Let's Prevent Elder Abuse.

by Will Becker, AWMA/AIF

Happy Friday!

This update is a bit long due to the Elder Abuse Prevention update, so at the bottom is your reward: Video of Tigers catching a Drone.

Planning Perspective

On June 16th of last year I wrote about preventing Elder Abuse, and because this is such a large issue nationally I need to discuss it in some more detail. The National Council on Aging says that “Approximately 1 in 10 Americans aged 60+ have experienced some form of elder abuse. Some estimates range as high as 5 million elders who are abused each year.” The AARP also cites the 5 million statistic. We address Elder Abuse prevention in our work with Clients and by participating in local coalitions. This is the same standard that CPA’s and Attorneys follow, many of whom we collaborate with regularly. For example, last year Forrest Hill participated in the Napa County Alliance for Senior Education (NSCASE) conference, Paul DeDora was active with an Elder Abuse Prevention coalition in the Shasta/Yreka area, and I was active with in a similar coalition in San Francisco. But perhaps the best way to prevent Elder Abuse is to make sure our clients have good information about it.  I wish I could say that Elder Abuse is a thing of the past. Until then, let’s all stay vigilant and look out for each other. Below are some resources, flags, and things you can do. These are intended partly for our clients, and partly so that our clients can be a resource for friends or family.

Here are some Elder Financial Abuse flags with links to helpful websites:

• “Refuse to 'act now.'" Any sales pitch that urges you to buy immediately is a signal to walk away and hold on to your money.”
• Elder Financial Abuse includes “Theft or misuse of money, credit cards, or property.” or “Forced signature of documents.”
• “high-pressure sales tactics.”
• “Refusal to provide written information or even the most basic details about an organization”
• “High-profit, no-risk investments.”

Things you can do:

• Adult Protective Services (APS) investigates Abuse claims - here is our local office, and if you live outside of Napa a quick online search will find your County’s APS office. You can report suspected Elder Abuse for APS to investigate.
• Check  out the AARP’s article on Five Misleading Investment Pitches and the Federal Trade Commission’s article specifically about Elder Financial Abuse relating to Gold sellers.
• Review the seller’s history for complaints, settlements, or disclosures. You can do so for free here.
• Call your Fiduciary – that’s us! We are required by law to put our client’s best interests first and can review the sales pitch to see how it supports your financial needs. Also, if you would like to bring any concerns that you may have about how a loved one is being treated, please let us know.
• Note: I should mention that our advice is solely for our clients, but we can provide general information to other folks and if someone becomes a client we can give them direct advice. And I mentioned Adult Protective Services first – if you believe there is an Elder Abuse case happening, please contact them!

Investment Perspective

Incoming Treasury Secretary Mnuchin says ”We're committed to 'very significant' tax reform by August recess,” and moments later the next headline is “Dow and S&P hit record highs after Treasury Secretary points to significant tax reform.” So while the market may not have fully priced these reforms in previously, it is currently assuming that they pass. If those reforms end up not happening, then this is an indication of a likely market pullback. The Dow Jones is having a splendid time with “its longest streak of record closes since the first 13 trading days of 1987.” Referencing 1987 is one of those things that causes us to twitch, though, as that was the year of the famous October stock market crash. While a stock market breather or a mild dip is likely, earnings continue to come in strong. Until they don’t, and then they are like my cat and the cartoon below: “he’s so sweet and loving… except when he’s not.”  

Speaking of cats, here is your reward: http://fortune.com/2017/02/23/tiger-drone-hunt/

This commentary on this website reflects the personal opinions, viewpoints and analyses of the DeDora Capital, Inc. employees providing such comments, and should not be regarded as a description of advisory services provided by DeDora Capital, Inc. or performance returns of any DeDora Capital, Inc. Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. DeDora Capital, Inc. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.