Attorney
Estate planning fraud is on the rise. More and more companies are popping up, offering to sell unsuspecting customers “one-size-fits-all” estate plans and other services via telemarketing, bulk
Without proper research and coordination, these living trusts often result in assets going to the wrong heirs, the trust being invalidated completely, Medicare or other governmental benefits being denied and increased tax liabilities.
In addition to harming your estate plan; these companies often sell your private information to identity thieves, who then open up fraudulent credit cards using your information. These criminals are almost impossible to find and prosecute, leaving victims to sort out their ruined credit without the help of law enforcement or advocates.
Spotting Shady Estate Planning Companies
These fraudulent estate planning companies use some standard practices to deceive people into giving them information and power over your assets. Here are some things you can look out for:
- Anyone who does not allow you to check their credentials before providing information
- Anyone who wants to sell you a “self-help” kit that requires you to transfer your assets without your supervision or without proper explanation
- Anyone requiring an upfront fee or offers you a discount to “sign up now”
- Anyone who exaggerates claims about the dangers of probate
- Anyone who promises you that creditors cannot go after property in a living trust
- A company using a name that is confusingly similar to other reputable companies like “AARP”
- Anyone selling or giving away living trust services as a way to sell you annuities
What to do in the Face of Estate Planning Fraud
If anyone is trying to use high-pressure tactics to get you to establish a trust or other estate-planning tool, the best thing you can do is to not give them any information and exit the conversation.
If you suspect that the company that has contacted you might be a part of a scam, do some research before giving them money or information. Great sources for determining whether a company is
- Google Search the company name and the word “scam”
- Better Business Bureau
- Federal Trade Commission
- State Bar Associations – if an attorney is associated with the company, you can look them up on the state bar website or call the state bar and ask if there have been any complaints
An Experienced Estate Planning Attorney Can Help
If a company purporting to provide you with a living trust or self-help kit has contacted you and you are not sure of their qualifications, please give us a call. Horizon Elder Law & Estat