August 23, 2009
By Daniel O. Tully
Around this time of year, unscrupulous companies step up their efforts to market costly living trusts to older Americans — arrangements that may actually undermine the buyer’s economic security.
On March 7, 2007, Minnesota’s attorney general became the third attorney general to file suit against two California companies run by the same family that allegedly sold inappropriate living trusts to seniors. Last year, state attorneys general in Pennsylvania and North Carolina filed suit against the same companies. In October 2006, the North Carolina attorney general won an order preventing the companies from selling products in the state while the lawsuit against it is pending.
According to the lawsuits, American Family Legal Plan and Heritage Marketing and Insurance Services, both run by a father and son from California, convinced seniors they were receiving impartial investment advice when in reality the companies were pushing their own products.
The lawsuits allege that sales agents convinced seniors to purchase living trusts that were not necessarily in their best interest and were not tailored to their individual needs.
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