If you’re a veteran, and you’re thinking of attending one of those “free lunch” investment seminars – Beware! There’s no such thing as a free lunch!
However, there is such a thing as a scammer. They’re taking aim at veterans. And, often, they’re doing it in suits and ties, peddling “free advice” from investment firms that’s really a sales pitch.
In 2007, the SEC did a study of 110 “free lunch” seminars given by investment firms. Although most of these seminars were advertised as “educational,” in actuality, 100% were sales presentations. Fifty percent used misleading advertising. One-quarter made unsuitable recommendations. And 13% appeared to be downright fraudulent.
The only person fully qualified to discuss veterans benefits with you is an Elder Law attorney, or a financial advisor who’s accredited with the VA. Yet, many of these so-called “advisors” are not accredited.
Often, these scammers will pose as experts on the Aid and Attendance benefits, which covers unreimbursed medical expenses for combat veterans and their spouses. Many veterans who’ve taken their advice have found themselves virtually broke, because they’ve been disqualified from receiving Medicaid benefits.
The advisor won’t be broke, however; a sale of a $500,000 annuity can result in $75,000!
If you’re a veteran, you should read this recent article in the Chicago Tribune: http://www.chicagotribune.com/business/sns-201212190930–tms–savingsgctnzy-a20121219-20121219,0,4002905.story
At The Law Offices of Alice Reiter Feld, we’ve met far too many veterans who’ve been scammed…and who’ve come to us for help after the damage has already been done.
Over the past 33 years, we’ve helped thousands of South Florida veterans and their families make choices that are right for them. And we’ve helped them, too, with comprehensive estate planning, wills, trusts, powers of attorney, long-term care planning, asset-protection plans, and assistance with Medicaid and the VA.
If you’ve got questions about veterans’ issues or benefits, we can help. We’re just a phone call away.
Veterans Are The Newest Target For Scammers