FINANCIAL EXPLOITATION OF THE ELDERLY

Document Sample
FINANCIAL EXPLOITATION OF THE ELDERLY Powered By Docstoc
					ISSUES & PRACTICES IN
BANKING AND FINANCIAL
      SERVICES

          Donald Akers, Jr.
     Assistant District Attorney
  16th Judicial District of Louisiana

          SALT CONFERENCE
             JUNE 14, 2011
          SLIDELL, LOUISIANA
A HOMEOWNER’S ODESSEY
* * Should There be a note: “except” for Louisiana Citizens?
•     Will

• Revocable living trust

• Advanced directive and durable power of attorney for
  healthcare

• Financial power of attorney

Source:
     http://www.suzeorman.com/igsbase/igstemplate.cfm?SRC=MD012&SRCN=aoedetails&GnavID=84&SnavID=30&TnavID=&AreasofExperti
     seID=113
• A trust is the owner of title to property that has been
  transferred to the trust and is managed by a trustee for
  the benefit of a beneficiary

• Trusts can be created during life (inter vivos /living
  trust) or in a will ( testamentary trust)

• Trusts can be “revocable” or “irrevocable”

• Trusts are used for many legitimate & lawful purposes
Myths of the Revocable Living Trust in LA

         • 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 LA Forced Heirship Law…
           The “Free” Lunch Seminar

• Lure Leisurely Senior Citizens who have Time & Assets
  such 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
• Class Action Lawsuits by Victims in
  many states are being brought for
  this ripe area of Consumer Fraud

• State Elderly Protective Agencies
  are focusing on these issues

• State Bar Associations are taking
  action
• Take Time to Decide, Is it Too Good To
  Be True?

• Consult with YOUR attorney,
  accountant, banker or financial Advisor

• If you need a Trust or other Estate
  Planning, seek the advice of a
  reputable, licensed professional who
  deals directly with you
• Donald D. Akers, Jr.
  Assistant District Attorney, Elderly Protective Services
  16th Judicial District of Louisiana
  300 Iberia Street, Courthouse Suite 200
  New Iberia, LA 70560-4583
  Phone: 337-369-4420
  Direct Ph: 337-365-3886
  Direct Fax: 337-365-3886

• Additional Ph: 337-367-8451
  Alternate Fax: 337-365-7034
  email: dakersjr@cox.net

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:8
posted:5/21/2012
language:English
pages:11