As people age, they often begin to think about their future and what they will leave behind for their loved ones. Decisions made regarding these issues can be both financial and emotional ones. When emotions come into play, it becomes easier for a scam artist to influence the individual into making decisions that might not be in their best interest. Nevada seniors who are thinking about establishing a living trust as part of their estate plan may be interested in recent illegal activity.
A living trust is undeniably a useful tool for many individuals. It allows assets to be transferred to the trust thus avoiding probate upon the death of the individual. Recently, a company in another state was inviting seniors to dinner to learn more about estate and trust planning. They advertised that these documents were to be prepared by attorneys with experience in estate planning.
Over $1 million worth of documents were sold. However, they were not prepared by a licensed attorney. The insurance company and individual who prepared the documents have been charged with fraudulent practices.
A living trust, wills and estate planning are all items that Nevada senior citizens need to be concerned with. These documents will assist in ensuring that their wishes are followed in distributing their estate. Additionally, these documents can help in shielding some assets from estate taxes.
As with all legal documents, it is important that there is no misrepresentation regarding who is actually preparing these documents. In this case, these clients were specifically told that their documents would be prepared by an attorney experienced in these matters. Nevada seniors will want to know who they are doing business with in the future in order to protect themselves and their assets.
Source: kare11.com, Lawsuit filed in alleged trust scam targeting seniors, No author, Feb. 3, 2014