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Financial Safety of Our Aging Loved Ones with WayWiser and The Kensington Reston

Protecting senior loved ones from financial exploitation is critical as they are often targets of financial scams and abuse.

Together, we can all protect our loved ones from financial abuse by staying informed about common scams, monitoring seniors’ financial accounts, and having open conversations about financial safety.

The Kensington Reston has partnered with WayWiser to present an interactive virtual workshop series on senior financial safety, to help safeguard seniors and their families from falling victim to a scam.

During this series, you will hear from the following experts:

  • Lindsay Faeder, CEO of WayWiser
  • Tiffany Fernandez, COO of WayWiser
  • Christine Kieffer, FINRA Investor Education Foundation
  • Luis Carvajal-Kim, Cyber Security Executive & Former Cyber Counterintelligence Special Agent
  • Kristin Owens, Former NY Federal Reserve
  • Tami Anastasia, Dementia Caregiver Support Counselor

Read on to learn more about this event, how to protect your loved one from financial exploitation, and how to RSVP for part II of this series, “The Best Offense is a Good Defense.”

What to know about our financial safety series

The Kensington Reston often collaborates with health and wellness experts to help seniors and their families understand trends and tips for caregiving and how to successfully transition to a senior living community.

We are an assisted living and memory care community that works hard to ensure our residents can truly age in place, happy, and stress-free. WayWiser is a secure, collaborative organization that incorporates AI to help predict and prevent exploitation and provide caregiving tools that allow quick, transparent management of a loved one’s financial affairs.

By partnering with WayWiser, our residents and their families can learn how to organize, manage, and protect their health and financial well-being.

Part I: Knowledge is Power

Those who joined this first part of the series learned about the most prevalent types of fraud and how to protect their loved one’s personal information.

Most common types of fraud:

  • Medicare/healthcare fraud
  • Investment scams
  • Sweepstakes scams
  • Charity scams
  • Grandparent scams
  • Telemarketing fraud

To prevent these types of fraud, caregivers should inform seniors to be cautious of unsolicited phone calls and emails. Remind them that government agencies and organizations won’t call them on the phone. If they receive a call from someone claiming to be an official from one of these agencies, they should hang up and call the official number listed on their website.

Part II: The Best Offense is a Good Defense

Don’t miss the second part of this workshop. RSVP to participate in our Part II event, “The Best Offense is a Good Defense,” on May 18.

Lindsay Faeder, CEO of WayWiser, will discuss the importance of changing our approach toward financial fraud.

Tami Anastasia, a support counselor for dementia caregivers, and Kristin Owens, formerly from the Federal Reserve Bank of New York, will also share valuable insights and advice, including warning signs of fraud to look out for and tips on how to discuss financial safety with your loved ones.

How to protect your senior loved one from financial exploitation

As the family member or caregiver of a senior loved one, you must discuss financial safety with them.

Following these steps can help prevent your loved one from falling victim to financial abuse and scams.

Talk to your loved one about financial scams

Educate your loved one about common financial scams, such as phone and email scams, phishing, and identity theft. Encourage them to be cautious and not to share personal information with anyone they don’t know.

Monitor their financial accounts

Keep an eye on your loved one’s bank account and credit card statements for any unusual activity, such as unauthorized purchases or withdrawals. If you see anything suspicious, report it immediately.

Limit access to personal information

Help your loved one limit access to their personal information, such as their social security number, credit card numbers, and bank account information.

Encourage them to shred documents with sensitive information and not to share personal information over the phone or online.

Get power of attorney

Consider getting power of attorney to manage your loved one’s finances if they cannot do so themselves. This can help protect them from financial exploitation and ensure that their finances are managed properly.

Be aware of changes in behavior

Look out for changes in your loved one’s behavior, such as sudden withdrawals from their accounts, unexplained expenses, or isolation from friends and family. These could be signs of financial exploitation or abuse.

Report suspicious activity

If you suspect your loved one has been a financial exploitation or abuse victim, report it to the authorities. Contact your local Adult Protective Services agency, the police, or the National Center on Elder Abuse.

Protecting senior loved ones from exploitation requires vigilance and care.

Reliable resources for financial planning guidance

With the right support and guidance, you and your senior loved one can make informed decisions about their finances.

Some of the most helpful professionals to speak with include trust officers, money managers, and estate administrators.

Trust officers

Trust officers can be a reliable resource for financial planning guidance and can assist with the following:

  • Managing trusts
  • Estate planning
  • Wealth management
  • Retirement planning

When choosing a trust officer, it’s important to look for someone who is experienced, licensed, and has a good reputation.

Money managers

By working with a trusted money manager, you and your senior loved one can feel confident in your financial planning.

Here are some ways money managers can assist with financial planning:

  • Investment management
  • Financial goal setting
  • Retirement planning
  • Wealth management

To ensure your money manager is a good choice, you can ask for references and check their credentials with a professional organization.

Estate administrators

By working with a trusted estate administrator, you and your loved one will get assistance with:

  • Probate administration
  • Estate tax planning
  • Asset management
  • Debt management
  • Legal responsibilities
  • Family support

A professional, experienced, and trusted estate administrator can ensure that your loved one’s estate is managed properly, debts are paid, taxes are minimized, and assets are distributed to their wishes.

The Kensington Reston—your partners in care

The Kensington Reston is an enhanced assisted living and memory care community that offers specialized services and often collaborates with health experts.

Our Promise is to love and care for your family as we do our own.

Our goal is to help our residents maintain high quality of life and keep them safe in all ways, even financially.

When your senior loved one joins our community, they will receive:

Contact us or check out our blog to learn more about our communities, services, and upcoming events.

Please RSVP to join us on May 18 for Part II of our senior financial safety event, so you can learn more about how to protect your family from fraud.