Elder abuse

[indygunguy]

IGG - that's terrible. :-(

Are there ANY kind of medically documented senility / dementia issues at all with your MIL? Like even the beginnings? *Could there be* in the immediate future?

I see where you're going. That's certainly a possibility.

 

[rob63]

I'm sorry I have to revive this sad old thread from years ago. It seems my MIL was taken advantage of this week by some dirtball insurance salesman who sold her on the idea of converting her entire IRA into an annuity... and she signed the papers. I don't have all the details just yet... but I am furious.

Whoever this guy is does not have a clue about her full financial picture. She is by NO means rich, but she should have enough to get her by, and to that end her finances are very carefully planned out. He probably planted some seeds of fear about a market crash, then preyed on those fears, got her to sign the papers (because she's a nice old lady who doesn't like to say no to people), and then he probably made $10,000 commission on the deal.

Grrrrr. Tomorrow I'll get all the facts, and then go fix this mess... but what I really want to do is overreact.

Okay, I'm going to chill out and get some work done. Thanks for listening to me vent.

I had the same thing happen years ago. My mother had a progressive disease that robbed her of the ability to move, and would be fatal, with no known treatment. We could take care of her for a while, but there was absolutely no possibility of any other outcome besides her ending up in assisted living and then hospice. Some insurance salesman, supposedly an old friend of hers, talked her into converting what little savings she had into an annuity that would pay her a pittance for the few months she had remaining and also prevent her from qualifying for medicaid in the meantime! Fortunately, when I called the parent company they agreed that it was outrageous and backed her out of it without any issues. Otherwise, I would probably be in jail for killing that s.o.b.

 

[indygunguy]

...Fortunately, when I called the parent company they agreed that it was outrageous and backed her out of it without any issues. Otherwise, I would probably be in jail for killing that s.o.b.

Thanks Rob. That's where I'm at. No compliance board in the world would have approved this, so I'm hoping we can just back her out.

There's a special place in hell for people who get rich selling annuities to the elderly.

 

[churchmouse]

Thanks Rob. That's where I'm at. No compliance board in the world would have approved this, so I'm hoping we can just back her out.

There's a special place in hell for people who get rich selling annuities to the elderly.

Snakes exist on 2 legs. They move freely among us. They pry on those who are susceptible to them. That we can not rip out their lungs is a sadness.

We had this come up with my MIL. We managed to nip it in the bud but man I was hot.

Here is hopping you get this stopped.

 

[rob63]

Thanks Rob. That's where I'm at. No compliance board in the world would have approved this, so I'm hoping we can just back her out.

There's a special place in hell for people who get rich selling annuities to the elderly.

I hope it all works out for you. If you need any legal help, I can highly recommend Jeff Stinson in Carmel. He specializes in Elder Law. Sometimes a letter from an attorney can work miracles.

 

[indygunguy]

This has been taken care of.

To make a long story short... A call to the agent cancelling the annuity (annuity was signed two days ago). Followed up by a letter stating the same, being delivered via certified USPS mail, CC'ing a few key people. The agent was not happy. Good, f*** that guy.

So this company "American Senior Benefits" - They do Medicaid/Medicare (re)enrollments for seniors. The model seems to be to provide that service, and use that as an "in" to scare seniors about the instability of their retirement funds and then get them to buy annuities, without taking the time to actually understand the full scope of these peoples' retirements. These annuities, of course, pay very high commissions to the selling agents up front at the time of sale.

We need to bring back tar and feathering for things like this.

 

[Rusty Shackleford]

A woman I work with hired 'senior helpers' to help her mom after she had been diagnosed with alzheimers. What they did was help themselves to her mom's money and some of her jewelry. One woman was caught and prosecuted, but the jewelry theft wasn't since multiple senior helpers came to her home, the family couldn't prove which one took the items.