financial exploitation of the elderly
DESCRIPTION
FINANCIAL EXPLOITATION OF THE ELDERLY. REVOCABLE LIVING TRUSTS, LIFE INSURANCE & ANNUITIES “Financial Exploitation” ? Donald Akers, Jr. Assistant District Attorney 16th Judicial District of Louisiana WORLD ELDER ABUSE AWARENESS DAY 2012 June 11, Slidell, LA June 13, Acadiana. - PowerPoint PPT PresentationTRANSCRIPT
REVOCABLE LIVING TRUSTS,LIFE INSURANCE &
ANNUITIES“Financial Exploitation” ?
Donald Akers, Jr.Assistant District Attorney
16th Judicial District of Louisiana
WORLD ELDER ABUSE AWARENESS DAY 2012June 11, Slidell, LA June 13, Acadiana
* * Except for Louisiana Citizens ??
Will
Advanced directive and durable power of attorney for healthcare
Financial power of attorney
Revocable living trust
www.suzeorman.com/igsbase/igstemplate.cfm?SRC=MD012&SRCN=aoedetails&GnavID=84&SnavID=30&TnavID=&AreasofExpertiseID=113
The trust is the owner of the property transferred to the trust and is managed by a trustee for the benefit of a beneficiary
Trusts can be created during life (living trust) or in a will (testamentary trust)
Trusts can be “revocable” or “irrevocable”
Trusts are used for many legitimate & lawful purposes
THE “FREE” LUNCH SEMINAR
Lure Leisurely Senior Citizens who have Time & Assetssuch as Retirement Funds & Real Estate
Provide for Higher returns in low return conventional markets (increased risks!)
“Free” evaluation of your portfolio, accounts & insurance
“Trust Mills” selling living trusts
THE LOCATION & THE SPONSOR “EFFECT”
Assisted Living Complexes
AARP and Senior Group Meetings
Nursing Homes
Retirement Communities
Churches
University Leisure Classes
Revocable Living Trusts: FACT or MYTH
Saves Inheritance & other Taxes
Avoids Probate
Costs & Attorney Fees are less than Wills /Probate
Prevents Freezing of Assets on Death
Protects All Assets
Cannot be Contested
Avoids Public Records Disclosure
Avoids Louisiana Forced Heirship Law…
Independent Insurance AGENT SENTENCED TO 90 DAYS IN JAIL FOR FELONY THEFT conviction, sold complex “indexed” annuity to an 83 year old woman alleged to have shown signs of dementia…
Case Prosecuted under California Elder Protection statute.
Agent alleged the woman “appeared fine and wasn’t confused at the time of the transaction” and that he acted appropriately.
On agent said “There is nothing in insurance –licensing that prepares you as a nonmdedical person to diagnose dementia.”
The company returned principal with interest and no penalties
• Donald D. Akers, Jr.Assistant District Attorney, Elderly Protective Services16th Judicial District of Louisiana300 Iberia Street, Courthouse Suite 200New Iberia, LA 70560-4583Phone: 337-369-4420Direct Ph: 337-365-3886Direct Fax: 337-365-3886
• Additional Ph: 337-367-8451
Alternate Fax: 337-365-7034email: [email protected]
• Website: www.16jda.com