During the holiday season, fraudsters are likely to send many phishing emails. Billions of phishing emails are sent each year because they work well for identity thieves. The average person receives a significant number of emails each day and may not take the time to examine an email. Fortunately, protecting yourself from emails is a learned skill and can be easily accomplished.

First, you should be alert and use sound judgement to check each email. Are you familiar with the sender? Is the content you would expect from that person? Do they regularly send information to you? These are good questions to ask. It is especially important to review the email if it claims to come from your bank, a certified financial planner (CFP) or certified public accountant (CPA). Many fraudsters have been successful by impersonating the Internal Revenue Service (IRS), another government agency or your credit card company. For example, you may be asked to click on a link to resolve an immediate problem with a charge on your credit card. These types of emails should immediately raise red flags and require further exploration before clicking any links or entering personal information.

Many phishing emails can generally be identified because of the abnormalities in the text. Emails from fraudsters that are overseas often have typographical errors. There may be names that are misspelled or do not fit the organization. Some emails may use a name that is similar to your bank, financial service company or your professional tax advisor, but it is not exactly correct. Phishing emails may claim to come from financial organizations you regularly work with but may lack the logo or other identifying information. If there is anything unusual about the email, it is much more likely that it is a phishing email.

A primary solution is to not click on a link, but to contact the sender directly, not as a reply to the suspicious email. For a bank or credit card issue, there is a public access phone number for the bank or a phone number listed on the reverse side of your credit or debit card. Call the official phone number for the bank or credit card company to discuss the claimed problem. You may be able to review the sender’s email address in the header to also verify you recognize it. However, by simply calling the claimed sender, you can confirm whether or not this email is legitimate. If you do know the claimed sender of the email, you might send a new email to the purported person to ask if the suspicious email address is a correct email.

You can quickly determine whether a link is legitimate to a bank, financial institution or other organization by hovering with your cursor over the link, but do not click on it. The hovering will allow you to review the address link. If it is a short link or strange email address, it is likely that the link is to a fraudster's website. Do not click on that link as doing so could load malware on your computer.

The holiday season is a prime time for fraudsters to try to collect access to your accounts and personal information. Scammers plan to steal your information and file a tax return in late January or early February so that their tax return arrives first at the IRS and the fraudulent refund will be sent to them.

Email is now a common fact of life, even for seniors. The Pew Research Organization estimates that 75% of individuals aged 75 and above now use email. Because fraudsters are becoming more clever each year, everyone needs to understand how to exercise best practices, common sense and basic exploration methods to find, identify and delete phishing emails.

At any given time, the average American maintains between 30 and 50 online accounts. These may be with banks, financial institutions, utility companies, email providers, social media outlets, commercial shopping or travel sites and accounts unique to technology such as an account to purchase apps for a smartphone.

Modern estate plans should include an "ePlan" to manage online accounts and online data. There are four specific steps to creating an effective ePlan. These include compiling a list of each account along with an explanation of how each is used; developing a plan for storing electronic information; naming an executor to manage the accounts; and providing appropriate direction to your executor.

1. Compile a List of Accounts and How to Access Them

The first part of an effective ePlan is to gather information and to compile a list of your accounts together with information about the accounts. Your list should specify the username, password account number and a description of what is included in each account. Because passwords frequently change, you should be sure to keep this list up to date.

There are four major types of online accounts: personal, financial, business and social media. Examples of personal accounts include email accounts and those used in conjunction with photos, videos, music and apps for smartphones or tablets. The information associated with these accounts is typically backed up on a computer hard drive, a backup drive or cloud account.

Financial accounts might include savings and checking accounts, retirement accounts, utility accounts, and accounts related to travel and shopping. Increasingly, people are using electronic devices to bank online, including linking accounts for automatic payments, to manage retirement and investment accounts, and to shop online at sites such as Amazon, eBay, airlines and other companies. Online financial accounts also allow for the management of digital currency such as Bitcoin. In many cases, the estate executor will need the account holder’s username, password and account number to identify and access any online financial accounts and to ensure that they can be left to family.

Business related accounts could include intellectual property that is part of a website or blog, including written work, photos, videos and musical compositions and software. If you own business assets like these, be sure to discuss these specific assets with your attorney.

Examples of social media accounts are Facebook, Twitter, and LinkedIn. These accounts may be valuable or sufficiently sentimental because they contain photos and comments that should be passed on to family. A good ePlan will instruct the executor how to dispose of these assets, such as whether the executor should copy the data from these accounts to share with family and whether to wind down and close these accounts.

2. Store and Protect Your Information

The second part of an effective ePlan is the development of a plan for storing information. This will involve saving the list that you compiled as well as backing up important data files and account information.

Because an ePlan account list contains sensitive information such as usernames and passwords, it is essential to maintain the security and confidentiality of this list. There are three basic options for securing an ePlan account list. First, this list could be handwritten and stored in a safe place. Second, it could be in electronic format such as a spreadsheet saved to a thumb drive. Extra security measures can be taken to password protect or encrypt the file or drive. Third, there are programs that manage, save and encrypt passwords. These programs allow people to connect multiple devices to a password management program and the program will keep the passwords up to date on each device. If you password protect a file, encrypt a drive or use a password management program, be sure to provide your executor or a loved one with the file password or encryption key or with access to one of your devices so your executor can access the password program.

For purposes of security, and in order to keep the list up to date, maintain a single list. Avoid saving the list on a computer in case of data loss or a data breach. Do not include this list in a will or living trust; these documents may become public. Save the list in a secure location such as in a locked, fireproof home safe or safety deposit box. Some states require that a safety deposit box cannot be opened after the owner passes away without the approval of the probate court. Ask your attorney if you live in one of these states. If you do, consider storing your list in a home safe.

There are several options for maintaining a backup of important electronic information such as pictures, videos, music and archived email. You can back up this information on your personal computer, in a cloud account or on an external backup drive, thumb drive or DVD, which can then be stored in a home safe or safety deposit box.

3. Select Your Digital Executor

After compiling a list and selecting a storage method, the third part of an ePlan will be the selection of a digital executor. Many states have passed laws that give access to online accounts to the executor of an estate. In some cases, however, state law may limit access if the executor does not have the password or an estate plan does not clearly grant powers to the executor to access these accounts. Accordingly, your estate plan should be explicit in the granting of authority with respect to online accounts, and the ePlan should provide the necessary passwords to the executor. Institutions that provide online account access may give the executor access upon a showing of appropriate authorization in the estate plan or, in some cases, may require an order from the probate court. For some accounts such as Bitcoin, the executor will need the password to access the account.

4. Provide Your Executor with "Digital Directions"

The fourth and final part of an ePlan includes a letter of instruction to the digital executor. This letter will tell the executor how to manage your online accounts and digital assets. It may also provide recommendations for the distribution of various accounts, assets, files and information to family. Information in personal accounts, such as photos and videos, can easily be duplicated. Accordingly, the letter may instruct the executor to produce copies of those files to share broadly with family. Assets in any financial accounts will be transferred to your chosen heirs according to your will, trust or beneficiary designation form, after which the financial institutions will close your accounts. A letter can also tell the executor how to manage social media accounts. Options for dealing with social media accounts include transferring account management to a loved one so that the account can remain active and serve as a memorial to the original account holder, or the account can simply be closed down.

Account Specific Information

Google, Facebook, Twitter, Apple and other companies have adopted policies to address the situation when an account holder has passed away. These policies may allow an account holder to designate a "Legacy Contact" to manage the account; require specific documentation before a deceased person’s account can be closed, such as a copy of a death certificate, court order, notarized letter or obituary; or automatically close an account after an extended period of inactivity, such as three to twelve months. These policies are subject to change, so a digital executor should familiarize themselves with the policies of each account provider and may need to act quickly to preserve important and sentimental information for family and loved ones.

Protect Your Digital Assets

Digital estate planning is a new and rapidly changing field. By incorporating an ePlan into your estate plan, you can ensure that your executor will take the right steps to preserve and protect these accounts and that valuable and sentimental data can be passed on to family and loved ones.

I am interested in getting the new over-the-counter hearing aids that just became available a few months ago. Can you offer any tips to help me with this?

The new FDA approved over-the-counter (OTC) hearing aids have proved beneficial for the roughly 48 million Americans with hearing loss. The FDA approved this new class of hearing aids in efforts to lower prices and increase their availability. Adults with impaired hearing can now purchase hearing aids at pharmacies, big box chains, consumer electronics stores or online, without a prescription.

According to the National Institutes of Health, about 25% of people age 65 to 74 and half of those over age 75 experience hearing loss severe enough to affect their daily life. Yet about 80% of people who would benefit from hearing aids do not wear them because of their exorbitant price.

Traditional hearing aids ordered cost anywhere from $1,000 to $7,000 per pair and are not covered by most private insurers or traditional Medicare. The new OTC hearing aids range anywhere from $200 to $3,000.

An Inexpensive Option for Certain Groups

OTC hearing aids are specifically designed for adults who have mild to moderate hearing loss. No hearing exam or prescription is necessary in order to purchase them and they are designed for self-fitting and tuning at home.

Some signs of hearing impairment are having trouble hearing or understanding conversations, especially in noisy environments, over the phone, or if the speaker is out of view. Additional warning signs may be a higher volume on the TV, radio or music is needed or have to ask others to speak more slowly, louder or repeat what they said.

While OTC hearing aids are more attainable, they are not suited for all types of hearing loss. If the hearing problem is more severe, for example, if there is trouble hearing loud sounds such as power tools or motor vehicles, or if quiet conversations are hard to hear, then the hearing loss may be considered more significant and a hearing assessment with an audiologist may be the best fit. OTC hearings aids are not intended to address significant hearing loss.

To help get a basic sense of hearing abilities, there are app-based tests that can be downloaded onto a smart device. If you find that your hearing loss is significant, you will need to work with an audiologist or hearing instrument specialist to find a custom hearing aid solution.

What to Look For

To help you choose a good OTC hearing aid, here are some important points to keep in mind.

Return policy: It can take weeks to adjust to hearing louder sounds through the use of a hearing aid, so be sure to choose a brand that offers at least a 30-day trial period or has a money back return policy. The FDA requires manufactures to print their return policy on the package.

Set up: Many OTC hearing aids require a smartphone or computer to adjust and operate the devices, while others have the controls on the device. This will also be labeled on the box. Choose one that fits your preference and comfort level.

Battery: The package should also indicate what kind of battery the device uses. Some of the older versions of hearing aids have replaceable batteries, but many of the newer ones have rechargeable batteries that come in a charging case, where it is usually recommended to charge them up every night.

Customer support: Some companies offer unlimited customer support to help with adjustments or fine-tuning the hearing aids. However, other companies might limit support or charge an extra fee. Be aware of the services offered before you purchase.

For more information, including product reviews, see the National Council on Aging's OTC hearing aids buyer's guide at NCOA.org/adviser/hearing-aids/over-the-counter-hearing-aids.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

Cyber Monday was November 28, 2022. On that date, the Internal Revenue Service and the Security Summit partners launched the National Tax Security Awareness Week.

During this busy holiday season, creative identity thieves will develop new strategies to steal personal financial information. Your risks increase when you are shopping online and using public Wi-Fi. Identity thieves also are successful with text scams that are called "smishing."

IRS Acting Commissioner Doug O'Donnell stated, "With holiday shopping starting and the 2023 tax season quickly approaching, many people will be using laptops and personal devices to share sensitive financial information. In the months ahead, these same devices will be used to complete millions of tax returns by both taxpayers and tax professionals, making the holiday season the perfect time to take steps to protect your valuable information and watch out for scams."

The Security Summit offers multiple tips to protect yourself while shopping online or viewing emails.

1. Secure Web Sites — Always ensure that the site has "https" on the top left address along with the padlock icon in your browser window. These indicate that you are on a website with a secure certificate.
2. Public Wi-Fi — Do not shop on unsecured public Wi-Fi. Many restaurants, stores and other public places offer public Wi-Fi. These sites often do not use appropriate security and identity thieves can easily monitor the public Wi-Fi to steal your information.
3. Security Software — Use appropriate security software on laptop computers, tablets and mobile phones. The software should be updated daily.
4. Family Members — The computers and phones of young children and older adults should receive special attention. These family members may be more vulnerable to email and text scams.
5. Anti-Virus Software — Good anti-virus software will stop software specifically designed to steal personal data, known as malware, and has a firewall to protect from intrusions by identity thieves.
6. Passwords — Use strong passwords for online accounts. It is good to have a password with a capital letter, lower case letters, a number and a unique character.
7. Two-Factor Authentication — If possible, use two-factor authentication. A common two-factor method is a password and a multi-digit code sent to your cellphone. This reduces the risk of a thief attacking your account.

Other tips include a recommendation from the Federal Trade Commission to not buy things from sellers who request payment through a gift card, a money transfer through a vendor or through cryptocurrency. These types of payments are difficult to trace and reverse. Scammers use these payment methods because they can quickly depart with your money.

The latest mobile phone scam involve messages that claim to come from the IRS. Other scams offer COVID relief or provide help in setting up an IRS account. You should be careful with these texts because if the identity thief steals your data during the holiday season, they plan to promptly file a fraudulent tax return in January.

If you are working from home, you will benefit from additional protections. You should have a personal computer separate from your business computer. Do not send your business information to your personal email devices. If you use online business banking, only use your business computer for that purpose. Additionally, do not use your business computer for higher-risk activities including web surfing, gaming or video downloads. Lastly, consider changing your passwords regularly and use an encrypted password program to track your passwords.

I started a walking program a few months ago but I have been having problems with my legs and hips hurting during my walk. I thought the pain may be due to age, however I heard about a leg vein disease and believe I may have something similar. What can you tell me about it?

The health condition you are wondering about sounds like peripheral arterial disease (PAD). You should check with your primary healthcare professional to determine a correct diagnosis. This disease often stays under the radar, but affects approximately 8 to 12 million Americans. It happens when the arteries that carry blood to the legs and feet become narrowed or clogged over the years with fatty deposits or plaque, causing poor circulation. Because PAD is a systemic disease, people that have it are also much more likely to have clogged arteries in other areas of the body such as the heart, neck and brain, which greatly increase the risks of heart attacks or strokes.

Few Symptoms

Unfortunately, PAD goes undiagnosed and untreated way too often because most people that have it experience few, if any, symptoms. The most common symptom, however, is similar to what you are experiencing: pain and cramping in the hip, thigh or calf muscles, especially when walking or exercising but usually disappears after resting for a few minutes.

Another reason PAD is under-diagnosed is because many people assume that aches and pains go along with aging and simply live with it instead of reporting it to their doctor. Other possible symptoms to be aware of include leg numbness or weakness, coldness or skin color changes in the lower legs and feet or ulcers/sores on the legs or feet that do not heal.

Are You at Risk?

Like most other health conditions, the risk of developing PAD increases with age. Those most vulnerable are people over the age of 50 who smoke or used to smoke, have elevated cholesterol, high blood pressure, diabetes, are overweight, or have a family history of PAD, heart attack or stroke. Ethnicity may also play a role in elevating risk factors.

If you are experiencing any symptoms or if you are at increased risk of PAD, consult your doctor or a vascular specialist about getting tested. The physician will perform a quick and painless ankle-brachial index test, which is done by measuring your blood pressure in your ankle as well as your arm and comparing the two numbers. Your doctor may also do imaging tests such as ultrasound, magnetic resonance angiography (MRA) and computed tomographic (CT) angiography.

With early detection, many cases of PAD can be treated with lifestyle modifications including an improved diet, increased physical activity and smoking cessation.

If lifestyle changes are not enough, your doctor may also prescribe medicine to prevent blood clots, lower blood pressure and cholesterol and control pain and other symptoms. For severe PAD, the treatment options are angioplasty (inflating a tiny balloon in the artery to restore blood flow then removed), the insertion of a stent to reopen the artery or a graft bypass to reroute blood around the blockage.

To learn more about PAD, visit the National Heart, Lung and Blood Institute at NHLBI.NIH.gov/health-topics/peripheral-artery-disease.

You have completed a will and perhaps a revocable living trust. Your durable power of attorney for healthcare and a living will are in place. All of your records are safely in place and carefully organized.

So you now are finished with your estate planning. Or are you? Will there be changes in your circumstances or your family that should lead to a review of your plan? Could some events cause you to need to revise or update the plan?

Yes, there are a number of reasons to consider revising or updating your plan. These include any of the following reasons:

1. New Children, Grandchildren or Other Heirs

Your estate plan almost certainly makes provision for children and other heirs who are living when you pass away. If you have a specific transfer to one child, a new child may receive a smaller than intended inheritance.

For example, John Smith had a $1 million estate and left a $400,000 residence to child A. He then divided the balance of the estate with 1/6 of the balance to child A and 5/6 to child B. If a third child is born, depending upon state law, the child might receive nothing or perhaps would benefit from a portion of the residue. In either case, the uncertainty could lead to estate litigation or to family strife.

If you have a sizeable estate and there are large specific bequests, the arrival of a new heir is a good time to review your plan. One option is to transfer assets to the heirs "then living" when you pass away.

If the estate is $1 million, in some states a child C who is born later would receive 1/3 of the estate. This could dramatically change the benefit for child B and leave her with a reduced inheritance. In addition, child C could be a minor or a very young adult and not be capable of managing his or her property. For several reasons, the arrival of a new heir makes a review of your plan very important.

2. Move to a Different State

If you are married and move to a different state, there may be a change in the laws that affect ownership. Some states are called "common law" property states and some are "community property." If you move from one state to another and change in either direction, it may be important to clarify the ownership of your property as separate property or joint property.

For individuals with moderate to larger estates, there could be significant estate or inheritance taxes. Several states have inheritance taxes that will apply at lower levels than the federal exemption per person. Depending on who among your relatives receives your property, a new state may have a substantial tax.

Finally, many states have specific rules on durable powers of attorney for healthcare, living wills or advance directives. If you acquire permanent legal residence in the state, your doctors will expect that your medical planning documents reflect their state law.

3. Sale or Purchase of a Major Asset

You may have a major real estate asset or a business that is to be transferred to one of your heirs. If that property is sold or substantially increases in value, your entire plan could change. For example, if a property greatly increases in value and there is a large estate tax that is paid out of the residue of your estate, the beneficiary of that specific property could receive a much larger inheritance than you intend. Those children or other heirs who are receiving the residue could find their inheritance greatly reduced by estate tax paid on the asset transferred to the first child.

Alternatively, if the first asset is sold, then a child may receive a smaller than intended inheritance. Therefore, a significant sale or purchase is a good time for an estate planning review.

4. Reaching Age 72

The four types of estate property are generally cash and cash equivalents, stocks, real estate and qualified plans. Over the years, your qualified retirement plan may become a large portion of your estate. Your IRA, 401(k) or other qualified plan will require distributions to start on April 1 of the year after you reach age 72.

If you pass away before the entire plan is paid out to you during your retirement years, the balance is transferred to your designated beneficiary. Because retirement plans have grown substantially over the past decade, it's very important to review your beneficiary designations. Many individuals pass away and the plan value is transferred to beneficiaries who have been selected 10, 15, and even 25 years earlier. There could be many reasons why you would want to update that beneficiary designation, and age 72 is a logical time to do so.

5. Your Selected Beneficiary is Deceased

In many families there are unmarried brothers or sisters. It is quite common for these individuals to receive an inheritance and to remember the surviving brothers and sisters in their plans. However, even if there are two or three unmarried brothers or sisters, one will inevitably be the survivor and hold most of the assets. If you are remembering a sibling in your plan, there is a substantial possibility that he or she will pass away before you do. In that case, it is useful to revise the plan and select a new recipient of that share of your estate.

6. Divorce or Remarriage

Estate plans for single persons are quite different from those of married couples. A single person who transfers assets to a former spouse will not qualify for the unlimited marital deduction. While property settlements are typically handled during the dissolution of marriage proceedings, there are many cases where individuals forget to change beneficiary designations on retirement plans and insurance policies. If an individual later remarries and is survived by their new spouse, there is a high likelihood of litigation between the ex-spouse and the new spouse if the individual forgot to update his or her beneficiary designations. Therefore, this person's plan and beneficiary designations should always be reviewed in the event of a divorce or remarriage.

7. Substantial Change in Value

If someone's estate increases or decreases significantly in value, there can be major impact on beneficiaries. For example, Mary has children Anne, Bob and Charlie. She leaves a home valued at $300,000 to Anne, a farm valued at $400,000 to Bob and the liquid assets to Charlie, who has the greatest financial need. While Mary is in a nursing home and no longer able to change the will, oil is discovered on the farm. When she passes away, Bob receives the farm, not worth $400,000 but $8 million.

8. Adding a Major Property to a Living Trust

If you have a substantial estate, you may hold your real estate in a living trust. If you invest in real estate or acquire a major new property and transfer that to the living trust, it will be useful to review the plan. In some circumstances, there may be different beneficiaries for the living trust than for your qualified plans and life insurance. The addition of a high value asset to the living trust could increase the benefits for the persons receiving shares from the trust in comparison to the rest of your heirs.

9. Selected Executor or Trustee Not Available

With a will or a revocable living trust, you may also select a successor executor or trustee. While this usually will handle the situation in which the primary executor or trustee predeceases you, it still is useful to review your plan if one of these persons passes away. You can easily select a new primary executor or trustee with an appropriate backup person.

10. Passage of Time

Estate plans are affected by changes in your asset value, by changes in your family, and potentially by changes in federal or state law. Therefore, it is useful every three to five years for you to sit down with your attorney and review your plan. Given all the potential areas that can change, it's quite likely that you may wish to modify some portion of the plan.

Are there any services that can help my parent with their financial duties? My parent is having difficulty managing their finances and needs someone to help them on a regular basis.

A good solution to help your parent manage their finances is to hire a daily money manager (DMM). DMMs are financial professionals that help older adults manage their day-to-day personal finances.

The types of services provided typically include arranging the payment of bills, maintaining financial records, balancing checkbooks and negotiating with creditors. DMMs can also prepare checks for clients to sign, organize bank and financial records, prepare and deliver bank deposits, gather and organize documents for tax returns, scrutinize medical bills, and review bank statements for potential financial abuse or fraud.

Where to Find DMMs

Depending on where your parent lives, DMM services may be available through private non-profit elder assistance organizations or government agencies. These agencies often use volunteers to provide basic DMM tasks, such as bill paying at no cost. To find out if this is available in your parent's area, contact their local Area Aging Agency. Visit ElderCare.acl.gov or call 800-677-1116 for contact information.

In addition to non-profit DMMs, an increasing number of individuals and private for-profit companies offer DMM services for a fee. The cost for these services varies by region but it often ranges between $25 to $100 per hour. Most clients need approximately four hours of services per month, but this too varies according to the complexity of the person's financial situation.

You may want to search online for a professional DMM in your parent's area. Some websites provide online directories to search for professional DMMs by using your ZIP code. Finding professional that adheres to a code of ethics and has certifications or is designated as a "Certified Daily Money Manager" may help you vet the individual.

There are also many highly rated nationwide concierge bill management services that your parent can chose instead of a DMM. These companies will manage your parent's bills and pay them on their behalf, on-time, correctly, and for a flat fee. You can locate these services by using your preferred online search engine with key words like "concierge bill pay".

If you opt for a concierge service, your parent is often paired with an account manager who communicates and work with them by phone, email, text or mail. The concierge service may offer additional services such as bill reviews for errors and fraud and will always provide monthly statements showing the date, amount and manner of each payment.

Before hiring a daily money manager, get references from two or more clients. Also, find out what they charge and what type of insurance coverage they have. Keep in mind that neither federal nor state governments regulate the DMM industry, so there is little oversight of these services. So before turning over your parent's bills, make certain it is someone you can trust.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

Each year the Internal Revenue Service reminds taxpayers over age 72 to take their required minimum distribution (RMD) by December 31.

One exception to this applies to IRA owners who turned age 72 in 2022. These individuals may delay their first RMD until April 1, 2023. However, if their first RMD is delayed, a second RMD will be required by December 31, 2023.

RMDs are generally required for most qualified retirement plans and apply to three types of IRA: Individual Retirement Arrangements (IRAs), Simplified Employee Pension Plans (SEPs) and Savings Match Plans for Employees (SIMPLE) IRAs.

RMDs also apply to 401(k), 403(b) and 457(b) plans. An exception to the RMD requirement is a Roth IRA - there are no distribution requirements for this plan as long as the original owner is living.

Most taxpayers take a RMD based upon the Uniform Lifetime Table in IRS Pub. 590-B. This table assumes two beneficiaries, one of which is no more than 10 years younger than the IRA owner, and calculates a distribution amount based on both ages. If the IRA owner has a spouse more than 10 years younger, a special calculation is applicable.

Owners of multiple IRAs must calculate the RMD for each plan. However, the owner can elect to withdraw the total RMD amount from any IRA plan.

Some employees over age 72 who are still working and are not major owners of a business may be able to defer their RMDs until after retirement. Employees should consult with a tax advisor if this exception is applicable.

Many online calculators are available to determine a RMD. Most large financial companies offer an online determination of the correct amount. RMDs start at approximately 3.6% of the December 31st IRA balance and increase each year after age 72. There are online worksheets on IRS.gov that may be helpful.

The IRS released new IRA distribution tables for 2022. The new tables reflect longer life expectancies and future RMDs will be slightly reduced.

Editor's Note: An excellent way to fulfill an RMD is to give part or all of the IRA distribution to a qualified charity. Qualified charitable distributions (QCDs) for individuals over age 70½ may fulfill part or all of your RMD. The QCD is a direct transfer from the IRA custodian to a qualified charity, up to $100,000 may be transferred in a single year. It is important to act quickly if you plan to do a QCD this year. Your QCD must be completed by December 31, 2022 if it is intended to satisfy your 2022 RMD.

What are the most common scams today? My parent has fallen victim to scams over the years and could use some help on how to avoid fraudulent schemes.

While many scams today are universal, some types of fraud specifically target older adults or affect them disproportionately. Unfortunately, these targeted scams are on the rise.

According to the Federal Bureau of Investigation (FBI), in 2021 there were over 92,000 victims of fraud over the age of 60 resulting in approximately $1.7 billion in losses. This was a 74% increase in losses compared to 2020.

Below are some of the most common scams that were reported last year:

Government imposters: These scams often start with a call, email or text message from someone claiming to be from the Social Security Administration, the IRS, Medicare or a fake agency. Scammers will falsely claim that money is owed or that Social Security or Medicare benefits are in danger of being cut off. They will threaten to fine, arrest or deport the individual if immediate payment is not made or if personal information is not provided. Many times, scammers "spoof" their caller ID to give off the appearance that the call is coming from a government phone number. Government agencies, however, never call, email or text to ask for money or personal information.

Sweepstakes and lottery scams: Scammers may contact their intended victims by phone, mail or email saying a sweepstakes or other prize has been won. Then, they ask for a fee or taxes to be paid to distribute the prize. They may say the odds of winning increase if money is sent. Scammers will request this fee in the form of a prepaid debit card, wire transfer, money order or cash. Scammers will try to mislead by pretending to be from well-known companies that run real sweepstakes or from official-sounding fake agencies.

Robocalls: One of the top consumer complaints are unwanted calls from auto-dialing software, referred to as robocalls. Unwanted robocalls annoy consumers and can be a vehicle for fraud against trusting individuals. Some robocalls claim that a vehicle warranty is expiring and payment is needed to renew it. Robocalls may also claim your identity was stolen or that irregular activity was flagged on your bank account.

Another common robocall is the "Hello, can you hear me?" call. When the person answering says "yes," the scammer records their voice and hangs up. The criminal then stores the voice recording and uses it to authorize fraudulent activities. As mentioned above, your caller ID may be "spoofed" to make the call look authentic.

Computer tech support scams: Tech support scammers may give the appearance that there is a serious problem with your computer or phone. A pop-up message or blank screen will appear on a computer or phone, notifying that the device is compromised and requires fixing. When the support number is called for help, the scammer may either request remote access to your computer or request a fee to have it repaired. These pop ups are not authentic and there may be nothing that needs to be fixed on the device.

Grandparent fraud scheme: The grandparent scam takes advantage of a grandparent who has a hard time saying no to their grandchildren. Scammers will data mine, often on social media, to learn names of grandchildren. The scammer will then call and impersonate a grandchild to tell the grandparent something is wrong and ask for money to solve some urgent financial problem (legal trouble, a car accident, overdue rent, etc.). The fake grandchild will tell the grandparent not to call any other relatives to avoid embarrassment. Once the money is sent, through prepaid cards or money orders, the scammers are gone and the money cannot be traced.

Other Scams: Other common scams are online romance scams, Covid-19 miracle cures and phony investment schemes. Scammers will impersonate Medicare representatives or health insurers to obtain personal information and submit bogus insurance claims. There are also internet and email scams, including phishing emails or texts, that appear to be from a bank or online stores.

For more information on the different types of scams along with tips to deter scammers, visit the Federal Trade Commission's Consumer Advice website at consumer.ftc.gov. The Federal Communications Commission also publishes consumer guides, including "Call Blocking Tools and Resources" and "Stop Unwanted Robocalls and Texts" to help prevent consumers from becoming victims of fraud.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living" book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization's official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

There are at least seven reasons for creating a will. A "peace of mind" estate plan starts with your will. The will passes your property to family, friends and favored organizations, could direct distribution of a recent inheritance, may fix errors in living trust funding, allows you to select a guardian, enables you to disinherit a child or other relative, permits you to select your executor and may help with a simplified probate.

1. Transfer of Property: There are some types of property that are best transferred by will. Many types of personal assets are difficult to transfer through a living trust or are not appropriate for a "pay on death" transfer. Because vehicles and other personal assets are likely to be bought and sold, it is much easier to keep vehicles, furniture, collections and other items in the probate estate and transfer them by will.

2. Potential Inheritance: You might be planning to receive an inheritance from a parent or other relative, but the inheritance could be delayed by the probate process, potential estate issues or other reasons. Therefore, when you finally receive title to the property, there may not be a convenient time or opportunity to transfer the assets into a revocable living trust. As a result, the inheritance will form part of your estate.

There also have been cases in which a person passes away in a tragic accident. The estate may receive an insurance settlement or a claim under a wrongful death action. These assets would become part of the probate estate and are transferred under the residuary clause of your will.

3. Living Trust Errors: A living trust is a very appropriate way of avoiding the probate process. However, in too many cases a person has a valid living trust but has not properly transferred the real estate, securities accounts or other assets to the trust. As a result, the property that has not been legally transferred to the trust will be part of the probate estate covered by your will.

4. Guardian for Minors: The selection of a guardian for minor children is done through your will. Most states do not permit you to use a living trust (there are a few exceptions) for this purpose, so it is very important to designate the guardian in your will. When you create the will and designate the guardian of the person, it is also quite common to establish a family trust for the minor children and appoint the trustee.

5. Disinherit Someone: It is possible to disinherit a child or other heir. The appropriate place to explain that disinheritance or explain why the inheritance is a nominal amount (such as $1.00) is in your will.

6. Select the Executor: Your executor is a key person for a successful estate property transition. The executor will inventory your estate, advertise for creditors, pay bills and taxes, submit your will to the probate court and obtain the court's approval for the final distribution. Your will is the document in which you will name your executor. Even if you have a revocable living trust with a trustee and a successor, it is essential to select an executor who will manage your probate property.

7. Simplify Probate: In many states it is possible for people who pass away with modest to moderate resources to have a simplified or summary probate. This permits your executor to manage your property and make distribution of it with very minimal contact with the probate courts. For example, California allows many estates with assets valued under $166,250 to use a simplified probate process. The executor will follow the directions in your will and distribute your property accordingly. In most cases, this will simplify administration and reduce your estate costs.

Good and Bad Wills

As was the case in the estate of Business Owner, there are many submitted wills that are not deemed valid or legal. In order to have a valid or legal will, you need to comply with the state law requirements for wills. While there is some variation between the states, most states will follow several guidelines.

1. Legal Age: In most states you must be 18 years old to sign a will.

2. Sound Mind: As we become more senior, we do not have as clear a mind as we had back in our youth. Most states permit you to create a will if you have "lucid intervals," understand the nature of your property and the fact that the will is going to direct the transfer of that property to your selected recipients.

3. Typed or Printed: A will normally is either typed or printed. While some states permit handwritten or other types of wills, the vast majority of wills will be typed or printed and will contain at least one substantive transfer of property.

4. Date and Sign: Your will must be dated and signed. The date is essential in order to make certain that this is your final will. Many individuals might write and sign two or more wills during a lifetime. Only your final will is going to be used by the probate court to distribute your property.

5. Witnesses: Under your state law, you will need to sign your will in the presence and hearing of two witnesses. Your witnesses must be adults who are of sound mind and should not be beneficiaries under the will. They need to be told that this is a will, but you do not need to disclose the contents of your will to the witnesses.

6. Self-Proving Will: In some states, it is permissible to have a notary or an affidavit witness form in which the will is either notarized or the person pledges under perjury that this is a valid will. If the will is "self-proved," it will simplify the probate process. Ordinarily, the witness is not required to testify in the probate court with a self-proved will.