Estate planning is an important part of life. In fact, it is central to who we are as people. In planning for our future, we must analyze who we are, what our goals are, and whom we wish to help in this world. It makes us aware of our own mortality, but also the impact we can make in the world. A qualified estate planning attorney can help you with this important and intimate process – accomplishing your goals in the best, most tax efficient manner.
However, there are unscrupulous people who prey on the elderly in the guise of providing estate planning. The California Attorney General issued a warning about “living trust mill con artists who fraudulently sell trusts and annuities to senior citizens. . . . Seniors pay substantial sums of money to sales agents for living trust mills. But through fraud and deceit, the sales agents damage seniors’ estate plans, and the security of their investments and life savings.” According to the Attorney General, “in their solicitations, sales agents often pose as expert financial or estate planners.” They will often call themselves a “senior estate planner” or “trust advisor” or “paralegal.” Sometimes these representatives will even purport to be attorneys, though they are not licensed to practice law.
Nor is this a problem confined to California. The New York State Office for the Aging also has warned about such unscrupulous companies and suggests that you “Always ask for credentials.” The Office of Aging also warns against “self-help kits” because “most seniors do not have the knowledge nor are they given the guidance to properly execute the forms or fund the trust. “In the end, these consumers are left thousands of dollars poorer and with no effective estate plan. Even worse, the absence of an effective estate plan may not become apparent until after the victims of the scam have died, when the harm has become irreparable.”
According to the National Consumer Law Center (NCLC”), some of these companies use names that “sound a lot like the names of legitimate non-profit organizations.” The NCLC also warns about self-help kits because they are “not tailored to individual needs.” Some of these companies try to get financial information to sell annuities or other financial products that may be completely inappropriate to the individual’s needs. The NCLC states that “consumer education and legal assistance are critical” to understanding estate planning options.
Do not end up a victim of one of these scams. A qualified estate planning attorney can help you arrive at a plan that is right for you – that is tailored to your individual circumstances and goals.
Ronald “Chip” Morrison, Jr. is a Board-Certified Specialist in Estate Planning and Administration by Louisiana Board of Legal Specialization and a member of the American Academy of Estate Planning Attorneys. He has been engaged in Louisiana trusts and estate law for the last 18 years. The firm has helped thousands of clients meet their estate planning goals and pass on lasting legacies to their loved ones. To learn more about how you can achieve your estate planning goals, please call (504) 831-2348 or visit our website at www.morrisonlawplc.com.
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