Pictured above (left to right): Lauren Muttschall, Marla Levie, Kerry Peck, Hillary Peck

Financial scams have become increasingly popular, especially among seniors. Seniors typically have worked hard to save money and have large sums sitting in accounts which is exactly what the scammers are after.

With scams on the rise, below is a popular grandparent scam to be aware of so you can protect yourself and loved ones.

Grandparent Scams Strike Latinos the Hardest by Katherine Skiba, AARP

"Latino adults were victimized by grandparent scams more than any other kind, an AARP survey found. The tug-at-your-heartstrings scam sees a bad actor impersonate a panicked grandchild who claims to be in trouble and needing money immediately. Or the crook purports to be a public defender or jailer involved with the younger person's purported plight.

Rounding out the top five scams striking Latinos age 18 and older were romance, utility, lottery and COVID-19 stimulus payment scams.

More than 1,100 Latinos surveyed

The findings emerged in a national survey that examined fraud victimization, awareness and prevention among three groups: Latinos, Blacks and adults who are white or from other racial groups. Some 1,103 Latinos were among 2,808 people age 18 and older who were surveyed.

The survey showed that about 2 in 5 Latinos had been targeted by a scam and roughly 1 in 5 had lost money to one. Those figures are consistent across the racial and ethnic groups surveyed.

Two other key findings

• Most likely among Latinos to say they have lost money to a scam were suburban men with at least a college degree and an annual household income of at least $50,000.
  
  
• But when the survey asked Latinos about 17 different scams, women age 50 and older with an annual household income of less than $100,000 a year showed the least familiarity with them."

Read the Full Article Here: Grandparent Scams Strike Latinos the Hardest - Katherine Skiba, AARP

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How can I bring up the need for estate planning to my parents?

You are not alone! We hear this every day from adult children who are looking out and trying to advocate for their parents. “Having the talk” with your parents about their finances and estate plan is a delicate subject. No one likes to discuss their own disabilities, their decline, or plan for their own death.

We suggest to start small and have a series of conversations as opposed to attempting to address all issues in one large and usually overwhelming meeting. The topic isn’t something you want to bring up at a holiday celebration, their birthday, or Father’s Day. It’s important to share with your father your own concerns about his health and finances. However, the focus at all times must be on what can I, or we as your children, do to ensure that our father lives without financial worries and that his wishes are observed and carried out.

Be patient and look for opportunities to bring up the subject. Perhaps consider discussing your own estate planning and ask for his advice. Ask him “what did you do?” You may want to tell him that you attended a seminar or you talked to your attorney about your plans and want to discuss recent changes. A third idea, is to approach the subject as generally as possible, you can bring up the upcoming election, and discuss that there may be some changes coming down the road affecting his estate plan, gifts he intends to make, and estate taxes.

Having a series of these low-pressure, non-confrontational conversations may help your dad start to open up. There may be some underlying reasons why your dad doesn’t want to”have the talk.” Again, make sure you listen and understand your dad’s concerns, which may include that he feels he doesn’t have enough assets, the cost of estate planning, or that the process is just too complicated.