State officials recently warned elderly residents about so-called financial planning seminars or estate preservation workshops that use a "free lunch" to lure seniors to attend.
Attorney General Bill McCollum and Department of Elder Affairs Secretary E. Douglas Beach have received complaints from seniors enticed to attend a free meal that actually turned out to be a high-pressure sales pitch for dubious investments.
McCollum: "The last thing our seniors need during this economic climate when their retirement savings may be dwindling is an investment scam that further depletes that nest egg. Too many of our seniors are finding that these free meals can cost them dearly."
AARP and the Financial Industry Regulatory Authority recommend that seniors do not purchase anything or open an account of any kind at a free-meal seminar.
AARP provides an online checklist of question to ask at such seminars. The checklist can be downloaded at AARP Checklist(pdf)
Full Article and Source:
State officials warn seniors about financial seminars
McCollum: "The last thing our seniors need during this economic climate when their retirement savings may be dwindling is an investment scam that further depletes that nest egg. Too many of our seniors are finding that these free meals can cost them dearly."
AARP and the Financial Industry Regulatory Authority recommend that seniors do not purchase anything or open an account of any kind at a free-meal seminar.
AARP provides an online checklist of question to ask at such seminars. The checklist can be downloaded at AARP Checklist(pdf)
Full Article and Source:
State officials warn seniors about financial seminars
Good information - nothing is free, even a free lunch.
ReplyDeleteNow if we can get the AG to look at guardianship abuse, that would be a real victory!
I receive an invitation for free lunch or dinner about every 2 weeks.
ReplyDeleteI know this is a way for the vultures to get a list of names and more during the set up for being exploited.
Many people report that they are advised during these free lunch schemes to keep their plans a secret, confidential from their own families, their children, grandchildren etc.
We have a trust document that was never meant to be seen.......written on a mentally disabled WWII vet with a local trusted bank as Co-Trustee. It is very predatory allowing complete takeover of the assets by the Co-Trustee intended with no knowledge of family members named as residual heirs.
ReplyDeleteWhile Probate is an ordeal, trusts are very difficult to discover and easy to manipulate. Everyone is after those lifelong accumulated assets.
You are correct anonymous, trusts by design in the wrong hands can be manipulated to benefit hidden recipients leaving the rightful heirs in the dark.
ReplyDelete