SENIORS vs CRIME 

 BE ALERT

That Wonderful Plan May Not Be So Great!

Below is an actual case with the names changed.

 The Case of Betty and The Estate Planner

Betty, being 83, was concerned about what to do with the insurance money from the dear husband she had recently lost. Then it happened, a card came in the mail inviting her to a luncheon at one of the finer restaurants in town for information about retirement and estate planning. The card assured that it was just for information and no salesmen would be present. ----- Just what she was looking for.

The presentation, prior to lunch, was on “Estate Planning” and they very kindly told everyone that a Professional Estate Planner would be willing to come to their homes and help the on an individual basis. All they needed to do is give them their name, address and phone number. Best of all there would be no charge for this service and they would not be obligated. Sure sounds good doesn’t  it?

Betty like several others gave them this information and the appointment was made to see Betty at her home. The trap was now set!

As you know to be able to do any Estate Planning the planner needs all the financial information. With Betty he found that with her savings and the insurance money she had almost $200,000 in CDs. The salesman, “whoops”, Estate Planner then went into a steamy recount of how that money is not safe, as he informed her that the FDIC doesn’t have the money to cover hers if there was a money crisis."Not true". There was however, a way she could be sure her money was safe and that would be with an Annuity. He told Betty that an Annuity guarantees fixed cash payment in the future. He was able to convince Betty to invest all her money in a Variable Annuity.

What he didn’t tell Betty was that because of the way they operate regarding tax law, you generally need to own an Annuity for 15 to 20 years for it to make economic sense.

Betty now says she didn’t understand that her annuity payments wouldn’t start for 15 years, when she would be 98 years old; that early withdrawals could be subject to a stiff penalty; and that the “Estate Planner” was really an insurance salesman.

Betty contacted Seniors vs Crime for help and as a result of our efforts, she was able to get  get her money back. We are  hoping her story keeps other seniors from making the same mistake.  We are unable to accomplish such a happy ending in all cases, however you can be assured we will do our best.  If you have been a victim call us today!