We appreciate you taking the time to review our 1st Quarter newsletter on managing parent’s finances and cybercrime, and hope that you are doing well.
Did you know…
The Wall Street Journal recently published an article titled “The Difficult, Delicate Untangling of our Parents’ Financial Lives”. In this article, the author discusses his recent experiences in assisting his wife take over and manage her parent’s finances. The article notes that in a recent Harris Poll survey of 2,015 U.S. adults18 and older, 22% say they or a family member have witnessed diminished financial capacity among an aging parent or family member. Among those, 42% have assumed some or all aspects of their financial decision making, 43% have had someone else manage the family member’s finances, and in 66% of the cases, a family member has a durable power of attorney.
How this may affect you or someone you love: In regards to these three specific statistics, Baker DMM can be you or your loved ones trusted advisor and help with financial decision making. We can also serve as a Financial or Durable Power of Attorney for you and/or your loved one. For more information on how we can help you and/or your loved one, contact us today at 678.828.4314.
To read the entire article, click here.
To visit our website dedicated to Power of Attorney services, click here.
Tip of the day…
What is Cybercrime?
- Cybercrime is any violation of federal, state, or local statute, or malicious or suspicious activity, in which a computer, network or device is an integral component of the violation.
Who Are the Actors and What Do They Want?
- Cybercrime actors can generally be classified into several categories: lone hackers, script kiddies, insiders, hacktivists, terrorists, nation-states, and organized cyber-criminal groups.
How can you protect yourself?
- Cybercriminals find loopholes and your accounts may get hacked through no fault of your own, so review your financial statements regularly. Contact your financial institution immediately if you see any suspicious looking activity. If you cannot do this regularly, contact Baker DMM and we can provide this service for you.
What to do if you’re a victim?
- Notify your financial institutions to inform them that someone may be using your account fraudulently. Contact all three major credit bureaus to request a credit report, and have a fraud alert and a credit freeze placed on your account.
It’s good to laugh…
“You don’t pay taxes-they take taxes.”
Chris Rock (2/7/1965 – )
It’s good to smile…
And it’s good to keep things in perspective…
You can’t connect the dots looking forward you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something: your gut, destiny, life, karma, whatever. Because believing that the dots will connect down the road will give you the confidence to follow your heart, even when it leads you off the well worn path.
Steve Jobs, Stanford Commencement Adress, 2005
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We appreciate you taking the time to review our 4th Quarter newsletter and hope that your New Year is off to a great start.
Chris Baker, CPA, Managing Director
Phone – 678.640.8512
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