Monday, January 21, 2008
Living Trust Scams and Ways to Avoid Them
According to Living Trust Scams and the Senior Consumer, texasbar.com (adapted from the brochure prepared by the Texas Young Lawyers Association and published by the State Bar of Texas):
Living trust sales are a growing area of consumer fraud. Con artists make millions of dollars every year selling unnecessary trusts. Each year thousands of consumers lose from $500 to $5,000 through the purchases of living trusts. Often families face potentially greater costs after the consumer's death, resulting from problems associated with the trusts.***
Here are some of the suggested ways to avoid being a living trust scam victim:
- Take time when making your decision. Do not fall victim to high-pressure, "act immediately" sales tactics.
- Seek the advice of someone trustworthy and knowledgeable. Contact your accountant, estate planning attorney, banker or financial advisor.
- If you conclude that a trust may be right for you, deal directly with a licensed * * * attorney who has substantial expertise in estate planning.