West Virginia Annuity News

Trust Mills Can Be Financial Traps

Consumer:  I’m exploring estate planning options, including living trusts. I’ve read recent warnings about “trust mills.” What are these?

Attorney General Rob McKenna:  In the past several years, my office has seen an increase in deceptive salespeople aggressively promoting living trusts to senior citizens who may not need them.

These salespeople exploit seniors’ fears that their estates could be eaten up by probate costs or that distribution of their assets could be delayed for years. They also use financial information obtained from seniors who sign up for living trusts to push the sale of other financial products, such as reverse mortgages and high-commission annuities. Harm caused by trust mills is often not discovered until after a senior has passed away. The Attorney General’s Office Consumer Protection Division has been bringing cases against living trust mills for more than a decade. Read more at atg.wa.gov.

Contact a West Virginia annuity lawyer today and get a free consultation!

	Did You Know?
	Employee Retirement Income Security Act (ERISA) The federal law that establishes the basic requirements for employee benefit plans. The authority for administering and enforcing ERISA is divided among three federal agencies: The Internal Revenue Service (IRS), the Department of Labor (DOL), and the Pension Benefit Guaranty Corporation (PBGC).