​This installment is about scams - not scabs, scars or Spam - and so I appreciate your opening this message and taking the risky chance that it's not just another of those we all receive that warrants immediate use of the DELETE key.  Unfortunately, scams have become as ubiquitous in our lives as the cell phones and computers they often arrive on - and that's because our communication and financial transactions have largely moved online.  Plus, with the assistance of AI, scammers now have almost infinite numbers of ways to convince us to accept their tricks as legitimate offers, deals and requests.  So, while your fraud antennae may already be pretty sophisticated, here are some hints that may also minimize the sad stories we hear too often from those who've already been taken in.

One of the most effective ways to avoid disaster is to understand that scammers succeed by creating urgency and fear.  Thus, our bank account has been compromised; a valuable prize we've won just requires us to authorize the shipping charge on our credit card; legal action will taken if we don't immediately authorize a payment we didn't even know we had; or the old favorite: a family member needs money wired from our account for some critical purpose.  This urgency, if it seems even remotely plausible, is designed to make us stop thinking clearly and to act before we can protect ourselves.  The best rule of thumb for this one is just to slow down.  First of all, we need to remember that legitimate organizations rarely demand instant action or threaten severe consequences without providing the notices they actually use.  In fact, the IRS, credit card companies, and collection agencies never use simple phone calls to pursue their claims.  They want a record of the contacts and requests/demands they've made, so they send written notices.  That means the best way to respond to such calls is to say we'll need to discuss their business with our lawyer or financial advisor or consult our own records - and we'll need a hard copy of the relevant documents to do so.  Legitimate claimants won't have any problem with that response, but scammers will do nearly anything to force a payment out of us before they'll let us off the phone.  That's the critical litmus test for phone call scams and it warrants an immediate hang-up.  It's also the best strategy for any charitable organization or supposed alma mater who may be calling during a "today-only" fund drive - that urgency is the dead giveaway and they'll appreciate our contribution next week as much as right this moment. 

But what about those drastic emergency calls from a child or grandchild who needs bail money or funds for a plane ticket home, just to name a couple of the heart-string pullers?  We shouldn't even assume we can verify the caller by the sound of the voice at the other end.  Again, AI has developed ways to make those calls sound just like our real family members, despite our disbelief that that's really possible.  One safeguard our family uses is to have a special password we've all agreed to require before we proceed further.  If our troubled family member doesn't know the word or doesn't even know we have one - or maybe doesn't know a nickname they call us - then we're talking to someone else's family member and they should make another call.  Goodbye and good luck!

Of course, we should never give out personal information over the phone or by e-mail, even if it's needed right away to verify or correct our records.  The best way to flush out the crooks here is to say we don't have that information handy and we'll call back the organization at its legitimate number as soon as we can locate what they're looking for.  And, too, if we receive what looks like an official letter or form that asks us to update key information, or to call a certain number to do so, or to mail the form in a stamped envelope conveniently provided, it may be tempting, but we shouldn't ever do it.  Instead, we should contact the organization ourselves - at a customer service number on a recent statement we know is legitimate or by checking the organization's actual website. 

Sometimes, we've actually shot ourselves in the foot just by opening an e-mail from a source we don't recognize.  Even doing that can also provide information that can be used against us.  It's not a coincidence that spam and scam sound so much alike.

Finally, we should keep our usernames and passwords in good shape, by using ones that aren't easily guessed or aren't used for every single account or site we have or use - and then by changing them periodically.  So-called password lock boxes and security services that shield individual passwords from hacking are also worth investigating, particularly if we do a lot of online buying or surfing among random or unfamiliar sites.  But check to make sure those are legitimate, too.

And, of course, if we decide or discover that we've already been scammed, then speed in contacting our bank or credit card company is the key to cancelling or reversing the charge or having it taken off our account.  We should also consider reporting it to the NH Attorney General's Consumer Protection Division at 603-271-3658, as that may not only help us but alert the office to a new and virulent new scam tactic.  

The way I look at all this is that sophisticated scamming is going to keep trying to stay ahead of our attempts to thwart it - there are people sitting around thinking them up and plotting how to prey on us at this very moment.  And it's going to remain a more serious threat in ever more unexpected places and disguises if we don't use just as much guile to protect ourselves.  I mean, we're not dealing with door-to-door sellers of vacuum cleaners and encyclopedias anymore.  Those people are now retired and living in Florida on our parents' and grandparents' money.  Let's at least not fund the next generations' nefarious lifestyles.  

​Greetings again, everyone!  This is my final summer offering, so I'm going to give you some morsels to chew on as you relax in the sun one more time before charging into Fall with your systems revitalized.  I've said some of this before, but we all forestall unpleasant decision-making, so here it comes again.

The cost of care for our loved ones [and ourselves] during our sunset years continues to be a troubling dilemma for many families, and with the upcoming cuts to Medicaid, the difficulty of qualifying and paying for care can only become more challenging.  That's compounded by the fact that while we're generally living longer, we're not necessarily prepared for the additional costs of the care that those additional years may bring with them.   So, here are some ideas worth considering, based at least upon the current landscape of Medicaid eligibility.

Of course, the low hanging fruit about medical care is to keep ourselves in as good shape as we can for as long as we can.  If we don't need professional care until very near our last mortal moments, the costs will be minimized, both financially and in relation to the burdens on our families.  One threshold factor is that once our legs give out and our mobility is significantly reduced, the level and cost of the care we need are exponentially increased.  That was true for my mother, so I know whereof I speak. 

If we're still young enough (under 60 is best, but definitely under 70) and can afford it, long-term care insurance remains a meaningful safety net.  But definitely consider the hybrid plans now available, which often provide for life insurance payouts equal to the premiums we've paid for unused benefits.  This is specialized coverage, though, so make sure you review the options with an agent who knows the entire available marketplace.

If buying more insurance just isn't your thing, however, consider setting up an irrevocable trust (that won't be counted toward Medicaid eligibility) and funding it with an existing life insurance policy that will pay off at your passing and help replace the assets that may have been spent on your care during those final years.  If you don't have (or don't want to pay for) a policy to use for this purpose, you could either fund such a trust with other assets you may not need for support, or you could simply pay into the trust the periodic amounts you might have spent on long-term care premiums, so you'll know those funds will eventually return to the family once you're gone.

But if you do need care, you might also minimize the bite by staying in your home as long as possible (you want that anyhow, right?) and getting just the care you actually need - that is, not paying the significant costs of 24/7 help.  So, maybe just for shopping, laundry, meals, medical appointments, or whatever, but not for all day and night assistance.  

And if you've got a family member who might be able to provide that assistance - say, a grandchild who needs a place to live anyhow - you can enter into written caregiver agreements with them, to provide for their specific services at defined rates of pay (with accurate records kept, of course), so those funds will also stay in the family and won't be considered gifts that would be counted against you if you eventually do need to apply for Medicaid. 

Finally, many people's primary asset is the value of their home and they want to preserve that at all cost.  If you're married and your spouse is healthy enough to stay at home, your spouse can retain it, you can qualify for Medicaid without having to sell the home - and its value won't undermine your eligibility.  Even without a spouse, if you have a child who's been living with you for at least two years and has enabled you to avoid nursing home care for that long, you can transfer the home to the child and that transfer also won't be considered a disqualifying event for Medicaid.  

And if neither of those options will work to protect your home, you can transfer it to your children and enter into an arms-length lease (with market rent payments) to stay there as long as you can or want.  Then, once the "lookback" period for prior transfers passes (currently 5 years), the home's value won't be counted toward Medicaid qualification. 

There are other more complicated options, as well, but my fingers are tired and the dock at Lake Winnipesaukee is looking pretty appealing.  So, let's hope these comments and options are strictly hypothetical and unnecessary; that we can pass them on to others who may not be quite as fortunate; and that we'll all be healthy as horses until the final whinny.