Who is Your Trusted Contact?

 

As our population continues to age, the prevalence of elder abuse increases. Before you think that you or a family member are too young to fit that definition, the SEC has defined an elder as anyone sixty years of age or older.

As you age, there are many ways you can protect yourself and your assets. One of the best defenses is to establish a Trusted Contact, a person you designate that can speak on your behalf and perform the following tasks:

  • Confirm your current contact information
  • Discuss your mental or physical health status
  • Discuss activities or other possible red flags that might indicate you are being financially exploited
  • Address other limited circumstances when permitted by law

You’ll want to keep in mind that Trusted Contacts act in a different capacity than a Power of Attorney (POA) or Durable POA. Trusted Contacts do not act on your behalf, cannot view account information, execute transactions, or inquire about account activity unless they are an authorized party. Having both a Trusted Contact and financial POA is important since statistics show that the majority of abusers are typically family members or people who are closest to the victim.

You can read more about protecting seniors in Soundmark Advisor Liz McQueen’s discussion on her own experience and the value of establishing a Trusted Contact. If you have questions about Trusted Contacts or concern for someone else, please don’t hesitate to contact our office – we’d be happy to help.

 

This report is intended to be used for educational purposes only and does not constitute a solicitation to purchase any security or advisory services. Past performance is no guarantee of future results. An investment in any security involves significant risks and any investment may lose value. Refer to all risk disclosures related to each security product carefully before investing. Soundmark Wealth Management, LLC, its advisors and its affiliates do not provide tax or accounting services. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax or accounting advice. Please consult with your tax advisor prior to engaging in any transaction.