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Justice Is Blind

Not an estate planning post, but more of a public service announcement in the financial arena. Lori Sattler is an acting NY Supreme Court Judge. In the process of selling an apartment and buying another one, she followed the instructions in an email supposedly from her attorney and wire transferred $1 million to a fraudulent account which then wired the money to a bank in China. The money is long gone.

Several points of varying interest:

1. When transferring $1 million, it makes sense to verbally confirm the instructions regarding the wire transfer.

2. It has been a tough month for judges in NY between this judge getting scammed and the Court of Appeals justice who died with an outdated will that contained deceased beneficiaries and ignored her husband.

3. Perhaps Judge Sattler can commiserate with John Podesta at a Democratic fundraiser about the travails of falling for a link in an email.

Photo Credit:  AP/File

License:  Fair Use/Education

 

She Doesn’t Get It – Redux

tumblr_nurz73kQrz1unv2fuo1_250A young writer recently wrote a web piece titled “If You Have Savings in Your 20’s, You’re Doing Something Wrong.” The article contained the following gems:

  • People who are saving in their 20s are people who don’t set their sights high. They’ve already dropped out of the game and settled for the minor leagues.
  • Your 20s are not the time to save; they’re the time to gamble. $200 a month isn’t going to make the dent that a $60,000 pay raise will after spending all those nights out networking.
  • We don’t have kids. We’ll be renting for the foreseeable future, and we have no problem eating McDonald’s when we’re skint.

Several quick points:

1.  If this advice was from a 40 year old looking back on life, it would be less laugh
able that it is coming from a 20 something trying to justify her lifestyle.

2.  I am not sure I know anyone who received a $60K annual raise but she seems to think they are plentiful.

3.  The value of the monthly $200 expenditure she mocks is $1 million after 45 years.

4.  If she continues to spend what she makes, she will rent forever, not just the foreseeable future.

5.  The writer and the 2 million plus people who liked her article on Facebook are likely constituents of Bernie Sanders because they are counting on others to provide for their retirement.

 

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All Posts By Jay Brinker

I am an attorney located in Cincinnati, Ohio who practices in the areas of estate planning, probate, asset protection, and small business advice. I make a difficult and bewildering process as simple as possible. Most importantly, I provide "more for less" for my clients.