"The Federal Trade Commission warns veterans and their families: Be wary of dishonest advisers offering “free” help with paperwork for pension claims. Unscrupulous lawyers, financial planners and insurance agents advise veterans over 65 to transfer their assets to a trust, or to invest in insurance products, so they can qualify for Aid and Attendance benefits. By following their advice, you could lose your eligibility for Medicaid services and the use of your money for a long time, plus get billed for fees that range from hundreds to thousands of dollars. Whether it’s through an ad or a website, these offers usually involve a free seminar, often at assisted living facilities, senior centers, or other places in your community. They may claim to be veterans themselves, and appeal to your emotions to get you to act. Consider any pressure to act fast as your cue to say no. Your best bet is to take your time, do some research, and consider all your options, including doing nothing."
http://www.ftc.gov/opa/2013/02/vetspension.shtm
As an elder care attorney, I have been helping middle class, wartime veterans since 2003 obtain VA pension with Aid and Attendance. Since 2005 I have been training lawyers on the eligibility rules and how they, too, could assist wartime veterans and their widows obtain tax free income to help offset the high cost of home health care, assisted living care, and nursing home care. Since 2009, I have personally observed the unscrupulous behaviors of financial advisors, insurance agents, and attorneys who are not accredited by the VA and are only interested in their own short term gain.
In 2012 I co-founded Lawyers With Purpose, LLC, a member organization that is creating a world where people can protect what’s important to them and where client-centered lawyers can be valued for the peace of mind they help provide. The lawyers who are members of Lawyers With Purpose, LLC uphold the highest ethical standards and work within the VA benefits and Medicaid benefits laws to partner with a client in creating a personalized long-term care plan.
My clients tell me that what is important to them is:
(1) living as independently as possible, in their own home when possible;
(2) preserving their quality of life as they age and become disabled; and
(3) protecting their family members who depend on them for support.
This is often accomplished by legally preserving assets and qualifying for assistance from other sources like VA pension with aid and attendance or Medicaid.
As an ethical estate planning and elder care planning attorney, you should not be offended by what the FTC has said, you should make your community aware that these practices are, in fact, happening. You can educate your community on how to protect themselves from the bad actors and distinguish yourself as one of the good guys.
The FTC points out some really good tips for consumers as to how to ensure they are using an advisor who has the client’s best interest in mind, not the advisor’s best interest.
(1) Make sure the advisor is accredited by the Veterans Administration
(2) If you have your own financial advisor but attend a seminar by a different financial advisor or insurance sales person, discuss the information with your personal financial advisor before switching advisors
(3) If you are using a financial advisor to assist with planning, make sure you have an accredited lawyer review the plan (a lawyer that you personally meet with)
(4) Check the state bar for any complaints against the lawyer
(5) Understand that lawyers can charge for creating and implementing an estate plan, to include long-term care planning, but no one can charge to assist you in completing and filing a VA application.
For more tips, go to http://www.consumer.ftc.gov/articles/0349-poaching-veterans-pensions
To learn more about Veteran Benefits and Medicaid Planning register to attend our Lawyers With Purpose program in Atlanta April 30th – May 1st. Click here to register.
Victoria L. Collier, Certified Elder Law Attorney, Fellow of the National Academy of Elder Law Attorneys, Co-Founder, Lawyers with Purpose, LLC, and author of 47 Secret Veterans’ Benefits for Seniors…Benefits You Have Earned but Don’t Know About.
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