Home > Prevention & Precautionary Steps For Seniors > Imposters Use Fear Tactics to Snare Seniors Into Creating Phony Trusts

Imposters Use Fear Tactics to Snare Seniors Into Creating Phony Trusts

Whether it’s a will or a trust, it is important for young adults and seniors to consider the preparation of a legal document for the disbursement of their assets after death. This should be taken care of by employing the services of a qualified financial advisor, estate planner or attorney. A sad example of what can happen by not following this guideline is outlined in the following case.

A number of Texarkana residents have filed suit against sellers of living trust documents in a class action accusing the salesmen of exploiting senior citizens. The living trust sellers are facing allegations of “masquerading as qualified financial advisers, estate planners, lawyers, and paralegals” to “exploit and prey” upon senior citizens with the creation and selling of “unnecessary and often useless” living trusts in an effort to gain financial information and a potential client base for selling annuities. According to the original complaint, the scheme begins with advertisements that persuade senior citizens to attend a free lunch or dinner.

scam by *dennyazriman on deviantART

At these meetings, the “unlicensed” living trust defendants conduct presentations and distribute materials that misrepresent the impact of probate fees and estate taxes in order to create fear that the senior citizens need to buy a trust to prevent heirs from losing their estate. Every state has an Aging Services Division dedicated to providing seniors a wide range of services including information on the preparation of a Will or Living Trust. Although services vary by location, many assisted living facilities through their supportive services division, can offer help by putting residents in touch with the proper entities for resolving legal matters.

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About The Author: Gloria Ha’o Schneider is an expert in senior citizen and baby boomer issues. Her topics revolve around Senior Living and Healthcare to provide the latest information to this demographic as well as their families and loved ones.

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