What s Wrong with Annuities?
The short answer is “nothing!” There is nothing wrong with annuities or with living trusts. Both can be valuable estate planning vehicles. There is something wrong, however, when they are marketed and sold through misrepresentation and fraudulent information. There are over 100,000 agents selling annuities in California today. Many are reputable and honest and provide a valuable service to their clients. Others, using cheap trust mills, “free seminars”, free lunches and other inducements, prey on seniors’ fears of long term care costs to convince them to cash in their life savings to buy a product that places them in a worse financial position.
