What to Know about Estate Planning for Non-Fungible Tokens

Although the word “inheritance” usually conjures up images of property or accounts with significant monetary value, you can leave your family an even longer-lasting inheritance by doing these seven things, whether or not your bank account is overflowing. Make a Plan Often, people who do not have a lot of money think that it is unnecessary to have an estate… The post Don’t Have a Lot of Money? Here Are Seven Ways You Can Still Leave Your Family a Great Legacy first appeared on Kristine P. Romano, Esq., LLM, PC.

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Estate planning can be a very difficult process. While it is not brain surgery, making the decision to move forward with an estate plan requires us to face the fact that we will not live forever. This thought stops many people in their tracks. Others talk themselves out of seeing a qualified attorney to create an estate plan because of… The post Myths We Tell Ourselves about Estate Planning first appeared on Kristine P. Romano, Esq., LLM, PC.

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As online scams grow increasingly sophisticated, seniors remain a prime target for financial exploitation. These scams are often devastating, both financially and emotionally. One striking example is Judith Boivin, a retired therapist whose story is profiled in a story by The Washington Post , lost nearly $600,000 of her retirement savings to fraudsters posing as FBI operatives. The complexity of these scams highlights the urgent need for proactive asset protection strategies. At Kristine Romano Law, we understand the unique vulnerabilities seniors face in protecting their finances. Our compassionate team is dedicated to helping families in Northborough and surrounding areas safeguard their loved ones’ assets and peace of mind. Why Are Seniors Targeted for Financial Scams? Scammers frequently target older adults because of their accumulated wealth, limited familiarity with digital technologies, and, at times, social isolation. Common schemes include romance fraud, investment scams, and impostor scenarios like Judith’s, where victims are manipulated into believing they are assisting authorities or solving urgent crises. Even savvy seniors can fall prey to these deceptions. Scammers exploit emotions—fear, excitement, loneliness—to create a “fraud fog” that clouds judgment. For families concerned about protecting their elders, asset protection planning offers effective safeguards. Key Asset Protection Strategies for Seniors in Northborough Protecting seniors from financial scams requires a combination of legal tools and preventive measures. Here are some of the most effective strategies: 1. Revocable Living Trusts A Revocable Living Trust allows seniors to appoint a trusted family member or advisor as a co-trustee. This structure ensures that transactions are monitored, and any suspicious activity can be flagged early. Additionally, provisions can be included to make the Trust irrevocable in the event of cognitive decline, providing a critical safeguard against manipulation. 2. Irrevocable Trusts For seniors with diagnosed conditions like Alzheimer’s disease, Irrevocable Trusts offer robust protection. These Trusts remove direct control over assets, ensuring that savings are preserved for long-term care or inheritance. 3. Spousal Trusts Romance scams disproportionately target widowed seniors. By placing assets in a Trust designated for a surviving spouse, families can prevent these funds from being misused by unscrupulous individuals posing as romantic partners. Practical Steps to Prevent Financial Fraud Beyond trust planning, families can adopt practical steps to reduce risks: Establish a Financial Power of Attorney : Assigning a trusted individual to oversee financial decisions can prevent unauthorized transactions. Set Up Bank Alerts : Many financial institutions offer alerts for unusual account activity, serving as an early warning system. Educate Seniors About Scams : Open discussions about common fraud tactics help seniors recognize red flags. Foster Open Communication : Scammers often isolate their victims. Regular check-ins and transparency about financial decisions can thwart potential scams. Resources to Help Protect Your Elderly Loved Ones There are several resources available to help protect older Americans from scams: Federal Trade Commission (FTC): Offers advice on avoiding scams and fraud. National Do Not Call Registry : Helps reduce unsolicited sales calls. Fraud Watch Network : Provides information on the latest scams and how to avoid them. Building a Safety Net with Northborough Asset Protection Asset protection planning isn’t just about safeguarding finances—it’s about protecting dignity, relationships, and future well-being. At Kristine Romano Law, we provide compassionate, personalized guidance to help families create strong financial defenses. Our team’s focus on clarity and care has earned us praise from clients for making complex legal processes approachable and stress-free. Speak with an Elder Law Attorney to Prevent Financial Scams The rising threat of financial scams calls for proactive asset protection. If you’re concerned about securing your loved ones’ savings, Kristine Romano Law is here to help. Serving elderly clients and their families in Northborough, we create customized plans to protect your family’s financial future. Take the first step today. Contact us to learn how we can safeguard your legacy. Reference : The Washington Post (Dec. 3, 2024) “The banks warned her it could be a con. The scammer’s influence was stronger”

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