As an Michigan Elder Law Attorney, I see Michigan Seniors that are often targeted by free lunch or dinner seminars where salesman try to push estate planning with the real goal of selling high commission annuities.
The WSJ has an article talking about how another state has doubled the civil penalties for financial securities violations when the victim is 65 years or older. There is quote from the head of the Michigan Office of Financial and Insurance Regulation, Kenn Ross. "If you target an older person in Michigan we're going to target you."
The article has some questions to ask to avoid being scammed, including:
- What are the risks of this investment?
- What ongoing costs do I have to pay?
- How liquid is the investment?
- Is this investment registered, if so who or regulates it?
You can read the rest of the article here: Laws Take on Financial Scams Against Seniors.
