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As annuity sales soar, fraud claims have increased

Thursday, 20 December 2018

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Annuities are complex financial products which frequently earn the seller high commissions. Because commissions are high, salesmen frequently use high-presure tactics. A recent article in the Pittsburg Post Gazette discribes how many seniors are harmed by abusive sales tactics.

“He never explained to us the penalties and fees we would have to pay,” Ms. Welsh said, adding that her husband, Thomas, 80, used to play basketball with their adviser. “We lost a lot of money on those transactions and he made a lot of money in commissions.”

Full article: https://www.post-gazette.com/business/money/2018/12/09/As-annuity-sales-soar-fraud-against-seniors-has-increased/stories/201812030143

If you're thinking about purchasing an annuity, and if you're over the age of 60, before you make the purchase you should speak with an Elder Law Attorney about how it could impact future eligibility for Medicaid or VA Aid and Attendance. You should also speak with a fee based (non-commisioned) financial advisor regarding how it will (or will not) impact your retirement plans.

About the author

David L. McGuffey

David L. McGuffey is in private practice with the Elder Law Practice of David L. McGuffey, LLC, located in Dalton, Georgia. David limits his practice to Elder Law and Special Needs Law. This means he helps individuals who are elders or who have special needs, as well as their caregivers. Much of David's practice is devoted to helping individuals with chronic health conditions find, get and pay for good long-term care. David is certified as an Elder Law Attorney by the National Elder Law Foundation. David is AV rated by Martindale-Hubbell. In 2012, David was invited to join NAELA's Council of Advanced Practitioners. David has been selected as a "Georgia SuperLawyer" in the field of Elder Law since 2013.