Beware of the “Grandparent Scam” Hitting in Our Community!

holiday scams online bbb

Half a million American seniors were victims of fraud due to a Grandparent Scam

grandparent scamThe “Grandparent Scam” is not something new, however lately it has been getting a lot of media coverage both nationally and locally. Montgomery County Sheriff, Rob Streck recently commented on the increase of scam reportings by the elderly. In a recent interview Streck expressed the need for the community to be very cautious and aware of these scams targeted towards the elderly. “The emotional manipulation involved in these scams is truly troubling. We urge residents to be vigilant and verify the authenticity of such calls before taking any action and to report any suspicious activity to local law enforcement.” According to the Federal Trade Commission, “In 2022, nearly half a million American seniors were victims of fraud, losing $1,000-$1,800 on average”.

What exactly is the Grandparent Scam?

Typically, an elderly person is contacted, usually by phone, by a scammer posing as a grandchild in danger. They will try to convince the victim that they are in great danger and that they need their help in the way of money. Some of the common emergencies are that they were arrested and will be going to … Read More... “Beware of the “Grandparent Scam” Hitting in Our Community!”

LEGAL ALERT – Beware of Deed fraud!

Fraud Alert Notification System

Don’t Get Scammed Over the Holidays – Use Common Sense to Protect Against Losing Your Home!

deed fraudYou may have heard on the news or read in the paper recently of a rise in deed fraud. Deed fraud occurs when someone fraudulently transfers ownership of someone else’s real property into the fraudster’s name without the owner’s consent. In a recent Dayton Daily News article, the Montgomery County recorder estimated that what used to be one or two complaint per month has increased to two to three complaints per week.

An ownership transfer occurs when a deed is signed by the owner, notarized by a notary and recorded. A fraudster can easily obtain the necessary information to prepare a deed, forge the owner’s signature and get a negligent or complicit notary to notarize the signature. This is the most common form of deed fraud. The second form is when the crook deceives the owner and convinces him or her to sign a deed by promising to pay overdue property taxes or refinance a mortgage.

If the property ownership is stolen, it can result in an unauthorized sale by the crook. It can also result in the crook taking out a … Read More... “LEGAL ALERT – Beware of Deed fraud!”

Is a Reverse Mortgage Right for You?

reverse mortgage

Why a reverse mortgage should be considered only as a last resort.

reverse mortgageYou may have read articles or seen television commercials touting the advantages of reverse mortgages. You may have even seen Tom Selleck, for those who watch Blue Bloods or remember Magnum PI, on your television asking whether a reverse a reverse mortgage is right for you. Although a reverse mortgage may be appropriate in certain situations, unless you are in dire need of cash or a monthly cash stream, I am generally not a proponent of a reverse mortgage. The reasons why will follow.

With a reverse mortgage, if you are at least 62 years old, you can borrow against the equity in your home to receive a lump sum of cash or a monthly amount. You don’t have to pay it back until you die or move out of your house. You still must stay current on you property taxes, insurance and any HOA fees. If you are in need of immediate cash or need to supplement your monthly income to pay your bills, this may be your only option. Also, if it means little to you what you leave at your death to your beneficiaries, this … Read More... “Is a Reverse Mortgage Right for You?”

August is National Make a Will Month

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Simple Estate Planning Documents can make things easier for one’s loved ones upon Death or Incapacitation

estate planning documents augustAugust has been designated National Make a Will Month to encourage more people to make a last will and testament. Creating a will is a simple and easy process that allows you to clarify how your assets should be distributed upon your death. Despite that, over 40 percent of adults have no estate planning documents in place. For younger adults, this number is much higher. Also, many individuals who have estate planning documents fail to update them when life changes dictate that they should do so, such as when people die, children or grandchildren are born or minor children become adults.

Lack of a proper estate plan can be due to procrastination, lack of proper information or a desire not to want to contemplate or discuss one’s mortality. However, having some basic and simple estate planning documents prepared can help one achieve peace of mind, as well as making things much easier for one’s loved ones upon death or incapacitation. A simple will, general power of attorney, health care power of attorney and living will should satisfy the needs of most individuals. Estate planning … Read More... “August is National Make a Will Month”

“Scam Alert – Watch out!”

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Military Consumers Suffer More Loses Financially From Fraud According To BBB Scam Tracker Report

Better Business Bureau Creates the “BBB Scam Tracker” For Businesses and Consumers To Report Both Successful and Attempted Acts of Fraud

bbb scam tracker militaryPerhaps you have been getting emails, phone calls or texts either telling you to verify information or if you don’t your account will be suspended. Or maybe you have been asked by what appears to be a credible source that you need to be in contact with them in order to get your package delivered. Maybe you have been contacted by the “IRS” and “they” are informing you if you do not get in contact with them, you will be going to jail for non-payment. Or perhaps you receive a very official looking email with what appears to be the logo of a company you have used before, such as the Geek Squad or Amazon asking for you to update your financial information or risk having your account terminated.

Unfortunately, scams such as these are becoming all too common. So, who do you turn to if you think you are a victim or a potential victim of a scam? Your local Better Business Bureau is … Read More... ““Scam Alert – Watch out!””

UPDATES TO ALERT – Regarding Tax Changes for 2023 Directed to Venmo and PayPal Users Originally Posted December 17, 2022

e-commerce tax changes

E-Commerce Platforms Impacted by Recent IRS Announcement

PUBLISHER’S NOTE: After publishing an article on this blog on December 17, 2022, the I.R.S. made a change as to the effective date for the “gig-tax” rule discussed. Please read the update below.

UPDATE: I.R.S. Makes Tax Changes for E-commerce Platforms, Pauses Requirement for 1099s

e-commerce tax changesOn December 23, 2022 the I.R.S. paused the requirement that e-commerce platforms such as PayPal, Venmo, Etsy and Airbnb send 1099s to any users who had gross income through the app of at least $600 in 2022.

Previously, e-commerce users received 1099s if they had gross income for the year of at least $20,000 or at least 200 transactions. As part of the American Rescue Act, in March of 2021 Congress changed the threshold to $600, to take effect in 2022. Now the I.R.S. had instituted a one year delay for the law to go into effect. According to the I.R.S., this delay is to help reduce confusion during the 2023 tax-filing season and provide more time for taxpayers to prepare and understand the new reporting requirements.

Keep in mind that this delay does not affect what income is taxable, only how much information is reported by … Read More... “UPDATES TO ALERT – Regarding Tax Changes for 2023 Directed to Venmo and PayPal Users Originally Posted December 17, 2022”

Online Purchase Scams Most Reported Con During Holiday Season. Avoid Being Victimized with These Tips from the Better Business Bureau

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The Top Holiday Scams to look for in 2022

holiday scams online bbbHolidays are a time for shopping and gift giving. With all the shopping online and with social media, holiday scams are at an all-time high. Don’t be a victim of scams this holiday season. I have updated a blog post on this topic from 2021. There are always new scams as well as prior ones to be concerned about!

According to Forbes, these are some of the top holiday scams to look for in 2022. Scammers are creating new ways all the time to rip-off the public!

  1. Gift Car Scam – Scammers take gift cards off the display at retail stores, scratch off the PIN code, write down the card number and PIN code and apply a new coating over the PIN code on the card. Once the card is purchased and activated, the scammer uses the card for personal use and the purchaser is left with a card with no available balance left to use.
  2. Mail Theft – This has been a big problem lately especially in the Dayton area. Holiday envelopes are usually easy to distinguish, and scammer will steal from mailboxes, look for holiday envelopes and open
Read More... “Online Purchase Scams Most Reported Con During Holiday Season. Avoid Being Victimized with These Tips from the Better Business Bureau”
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