When Greedy Operators Target Elders, Families Suffer
San Jose,California,USA by by Heidi Turner
J.B. says that he and his grandmother have been victimized by financial abuse. Specifically, his grandmother is a victim of financial elder abuse and this abuse has had a severe impact on J's life, leaving him broke and homeless—living in an extended-stay hotel with the help of a non-profit organization and relying on doctors to provide him with pro bono medical care.
"I can't access my own money [which is in an insurance policy], but having that money in my name is blocking me from getting benefits and help with an attorney," J says. "Would you believe that a forgery by one person would land someone else homeless on the street?
"J says the situation started when his grandmother decided to buy him and his brother an insurance policy on her life.
"The intent was to give us some of her estate," J says. "But, she was taken advantage of by her insurance agent. She bought a quarter of a million dollar policy death benefit on her life.
"In order to get the most commission, the agent had to sell the policy as an estate-planning tool, but Grandma didn't have a big enough estate to need the benefits he was selling.
"The insurance agent duped her, took advantage of her and manipulated her, but he didn't take her money, he took ours because she gifted it to us. The insurance agent was scamming an elder. His commission was $22,000 out of $144,000 that was put in.
"We wrote a joint letter [giving their grandmother permission to borrow the money] and we get a letter back saying that the signatures on the letter don't match the signatures on file.
How could it not match when we didn't sign anything? I looked at my grandmother's contract and our signatures aren't on the contract. The company said that my brother and I are owners and are in complete control of the policy. "I didn't know the policy was fraudulent, I was just suspicious."
In the meantime, J continued to struggle with his illness and ran out of money. His employment until he was sick consisted of being trained as a surgeon, which does not count towards SSI benefits, so J applied for disability and multiple doctors stated how severe his illness was. Unfortunately, the life insurance policy J's grandmother took out for him and his brother counted against him. Because J is listed as an owner of the policy, he does not qualify for disability benefits.
"I have nothing. I have been living in my car and my doctor continues to treat me pro bono, even to this day, and helps me get compassionate fills from the pharmacy. I was first denied SSDI in March 2007. A year went by with me fighting the insurance company and they are still ignoring the forgeries. Then, I find out that the policy is dwindling in assets and that the benefits are nothing if she [J's grandmother] survives past a certain age. She bought this as a whole life policy.
"There is $25,000 still in the policy and half is mine, but I have no access because it is jointly owned with my brother. The company knows that the signature was forged because they admit that whoever signed my name also signed my brother's. I was in Thailand when I supposedly signed those papers. So, I have no access to the money, the cash value in the policy is dwindling, and, because I own that life insurance policy—rather than being the beneficiary—I don't qualify for benefits.
"This all started with an insurance agent who wanted a big, fat commission. The insurance company assures my grandmother that when she dies we will get the death benefit—but they don't say we will get $250,000, just that we will get the death benefit. It's tricky wording so you don't know what is going on."
Abridged for E.A. Read it all here=>>
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The general rule with elders seems to be, "TAKE THEIR MONEY,BEFORE SOMEONE ELSE DOES" and so the first one to get their hands on the elders money wins the purse and civil actions are almost impossible to achieve any kind of just outcome for anyone except for the
attorneys serving as mediators who see an elder in distress as money in their pockets through outlandish fees in never ending court procedures.
Trust no one! Survival rules! Be Wary of Financial products designed to rip you off! If you want
to be sure your money goes to someone else place them as joint owners on the account, or have a TOD (Transfer on Death Benefit)
My parents spent thousands on estate planning documents,wills,trusts,codicils,POA's, Surrogate powers.
It was all worthless, none of it meant anything! When my mother became incapacitated , people came out of the woodwork and invalidated her will, re wrote her POA's without her knowledge, (She did not understand what she was signing) when she gave her money and jewelry away)
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