Consumers Living Trust Mills
Companies advertising "living trusts" sometimes misrepresent the advantages of living trusts. But the most serious problem is the misuse of the financial information sales persons obtain to prepare a living trust. Unfortunately, this information is used to sell unneeded annuities and various investments, most often to senior citizens.
Sales agents for these operations often misrepresent the disadvantages of seniors' current investments and the advantages of the investments the agents are selling. They may even make seniors believe their bank accounts are less safe than the annuities or other investments they want seniors to buy. To give themselves a cloak of legitimacy, these sales agents pretend to be experts in living trusts. In their solicitations, these sales agents often pose as expert financial or estate planners. They pass themselves off as a "trust advisor," "senior estate planner" or "paralegal," and schedule an initial appointment with seniors in their homes. Under the guise of helping set up or update a living trust, the sales agents find out about seniors' financial assets and investments. They sometimes work in assisted living centers, churches and other places where seniors gather, hooking elderly victims through free seminars and other sales presentations.
Seniors pay substantial sums of money to sales agents for living trusts, but sometimes, through fraud and deceit, the sales agents damage seniors' estate plans, and the security of their investments and life savings. Read more at ag.ca.gov
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