Strategies for Protecting Wealth in Old Age

A Certified Financial Planner based in Canandaigua, NY, Jason Mosher is the co-founder of financial services company Sheppard Mosher. From his office in Canandaigua, NY, Jason Mosher works with clients to help them grow and protect their wealth.

Wealth protection is a priority, especially for seniors. As people age, their brains change. From age 60, the prefrontal cortex suffers atrophy while cerebral white matter disease sets on, impairing executive function. This makes it easier for older adults to make bad financial decisions, putting at risk the wealth they have taken longer to build.

As people get older, therefore, it is critical to have safeguards in place to protect wealth. For example, they should set up and maintain a retirement plan and estate plan for longer-term wealth management. They should also prepare a legal document such as a power of attorney that gives a close adult the power to make financial and health decisions on their behalf if they become incapacitated. Other safeguards include simplifying investment plans to reduce their complexity and regularly consulting fiduciary financial professionals before making big financial decisions.

To protect themselves from fraudsters, adults can sign up for scam alerts on the AARP Fraud Watch Network, register themselves on Do Not Call lists such as www.donotcall.gov, and set up systems with their financial institutions to ensure they are alerted immediately a large transfer or withdrawal is made on their accounts.

Sheppard Mosher provides several wealth protection services, such as estate planning. For more information, see its website.

Securities are offered through Kalos Capital, Inc. and Investment Advisory Services offered through Kalos Management, Inc., both at 11525 Park Woods Circle, Alpharetta GA, 30005, (678) 356–1100. Sheppard Mosher is not an affiliate or subsidiary of Kalos Capital, Inc. or Kalos Management, Inc.