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Author Topic: Seminars target vets with unwise investments  (Read 12736 times)

vetadmin

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Seminars target vets with unwise investments
« on: October 03, 2010, 12:21:04 PM »

So many here often ask questions about information they receive at presentations held at Assisted Living facilities.  This recent article in AARP sheds some additional light on the very thing we caution you about.
Please read.  http://ow.ly/2NGkZ
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dsg

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Re: Seminars target vets with unwise investments
« Reply #1 on: November 17, 2010, 09:35:03 AM »

I attended a seminar in Shelby Township Michigan and started the process with this office.  When they found out the veteran I was helping did not have a lot of money to invest, they told me they could not help me.  This office is strictly looking for people with money. They give you the impression they are there to help...NOT...they will only help if you have money and can use one of their Elder Attorney's or Investment Company.  Personally this place needs to be shutdown.
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romalynn

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Re: Seminars target vets with unwise investments
« Reply #2 on: December 10, 2010, 12:46:39 AM »

Thanks Debbie for posting this.  Luckily for me I never connected with this guy they gave me the name for at my dad's assisted living place.  And then in October at an open house thing I finally met him.  Went to his seminar thing, and he did not like me being there I tell you.  LOL, he did say they would do the claim for anyone even if they did not need to do anything about net worth but was very, very vague. 

As well as in my honest opinion gave limited information, to try to get those people into his office.

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VSR

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Re: Seminars target vets with unwise investments
« Reply #3 on: April 23, 2011, 10:04:38 PM »

These people make me sick too.  I've seen ads for seminars saying that the money is guaranteed so long as their elder law attorney is hired to help with the paperwork only to find out later that there is no entitlement...
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poseypatch

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Re: Seminars target vets with unwise investments
« Reply #4 on: July 15, 2011, 11:13:13 AM »

I have been to an attorney to assist with my mother (a surviving spouse).  He said upfront "I am expensive and you do not have to retain me".... he was right, he requested $7,700 and he would do everything.  I told him that my mother was a surviving spouse of 2 veterans, one being my deceased father who I have all the paperwork for (marriage cert, death certificate & discharge papers).  For her 2nd husband (who she needs to file under) I have no information except his death certificate... when asked about this, he said you will have to write letters & call but otherwise everything else is taken care of with the $7,700.  I honestly think this fee is outrageous... he did not go over much in our first interview and I assume he is going to want to put her assets in a trust (she is about 50% over the targeted $80,000) in order to protect them.  I told him I don't want to "protect" her assets, but I would like them available to use for her ALF but also know that at $4,000+ per month her assets will dwindle quickly.  I also asked him about her condo, I know that is not counted in the assets and is worth about $100,000.  He said we would want a quick sale and she should ask $80,000 for a quick sale (that's what she paid for it back in 1998).  I am unsure why he thinks it should sell quickly??

I also went to a seminar last night and this guy (an Iraqi ware veteran who is in business with his father) seemed more legitimate to me... I have an appointment scheduled with him in a couple of weeks at which time I hope he can answer my questions.  Their services are free... he said there "could be" some legal fees, it will be interesting to find out what those might be.

I'm sure I can file the application on my own but am concerned that if I don't have assistance that my mother will be denied and I'll be at square one.  If she does get denied can I then refile?
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vetadmin

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Re: Seminars target vets with unwise investments
« Reply #5 on: July 15, 2011, 11:40:17 AM »

I have sent you a private email.
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kisfinancial

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Re: Seminars target vets with unwise investments
« Reply #6 on: September 07, 2011, 09:44:38 PM »

I attended a seminar in Shelby Township Michigan and started the process with this office.  When they found out the veteran I was helping did not have a lot of money to invest, they told me they could not help me.  This office is strictly looking for people with money. They give you the impression they are there to help...NOT...they will only help if you have money and can use one of their Elder Attorney's or Investment Company.  Personally this place needs to be shutdown.

I am an advisor for this same company from Sheby Township and this accusation is completely untrue.  My territory is in Maryland and work with the Aid & Attendance benefit and I work with with and without assets.  About 80% of the cases I work on I don't receive anything from because they qualify without having to do any financial advising.  
« Last Edit: September 07, 2011, 10:02:10 PM by vetadmin »
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vetadmin

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Re: Seminars target vets with unwise investments
« Reply #7 on: September 07, 2011, 10:03:40 PM »

Since no company name is mentioned here, it would be unfair to say the poster's story is untrue.
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Bill C

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Re: Seminars target vets with unwise investments
« Reply #8 on: December 02, 2011, 11:30:00 AM »

Since no company name is mentioned here, it would be unfair to say the poster's story is untrue.

Anyone here had any dealings with American Military Benefits group LLC?
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clawson26

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Re: Seminars target vets with unwise investments
« Reply #9 on: February 02, 2012, 07:31:33 PM »

I've experienced this several times.  When I was shopping for assisted living facilities for Mom and Dad these "seminar" guys came at me like vultures with almost every place I checked into.  My parents are now in a nice place but last week another vulture came to do a seminar at this facility and offered to get them "guaranteed approval" for the bargain price of $3000.00  :o  Plenty of thinly veiled implying that they had an "in" with the VA and that if Mom and Dad tried to apply on their own and got turned down it would be too late for them to "help."  Very pushy.  I don't see what they could possibly do that would be worth $3000?  We would still have to gather up all the paperwork and fill it out etc. ourselves...  so what do they do? 

I'm working on figuring out all the forms myself if it kills me but I wonder how many poor old couples without nosy kids get taken for a ride.   >:(
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vetadmin

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Re: Seminars target vets with unwise investments
« Reply #10 on: February 02, 2012, 10:15:32 PM »

Targeting Elders is "big business"  This is a link to a video put out by a financial group who recruit folks using this pension.  This will give you some idea as to how they "work" the system.  This video was intended for "insiders" not those who would be on the receiving end of the sales pitch. http://ow.ly/8QvK1
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hank123

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Re: Seminars target vets with unwise investments
« Reply #11 on: March 03, 2012, 09:53:07 AM »

Is anybody familiar with Cyrus Kashen?

We have been in contact with him and he is recommending a trust for my 87 year old father.

he also states that VA asistance for assisted living is possible but net assets cannot exceed 30K

Any comments or thoughts?

Thanks
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vetadmin

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Re: Seminars target vets with unwise investments
« Reply #12 on: March 03, 2012, 11:22:59 AM »

The 30K asset limit is a BIG RED FLAG and is not true!

You need to read through the site and these forums to have a better understanding. 

Applicants can have up to 80K, and still qualify.  It all depends on age, life expectancy, current health situation.  Look at the tab here on the forums for Tips and Resources for "Countable Income" to help you determine where your Dad stands at the end of the month after backing out all allowable medical expenses.

A word of caution to you on moving forward until you have all the necessary inforamtion to make a decision that's in your Dad's best interest.
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cmac

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Re: Seminars target vets with unwise investments
« Reply #13 on: April 11, 2012, 05:39:05 PM »

Recently I have been working with an individual with Veterans Financial Inc.  He has helped with filling out the form plus has offered an annuity product.
 I wonder if anyone here has an answer to my question.  My parents did a reverse mortgage and received a lump sum of money for their house.  Now that I am applying for benefits his asset is too high.   The financial planner is suggesting putting a certain amount into the annuity with me being the owner and  they having signing rights.  The amount would exceed the gift amount each parent can give in a year.  How much asset is a veteran allowed to have to still qualify?

Thank you.
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vetadmin

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Re: Seminars target vets with unwise investments
« Reply #14 on: April 11, 2012, 06:21:53 PM »

First, you should do some research on who you are dealing with. http://articles.mcall.com/2006-09-02/news/3681886_1_john-n-wight-morgan-stanley-two-men  This is the founder of the company you are dealing with.  He switched everything over to his wife's name.

The asset figure is not a set-in-stone amount.  Age, the amount of monthly medical expenses, are the biggest factor the VA uses.  Someone could have $100,000, but be paying $10,000 a month for care, and they would blow through their money in less than a year, and could be awarded full pension.

We cannot advise you on financial matters, and you would do well to speak with an Elder Law Attorney for advice rather than someone who looks to profit from selling you a financial product that may in the long run not be in your parent's best interest.
« Last Edit: April 11, 2012, 06:26:13 PM by vetadmin »
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