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LIVING TRUST FRAUDThis is the story of a how a fictitious senior fell prey to a living trust fraud-GET THE POINT? John, a widower, who is 76 years old is one of many who fell victim to this type of fraud. He saw an advertisement in the local paper for a “free estate planning” seminar, which was in reality a high pressure sales pitch designed lure senior citizens in for the financial kill. Living Trust Fraud is still rampant all over the United States and literally hundreds of millions of dollars are lost to this type of fraud. These seminars are designed to sell trusts, Medicaid annuities and IRA rollover annuities. The ad did not mention that this whole seminar was just the beginning of a larger criminal scam against seniors. This scam was going to include Medicaid fraud and IRA fraud issues. In connection with the seminar, and because of misrepresentations that a living trust would protect his assets in the event he went into in a nursing home, John purchased a living trust from the salesperson.
He was not comfortable giving the salesperson all his financial information, but was told he had no choice! John was lied to by the financial adviser. He was told that the Government would take his assets if he got really sick or died with just a will. After reluctantly completing a financial questionnaire, John was informed that an annuity was an appropriate investment for him, even though John was 76 at the time. They sold poor John an annuity that does not mature for 15 years. At no time did the agent disclose the commission he would earn from the sale of annuities to John, nor did he disclose that there was a substantial surrender charge if John passes away before the age of 91. John was yet another victim of greed!
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