The elderly are often the target of Ponzi schemes. According to a joint study by the MetLife Mature Market Institute, the AARP Foundation and the Investor Protection Trust, the estimated cost of financial fraud against the elderly in 2010 was $2.9 billion, up 12 percent from 2008. Additionally, experts estimate 85 percent of elderly victims do not report fraud because they are embarrassed or fear their families will restrict their financial freedom.
Most financial advisors will tell you that every investment carries some element of risk. But when an investment is fraudulently presented, those risks become greater, unexpected and far more costly. One typr of fraud involves luring investors with exaggerated claims of the value of the investment. If this is the case, you may need a securities fraud attorney to assist you in pursuing a claim to recoup your financial investment.
PBS recently aired the results of its study into the issue of Americans use of 401(k) accounts as a vehicle to accumulate savings for retirement. PBS' study determined that with the cost of living rising and life expectancy increasing, figuring out how much to save for retirement is extremely challenging. Even more challenging is attempting to determine how to invest money into your 401(k). PBS' study indicated that retirees utilizing a 401(k) account should take the following subjects under consideration. If you are one of the 60 million Americans who currently invest in a 401(k) plan here is what you should consider:
Last year, Julia Bolena, lost her husband of 53 years to cancer. Since then, Mrs. Bolena has been trying to access her husband's Wells Fargo savings account without success. According to a Yahoo! Newsreport, she was named as a beneficiary of her husband's Wells Fargo checking account, but not on his savings account. A representative from Wells Fargo stated that she does not have any rights to the account because she was not a joint owner and it was not set up as a "payable on death" account. She can only access the account, which holds approximately $273, with a Power of Attorney or documents establishing that she is the executor of his estate from the local probate court in Florida. A representative from the probate court told Mrs. Bolena that it would cost her $250 to obtain the necessary documents.
On April 27, 2013, the New York Times published an article about Roman Blum, a successful New York real estate developer and holocaust survivor, who died without a will. Blum was divorced with no children or other known heirs. The Richmond County Public Administrator who is handling Blum's estate is in the process of liquidating Blum's assets and working with a genealogist to identify relatives entitled to inherit his estate. If no heirs are identified, Blum's 40 million dollar estate will go to New York state, making it the largest unclaimed estate in New York's history. Blum's accountant urged him on several occasions to write a will. According to his friends, Blum became increasingly private about his financial affairs and may not have been willing to share the details of his financial affairs with his lawyer. They also suspect that Blum resisted writing a will because did not want to face his own mortality.