By Jeremy A. Wechsler, Esq.
Investment Advisor Representative
[email protected]
We spend a lot of time talking about how to build wealth. This week, I want to talk about something just as important: Protecting it.
Recently, I came across an FBI warning about a type of fraud I suspect many homeowners have never even considered. Criminals are using stolen personal information and fake identification to impersonate property owners and attempt to sell property without the real owner ever knowing about it. Properties without mortgages can be particularly attractive targets.
Imagine spending 30 years paying off your house, only to have someone try to steal it out from under you. The FBI recommends checking whether your local county offers property-recording alerts, which can notify you when a document is recorded in your name (Montgomery County and Bucks County both offer this, links are at the end of this article). Check out the article here.
But this got me thinking about the bigger picture.
As we accumulate wealth, particularly as we approach and enter retirement, our focus needs to gradually expand from simply building wealth to protecting it.
Of course by protecting it, I mean protecting yourself from financial fraud. But also making sure your nest egg will last for a long retirement. Income planning is a lot different than accumulating assets while working. They say the climb down is always more treacherous than going up the mountain. Retirement is similar, so you must be careful and intentional about planning properly. That’s why I love what we do, because we get to help clients on that journey daily.
Another angle regarding protecting yourself: Having a well crafted estate plan. Estate planning isn’t only about what happens after you die. A properly drafted power of attorney allows someone you trust to manage your financial affairs if you can’t. Healthcare documents identify who can make medical decisions for you. Beneficiary designations should be reviewed periodically to make sure your assets ultimately go where you intend.
And don’t overlook the simple stuff. Does your spouse know where the accounts are? Does someone you trust know where your important documents are located? If something happened to you tomorrow, would your family know who to call?
I’ve seen plenty of sophisticated financial plans over the years. But sometimes the most valuable planning is surprisingly straightforward.
You’ve spent decades accumulating assets, paying off homes, saving for retirement and building a life for yourself and your family.
Make sure you’ve also built a plan to protect it.
Have a great weekend!
— Jeremy
Montgomery County Fraud Alert: https://www.montgomerycountypa.gov/departments/recorder-deeds/fraud-protection
Bucks County Fraud Alert: https://www.buckscounty.gov/590/Fraud-Alert-System