Category: financial elder abuse

ATTORNEY NEWSLETTER  A Closer Look At Variable Annuities Variable annuities are hybrid investments with securities and insurance features. Unlike fixed annuities, returns on variable annuities fluctuate with the market. The Financial Industry Regulatory Authority (FINRA) and Securities and Exchange Commission (SEC) both regulate sales of variable annuities.  The complexity and […]

ATTORNEY NEWSLETTER The High Cost of Surrender Charges If you are over age 60, live in California, and have fully or partially surrendered a deferred annuity, you may have paid a surrender charge also called a surrender penalty or withdrawal charge. California law has very specific rules about surrender charges […]

ATTORNEY NEWSLETTER Financial Exploitation of Elders: A Crime on the Rise Financial Elder Abuse The elderly population in America is steadily growing, as our baby boomers become senior citizens. In fact, about 10,000 individuals turn 65 every single day, which is making “elderly” a very steadily-increasing sector of our population. […]

ATTORNEY NEWSLETTER Surrender Charges on Whole and Universal Life Insurance If you are over age 60, live in California, and have surrendered a whole or universal life insurance policy, you may have paid a surrender penalty. California law has very specific rules about surrender penalties for seniors.  The insurance and […]

ATTORNEY NEWSLETTER Surrender Charges and Taxes Full or Partial Surrenders Whenever an insurance agent pitches a replacement of your existing annuity, think surrender charges and tax consequences. Surrender charges may be imposed on partial or full surrenders for up to ten years and beyond during the life of a policy. […]

ATTORNEY NEWSLETTER Elder Abuse: The Hard Facts An estimated $3 billion is lost to seniors and their families every year as a result of financial elder abuse. The number of victims sharply increased in recent years and that number will continue to grow as baby boomers age.  Local law enforcement […]

ATTORNEY NEWSLETTER The Pitfalls of Reverse Mortgages Complicated AND Expensive Seniors in Contra Costa County and throughout the State of California are often approached to take out reverse mortgages on their homes. Typically, these seniors have substantial equity in their home and the home’s value has appreciated significantly over the […]

ATTORNEY NEWSLETTER California Excessive Interest Rate (Usury) Laws  Protection With Exceptions Usury is the charging of interest rates in excess of what the law allows. Laws setting maximum interest rates have been around a very long time in California and are very complex. There are different maximum interest rates for […]

ATTORNEY NEWSLETTER  Fiduciary Rule Impacts Annuity Sales Putting You First Makes A Difference   The Department of Labor’s (DOL) long-awaited “fiduciary rule” took effect earlier this year and is sending annuity sales way down.  Simply put, the rule requires financial advisors to put your interests first and industry authorities agree […]

ATTORNEY NEWSLETTER Understanding the Downside Hidden Costs When deciding whether to buy a deferred annuity with your retirement savings, ask yourself whether you need another annuity, because you already have one in the form of Social Security. And if you’re fortunate enough to look forward to a pension at work, […]