Created on 02 August 2013 Last Updated on 02 August 2013
The Minnesota Attorney General warns senior citizens not to fall for claims of unscrupulous salespeople who instill and prey on seniors? financial fears in order to sell unwanted, unnecessary or unsuitable living trusts and annuities. Seniors should use caution with speaking with individuals trying to sell these products.
What is a living trust?
A living trust is an estate planning device created while you are alive. Property and other assets transferred into a living trust before a person?s death pass to another person without going through probate, the process by which a person?s property and assets are distributed according to his or her will.
What is an annuity?
An annuity is a contract that offers the promise of future payments in fixed or variable amounts in exchange for a current lump sum investment.
Living Trust Mills
?Living trust mills? target seniors and use high-pressure sales tactics to sell boilerplate living trusts, regardless of whether a living trust is appropriate for the senior?s circumstances. Some living trust mills use the financial information obtained from the senior to sell other investments, such as annuities, even if those products are not suitable investments for the senior.
Living trust mills often market their products through free seminars, in-home appointments, telephone, or mail. They typically employ high-pressure sales tactics and exaggerate the negative consequences of not buying the trust. These trusts usually consist of pre-packaged, boilerplate documents often of poor quality and are not customized to the needs of the senior. For example, living trust mills regularly tell seniors that they will save a significant amount of money in probate costs and fees by purchasing a living trust when, in fact, this may not be true.? In addition, they promote living trusts to get their foot in the door to sell annuities with high commissions.
Tips for Seniors
Be suspicious of ads for ?free? seminars and salespeople who call you on the telephone to sell you a living trust or legal plan.? Never provide financial information to someone you don?t know, whether by telephone, at a seminar, or someone who shows up on your doorstep.
If you would like an attorney to review your trust or answer your questions, contact Kathy Tatone at Your Family Guardian Law Firm in St. Louis Park, MN.? 612-710-2009.
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