scams work and what your loved ones need to know to keep their assets and emotions safe.

    In this two-part series, we’ll explore four of the most recent and insidious financial scams that have surfaced, shedding light on their tactics and providing you with practical steps to shield your parents from potential harm.

    01 | THE GRANDPARENT SCAM

    One of the toughest parts about being the victim of a scam is the emotional and mental stress it usually causes. Scammers intentionally use urgency, alarm, or guilt to trick victims into making hurried decisions to send money to someone who needs “help.”  

    In the new “Grandparent Scam,” fraudsters will call or text senior adults pretending to be their grandchild. The scammer will claim that they’re in trouble and that they need the grandparent to send them money right away to bail them out of jail, buy a ticket home from a dangerous location, or pay for damages caused by a car accident.

    In these scenarios, the scammer will usually ask the grandparent, “Grandma, do you know who this is?” to trick the grandparent to reveal the name of their grandchild so the scammer can use that name for the rest of the phone call. The scammer will then ask the grandparent to wire money to “help” the grandchild and ask that the grandparent don’t tell the grandchild’s parents for fear of them getting upset.

    Some scammers are even using AI to disguise their voices while on the phone with the grandparent to sound more convincing. This scam preys on the love and concern our parents have for their children and grandchildren, and can easily cause young or tech-savvy parents to fall victim as well.

    To protect your parents from being victimized by this scam, talk to them about the importance of never disclosing personal or financial information or the names of their loved ones in a text, phone call, or email. Instead, instruct them to ask who the caller is and to wait for the sender or caller to respond. If in doubt, the senior should ask the sender personal questions that only their real grandchild would know, but a scammer wouldn’t. Most importantly, encourage your parents to contact you before wiring or transferring money to anyone for any purpose, no matter what. 

    One strategy we particularly love is to have a family code word or phrase. For example, your code phrase may be “Cosmo is a spotted dog” and that code phrase would be known by everyone in the family so that if anyone is contacted in an emergency situation, the person could ask what’s our family code phrase, and the person calling, texting, or emailing either knows it or doesn’t. And, if they don’t, it’s a no-go for help.

    02 | PICK-POCKETING YOUR CRYPTO WALLET 

    The world of cryptocurrency brings new investment opportunities for those willing to try it out, but with this new financial arena comes new risks and safety measures. 

    In order to store cryptocurrency, you’ll need a digital wallet, as that’s the safest way to hold your cryptocurrency. Your cryptocurrency wallet doesn’t actually “store” money like a traditional wallet; rather, it stores passcodes, known as keys, that allow you to send and receive digital currency to and from the wallet. 

    Wallets come in two forms: hot and cold. A “hot” wallet stores your cryptocurrency in a location that’s connected to the internet—exchange-based wallets, desktop wallets, and mobile wallets. Because they’re connected to the internet, hot wallets are the most convenient, but also the most vulnerable to hacking. 

    A “cold” wallet, conversely, stores your cryptocurrency in a location that’s completely offline. Ironically, the most secure type of wallet for storing digital currency is a cold “paper” wallet. Paper wallets involve printing out your keys and storing them in a secure location. While paper wallets are the most secure option, if you lose the codes, it’s the same as losing paper currency—meaning there’s no way to recover your investment. 

    But no matter what kind of wallet your loved one keeps their crypto in, anyone with the “key” to that wallet can access and steal the funds – no hacking required. 

    How the Scam Works

    To gain access to your wallet, scammers will lure you to give them your wallet’s key by pretending to be representatives of a cryptocurrency company like Bitcoin or Coinbase, or by portraying themselves as a crypto broker. Once the scammer has your keys, your cryptocurrency is completely vulnerable, even if it’s kept in a “cold” offline wallet. 

    With the keys, the scammer can move your crypto out of your wallet and disappear with it forever, and since the cryptocurrency market isn’t attached to the banking system, there’s no way to recover cryptocurrency once it’s stolen. 

    To help protect your parents from these scams, talk to them about the importance of never, ever sharing their wallet keys with anyone besides you and any other trusted family members. This is essential to keep your parents’ crypto investments safe.

    In all cases, whether your loved ones have crypto in a hot wallet, paper wallet, or directly in a crypto exchange, make sure they’ve given you the details of where their crypto is stored and how to access it in the event they’re incapacitated or die. Otherwise, it’s completely lost. 

    If you don’t know how to find and access your parent’s cryptocurrency in an emergency or don’t know how best to plan for your own crypto, please talk with us so we can guide you on how to include your crypto information in your estate plan.

    Helping You Protect the Ones You Love

    Your parents’ financial security is a priority that demands proactive measures, especially in the face of emerging scams that exploit their vulnerability. By remaining vigilant and arming yourself with knowledge of these scams, you can effectively shield your family from falling prey to these fraudsters. 

    But remember, communication is key. Talk openly with your parents about these potential risks, and encourage them to reach out to you or a trusted professional before making any financial decisions. 

    We’re here to guide you through the intricacies of safeguarding your family’s financial future and can make it even easier to protect your parents by helping them establish estate planning tools to record and pass on digital assets like crypto, powers of attorney to help manage their assets, and trusts to protect everything they love for years to come.

    To learn how we can help you protect your parents from these scams, call us today at (650) 600-1735 and stay tuned for the next installment of our series, where we’ll dive into two more financial scams you and your senior parents need to know about.

    This article is a service of Jeannette Marsala, Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, during which you’ll get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.

  • Obtaining a Power of Attorney for Elderly Parents

    Obtaining a Power of Attorney for Elderly Parents

    Making important decisions for aging parents can be a challenging task, but power of attorney (POA) can provide peace of mind and clarity in times of need. POA enables individuals to make crucial decisions on behalf of their parents, such as managing their finances or making medical decisions, when they’re unable to do so themselves due to age or illness.

    While it may be difficult to approach this topic with your parents, having these discussions early on can help ensure that you follow their wishes if their health changes over time. Starting the conversation with empathy and understanding can make all the difference.

    In this article, we’ll explore how to obtain power of attorney for elderly parents and provide helpful tips on how to approach these discussions with warmth and care. After all, our ultimate goal is to ensure that your aging parents receive the best possible care and support.

    What’s a POA? 

    According to the American Bar Association, POAs are legal documents, which vary between states, that provide a person, or several individuals, with the power to perform actions on behalf of someone else. The individual with a POA is an agent, whereas the principal refers to the person who is having their affairs managed by other individuals. Agents can only perform actions outlined within the POA document. Moreover, if someone agrees to a POA, they can still make their own decisions, providing they can still do so coherently. This means the agent cannot make exclusive decisions on behalf of the principal.

    POA Types

    Below is more information regarding the different POA types:

    • General: For this POA, the agent can manage the principal’s affairs for a specific period, and the principal may revoke this at any point. These automatically finish if the principal becomes incapacitated and are common when an individual can still see to their affairs but prefers that someone else does this for them.
    • Durable: These POAs continue after the principal becomes incapacitated and are more common when someone cannot manage their affairs. They can conclude in many ways, including once the principal dies or if the agent completes the conditions within the POA document.
    • Springing: The terms in this POA don’t take effect unless the principal becomes incapacitated. For this POA, the principal remains in control of their affairs until they lose capacity.
    • Medical: These POAs allow agents to make the principal’s medical decisions. They last until the principal is competent and might also expire after a certain period mentioned in the document.
    • Limited: These limit the agent’s ability to make decisions regarding certain tasks as outlined in the POA document, such as paying bills or selling a house. Limited POAs are usually temporary and end when the principal loses capacity.

    Why and When to Consider a POA For Your Aging Parents

    Here are the common reasons why individuals may consider getting a POA:

    • Finance issues: POAs enable individuals to continue paying their parents’ bills and manage their finances when their parents struggle to fulfill these obligations.
    • Serious illness: Having a POA for an elderly parent can be helpful as it allows them to focus on getting better and reduces the stresses associated with managing their affairs.
    • Memory issues: Individuals commonly obtain a POA to manage their parents’ affairs if they develop dementia. It’s helpful to note that it’s necessary to obtain the POA before the parent loses their capacity.
    • Surgery: When an elderly parent is undergoing surgery, it might be a good idea to obtain a POA so individuals can make decisions on their parents’ behalf and manage their affairs until they’ve fully recovered.
    • Frequent travel: Some elderly parents like to travel frequently, so POAs can be useful here for ensuring their affairs remain in order while they’re away.

    How Do I Choose a POA For My Parents?

    When considering a POA for your aging parents, there are several things to keep in mind. The most crucial factor is trust – you must choose someone you can rely on to make decisions in your parents’ best interests and follow their wishes.

    While family members are often chosen for this role, it’s important to consider whether they’re the best fit. If you think an objective outsider may be better suited to the task, such as a lawyer, accountant, or financial institution, this is also an option, although it may come with additional costs.

    Before agreeing to be a POA for your parents, it’s essential to have a thorough discussion with them to understand their needs and preferences. Different types of POAs have different levels of responsibility, and it’s important to clarify what your parents expect from you. If your parents need help with medical decisions, for example, this will require more involvement than if they only need assistance with financial decisions.

    Finally, it’s essential to understand the financial implications of becoming a POA. You’ll need to keep your finances separate from your parents’ and be prepared to justify any decisions you make to avoid legal issues.

    Choosing a POA for your aging parents is a significant decision, and it’s essential to approach it with care and sensitivity. By having open and honest discussions and seeking objective advice, you can ensure that your parents receive the best possible care and support.

    Contact Us To Learn More About Obtaining A Power Of Attorney For Your Elderly Parents

    If you have elderly parents, it’s understandable that discussing power of attorney (POA) may be a sensitive topic. However, starting these discussions as early as possible can bring peace of mind and clarity in the future.

    When approaching these conversations, it’s important to consider your parents’ health and well-being. Let them know that you’re there to support them and that you will only use the POA powers if it’s absolutely necessary. It’s a promise that can help reassure your parents that you have their best interests at heart.

    Additionally, it may be helpful to seek the guidance of an experienced estate planning attorney. They can provide objective advice and alleviate any concerns that your parents may have. We understand that this is a difficult process, but we’re here to help. Please feel free to contact us today to learn more about how we can assist you and your family.

    This article is a service of Jeannette Marsala, Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, during which you’ll get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.

  • Your Rights as the Parent of a Young Adult – What You Need to Know When a Medical Crisis Hits

    Your Rights as the Parent of a Young Adult – What You Need to Know When a Medical Crisis Hits

    As a parent, you’re quite accustomed to managing your children’s legal and medical affairs, as circumstances require. If your child requires urgent medical attention while away from you, a simple phone call authorizing care can do the trick. But what happens when those “children” turn 18, now adults in the eyes of the law, and need urgent medical attention far from home?

    The simple fact is that the day your child turns 18, he or she becomes an adult and has the legal rights of an adult. This means that you lose your prior held rights to make medical and financial decisions for your child unless your child executes legal documents giving you those rights back. Without the proper legal documents, accessing medical information and even being informed about your adult child’s medical condition can be difficult and in some cases, impossible.

    When sending kids off to college, it’s crucial to consider the legal implications of an accident or medical emergency on your ability to stay informed and participate in important decision-making for your young adult child. Medical professionals are responsible for following the Privacy Rule of the Health Insurance Portability and Accountability Act (HIPAA), which ensures medical privacy protection for all adults. Once your child turns 18, they are (from a legal perspective) no more attached to you than a stranger, making communication about medical issues is tricky if your child is incapacitated and not able to grant permission on their own.

    In most states, these three legal documents can make all the difference when a medical crisis strikes and your young adult child is far from home. When utilized together, they can ensure a parent or trusted adult be kept in the loop about care and treatment when a child over the age of 18 experiences a medical event while they’re away at college, traveling, or living far from home. As with most legal documents, the law varies from state to state, so be sure to seek out the counsel with us to determine which forms suit your situation best.

    HIPAA

    Essentially like a permission slip, this authorization allows your adult child to specify who is allowed access to their personal medical information. Specific information can be specifically withheld, such as drug use, sexual activity, and mental health issues so that additional privacy can be protected if desired.

    Medical Power Of Attorney

    Designates an agent to make medical decisions for the young adult. This could be you, as the parent, or another trusted adult. Each state has different laws governing medical power of attorney, requiring different forms. Be sure to check with us to be sure you’re following the laws of your state and the state where your child resides.

    Durable Financial Power Of Attorney

    Allows the parent or another trusted adult to take care of personal business if the adult child cannot do so. This form would allow the parent to take care of such important tasks such as signing tax returns, paying bills, and accessing bank accounts for the incapacitated adult child. A durable power of attorney is powerful and gives broad access to sensitive financial and legal decision-making and should only be given to a trusted relative or friend.

    The milestones come quickly once children graduate high school and enter the big, wide world away from home. As your family navigates these significant rites of passage, consult us to determine the steps necessary to ensure excellent communication and peace of mind when a medical emergency arises. Consider including your young adult children in the process. We’re here to help your family establish the legal and medical protections needed to live your desired lives. Contact us today to schedule your Family Wealth Planning Session for your family and get the right documents in place for your kids.

    This article is a service of Jeannette Marsala, Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, during which you’ll get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.

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