Trendline Financial Thoughts for Widows

Long Island Adult Education Classes Spring 2011 - Coping with Financial Matters After Divorce or Becoming a Widow

2011-02-08T04:21:00.001-08:00

How do Widows find Trusted Financial Advice on Long Island? -----Click This Title to View Article

2010-12-26T09:57:00.000-08:00

How Do Widows and Divorcees Survive the Holdiays -------------Click This Title

2010-12-23T07:22:00.001-08:00

Widowed, Divorced, and Elderly Women are Easy Targets for Crime at Home

2010-12-09T11:23:00.000-08:00

Look for Suspicious Activity & Ask Questions

Dogs Provide Elderly with Some Protection at Home - mikebaird

Older women can easily become crime victims at home. A thief might pose as a salesman at the door, a telemarketer on the phone, or a visitor from a church. A thief could even be a trusted aid that works closely with the older person. Elderly female robbery victims don't always live alone, but may live with a caregiver son or daughter.

Elderly Women at Home are Easy Targets for Crime

Women are viewed as caring, nurturing individuals. Elderly women are more likely to respond to pleas for help that are nothing more than email phishing scams. Scamming thieves use regular mail to hook victims too, or a thief may show up in person at the door. Thieves get into a home through bogus online websites. A thief may call on the phone and pose as government service agent or representative of any organization popular with elderly persons.

Caregivers are warned to closely monitor an elderly parent's affairs including, but not limited to: mail, email, bank accounts, retirement savings, and other financial affairs. Sons and daughters who are caregivers should realize that employed elderly service aids can't always be trusted in spite of background checks. Primary caregivers also need to be aware that robbery crimes increase during the holiday season.

Thieves Take Advantage of Old Age Problems

Staff writer Kathryn A. Walson from the website Kiplinger.com alerts family members in the article, "Take Steps to Guard Against Identity Theft" (2008) by stating, "Thieves often go after the elderly because many have more cash reserves than younger people, and the elderly may be more trusting when telemarketers call for information." And, "... thieves assume seniors may respond to e-mails, perhaps purporting to be from the Social Security Administration, seeking personal information."

One of the most common crimes against the elderly is the telephone thief who poses as family member needing money for an emergency. Such was the case with a 94 year-old woman in Dayton, Ohio, according to WHIOTV.com news in the online article, "Thieves Target Elderly Woman" (No author cited, August 2009). According to the news report, "... police said an elderly woman received a phone call who she thought was her grandson. The person on the other end said he was in a Canadian jail and needed thousands of dollars to get out."

Help an Aging Parent Avoid Financial Fraud and ID Theft

Elderly persons living alone may have trouble remembering to lock doors and windows when leaving the house for short periods of time, thus making them targets for home robbery. What can caregivers do to help an aging parent prevent getting robbed whether it's a home robbery, online stealing, or identity theft?

Post a note by the front door reminding the elderly person to lock windows and entry doors when leaving, even if it's for only a short period of time.
Ask frequently about recent phone calls or visitors. Thieves checking out a potential victim can pose as a home repair person, insurance or health agent, a distant relative, or church representative, just to name a few disguises.
Suggest buying a dog if the elderly parent is willing and is able to care for a pet. Even a small barking dog can alert the neighbors and is a good way to keep thieves away.
Urge an elderly parent to use direct deposit for Social Security payments and other benefits. Thieves look for patterns, such as when a person goes to the bank at the first of the month.
Warn elderly loved ones not to keep large sums of money in the home.
Recommend that jewelry, jewelry boxes, or other valuables not be left where someone peering through a window can easily see them.
Be aware of a holiday romance that may suggest a black widow scam. Know that romantic scam artists can also target an elderly person's family members.
Make certain all lights work properly (indoors and outside), and that all locks and alarms work.
Monitor prescription drugs, pharmacy medical records, and Medicare/insurance cards carried by an elderly parent that may contain the person's social security number.
Keep a list of all credit and bank card numbers, insurance information, and the telephone numbers for reporting lost or stolen cards.
Scan important papers and keep copies in case of theft.
Warn elderly family members about computer scams and fraudulent activity that can rob them of their savings.

An older woman can easily be victimized by a telephone scam, by a dishonest employed aid, or by a black widow scam. Just as common, an elderly woman can become a victim of ID theft through computer social sites, unsecured shopping sites, and other online activity. Caregivers are wise to be on guard to protect elderly mothers and grandmothers from thieves and scam artists. Pay close attention and report any suspicious activity to the authorities before a loved one becomes a victim of crime.

Oct 26, 2009 By Mary King

How to Get Through the Holidays: 10 Practical Suggestions

2010-12-05T18:59:00.000-08:00

By Ellen Gerst

No matter what your faith or whether you celebrate religiously or secularly, there seems to be no avoiding that holiday fever that surrounds us all at this time of year. It is normally a time for family get-togethers, gift sharing and parties galore. These events only tend to emphasize the fact that your loved one is missing from this normally happy and festive time.

So, what are some ways to help yourself to feel better during this season, especially if you have recently lost a loved one, or, even after many years, holiday time is re-emphasizing the missing person in your life?

Here are ten practical suggestions.

1. Learn to say NO -- and not feel bad about doing so! Say no to those obligations that make you feel sad or stir up memories you don’t feel strong enough to confront yet. You can skip parties, both personal and work related. You are not obligated to live up to others’ expectations of you.

2. No need to bake those holiday goodies this year. There is way too much of that stuff around anyway tempting us to stray from healthy eating. Staying away from sweets will help to regulate your blood sugar too, which will keep you on a steadier emotional keel.

3. If you need to buy gifts, use catalogs and the Internet to shop stress free at any time of day or night. You might use theme buying to make it easier on yourself. Pick one store where you can purchase everyone’s gift – perhaps one for the women and one for the men. For example, Victoria’s Secret is a great one for the women in your life. Not only do they have wonderful lingerie, you can find perfume, lotions and potions, CDs, and PJs. Throw in a bottle of wine for the age appropriate, and you’re set! Try Home Depot for the men.

4. Scale your holiday decorating down or simply skip it this year. If you want to put up a few Christmas lights, ask a friend to help.

5. If you usually create a holiday letter to send to friends, try writing a generic one and simply personalize the heading and signature. If you have kids and grandkids, focus on their achievements. It’s easier to find “happy” items to report about them.

6. Keep your expectations of self in check. Be patient and generous with yourself. Afford yourself the same kindness with which you treat others in times of need.

7. If you previously celebrated this season with lots of rituals, perhaps only include one or two. Do what’s right for you and your family. You also can create new traditions that are a better fit for your life right now.

8. If you have no family around, do something special for yourself, for example take a spa day; go on a hike on a beautiful trail; take a trip; read those books you have meaning to get to but are piled up on your night table.

9. Find a place in your heart to which you can retreat when the holiday atmosphere seems too oppressive. This could be filled with fond memories, funny holiday situations from years past, or a place of gratitude that you are still here and coping with your new life.

10. Let others know what you need. They want to help, but perhaps they just
don’t know what to do for you. Help them out – make a list!! Great inexpensive holiday presents that give throughout the year might include certificates to help around the house, babysitting, lunch out with friends, etc.

The underlying theme about how to move through the holiday season as gracefully (and quickly) as possible is to do what feels right for you. And, if that means avoiding festivities this season, so be it. Maybe next year you will be able to handle this time of year more easily.

Insurance

2010-11-28T20:05:00.000-08:00

Check for any insurers that may have issued policies to your spouse. Your spouse may have had a number of types of insurance policies, including the following:

Life insurance,
Mortgage or loan insurance,
Accident insurance,
Auto insurance,
Credit card insurance, and
Various types of insurance provided by your spouse's employer.

The proceeds from an insurance policy can generally be paid directly to the named beneficiary. These claims can be processed quickly and are an important source of income for the survivors.

You may be required to decide on a payment plan. Options might include taking the money in a lump-sum, or having the insurance company make fixed payments over a period of time. Which payment option to choose depends on your financial situation. You may, for example, want smaller fixed payments in order to have a steady income. Or you may want the full amount immediately to pay bills or to invest. It is recommended that you consult with a financial advisor about this decision.
Do not succumb to pressure from an insurer to accept one plan or another. Take your time and make the right decision

Widow's Social Security Benefits

2010-11-21T10:56:00.000-08:00

Many widows have not worked much outside the home and have little or no social security benefits based on their own earnings record. As a result, widow’s benefits are especially important. As a widow you are entitled to social security benefits based on the earnings record of your husband. The amount you will receive is also based on your age. You are entitled to 100% of your husband's benefit at full retirement age or a reduced benefit at 60. If you are disabled you may begin receiving reduced benefits at 50. You can receive 75% of the benefit at any age if you are caring for your deceased spouse’s child who is under 16 or is disabled and receives benefits under your spouse’s record.

What if you remarry?
If you remarry before 60 you are not entitled to the survivor benefits as long as you remain married. If you remarry after 60 you will be entitled to survivor benefits. You may want to file for wife’s benefits if your new spouse’s benefits are higher than the widow’s benefits. Sorry, you aren’t entitled to both.

What if you work?
Prior to full retirement your survivor benefits will be decreased by $1 for every $2 dollars earned above the earnings limit. The limit for 2009 is $14,600. After full retirement there is no limit on earnings.

What if you have your own earnings record?
You can file for Social Security under your own earnings record or under your deceased husband’s record – whichever is larger. However, again you can’t get both. You can begin receiving widow’s benefits at a reduced rate at age 60 and switch to your own benefit at full retirement at an unreduced rate.
Social Security rules can be complicated and vary depending on your specific circumstances. You should contact Social Security to make an appointment with a representative when you are within a year of receiving benefits 1-800-772-1213. More information is available on the official social security web page www.socialsecurity.gov.

Are you now a Widow? These are the financial contacts you should make.

2010-11-20T20:04:00.001-08:00

Few times in our lives are more devastating than the death of a loved one. As you feel your own life pausing as you grieve your loss, these pointers will help take care of your finances and those of your loved one:

Contact your attorney, Accountant, and Financial Planner if any. They will know any unique issues that might exist with your finances.
Get at least 10 certified copies of your husband’s death certificate from your local health department. The funeral home may do this for you if asked. You will need these to present to banks and other financial institutions as you request assets be put in your name or withdraw funds. The Companies will keep them for their records.

Call your husband’s former employer and ask for the Human Resources Department and Benefits Department, if separate. If you know one your husband’s work associates they will probably be willing to help finding the correct contacts. When speaking with the HR/Benefit Administrator, you will want to ask about any accrued but unpaid salary, sick leave and vacation days, com- missions (if applicable), 401(k) accounts, pension benefits, and life insurance that your husband would have been entitled to receive. Also, what benefits are you eligible to continue to receive i.e. health benefits?
If your husband had a life insurance policy, call the company that issued the policy. You do not have to withdraw the money until you are mentally able to decide where to put the money.
Contact your bank, Stock Broker, Mutual Fund Company, or any other financial institution where you have accounts to change those accounts to your name.
Call the Social Security Administration (800-772-1213) or log on to www.ssa.gov/survivorplan/index/htm to notify them of your husband’s death. You will receive his payments or your own – whichever is the greater amount – if you have reached 62. You will also receive a one-time $255 death benefit.
Call the Motor Vehicle Administration to cancel your husband’s license and arrange to have the titles on any vehicle to your name.
Call credit card companies, mortgage lenders and others regarding debts you held jointly with your husband. They may also have a record of any payment protection plan that might have been signed.
If your husband was a veteran, contact the U.S. Dept. of Veteran Affairs (800-827-1000). You may be entitled to some benefits.

Peter B. Owen has been in the Financial Services industry for over 30 years representing Bankers Trust Company and then JPMorgan Chase Bank as Trustee of Fortune 500 corporate pension and 401k plans. Peter retired from JPMorgan in 2008 and started Trendline Financial Solutions, a personal Financial Planning Practice on Long Island. For more information, click on http://www.trendlinefinancialsolutions.com/services/my-financial-planner-247/ or email Peter@TrendlineFinancialSolutions.com