Location: Westland, Michigan, United States

Graduate of Walsh Institute Of Accountancy (Now Walsh College) Michigan in 1959. Retired in 1987, but still active in the profession **World War II Veteran (Pacific) **PHONE 734-261-1979 **E-MAIL **(Domain Name CPASENSE Registered) **Mentioned in the Journal of Accountancy, SmartPros, Tax Prof Blog, CPA2BIZ, CPA Journal, AccountingWEB, CPATrendlines & More **Search Accounting Blogs: (Includes cpasense)**TOPICS - FINANCE - FEDERAL & MICHIGAN TAXES ** Making Sense Of Your Finance & Taxes

Wednesday, February 08, 2006

Estate Planning Scams

In Financial scams expected to boom as boomers age, USA Today Kathy Chu describes scams which are being run on individuals and recommends steps on how to avoid them.

Here are a few highlights from the article:
* In Michigan, a company sponsors a steak dinner seminar with an "IRA Technician" provided the attendee is not accompanied by a financial adviser.
* Overselling of inter vivos trusts and annuities.
Ten Tips For Avoiding Scams:
* Don't be a "courtesy" victim.
* Check out strangers touting strange deals.
* Stay in charge of your money.
* Don't judge a book by its cover.
* Watch out for salespeople who prey on fear.
* Don't make a tragedy worse with rash financial decisions.
* Monitor your investments and ask tough questions.
* Look for trouble retrieving your principal or cashing out profits.
* Don't let embarrassment or fear keep you from reporting fraud or
* Beware of "reload" scams.

Provides a chart listing financial adviser designations along with the experience required, educational requirements, continuing education requirements, and the complaint process.


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