While Memorial Day is an opportunity to honor and pay tribute to all men and women who died in military service to our nation, every day is an opportunity to thank the veterans we know for their service. Unfortunately, though, not everyone has the best interests of veterans in mind.
According to the Department of Veterans Affairs, roughly 43 percent of veterans are 65 or older. Some dishonest advisers – attorneys, financial planners, and insurance agent – are targeting them and their assets with claims of free help to complete the paperwork for pension claims. They try to persuade veterans over 65 to transfer their assets to a trust or to invest in insurance products so they can qualify for Aid and Attendance benefits. What they don’t reveal is that these transactions could mean that the veteran loses eligibility for Medicaid services or loses the use of their money for a long time. Adding insult to injury, the advisers are charging fees that range from hundreds to thousands of dollars for their services.
If you or a veteran you know is approached by someone offering to help move assets to qualify for pension benefits, just say “no” and report it to the Federal Trade Commission. It’s the best defense against someone who wants to poach a pension.