Feb19Written by:Betty Berry
2/19/2009 10:48 AM 
By Betty Berry
Wednesday, February 18, 2009
Q: Every day I seem to have a mailbox full of invitations to free seminars on living trusts and financial planning. I’m not really sure I need to be concerned with such topics, but if I do, would these seminars provide me with the information I need?
A: This is not only an excellent question but also a very timely one, since many people are now concerned about how, where and when to invest their money.
It also is one I would like more seniors to ask before they sign up for one of these “free” presentations.
Will attending such a seminar provide you with the information and services you need? The answer is maybe yes — but more likely no.
These community seminars address the issue of estate planning or financial planning in a general manner, and the right strategies needed for an individual to make proper decisions depend on that individual’s unique circumstances.
What might be the right action for your neighbor will most likely not make sense for your particular situation.
Many times the sponsors of this type of seminar have a product or service to sell, and while they do provide some useful general information, they also are promoting the purchase of their specific product or service.
The subject of estate planning is very complex, and unfortunately this complexity provides a window of opportunity for scam artists to make an entrance into the field of estate and financial planning seminars.
Certainly not all seminars are presented by scam artists, but some are, and you need to protect yourself. You need to be very careful about what information you offer about yourself and carefully read and fully understand what you sign.
Financial planning also is very complex and at this time can be very confusing since what were safe havens for senior investment are currently in question. This provides opportunity for those with not the most honest intentions to come front and center.
Before you sign any papers to create a will or trust or to move your investments into another type of financial arrangement, explore all your options with an experienced attorney or financial adviser of your choice. By this I mean you initiate the contact with the provider instead of dealing with a salesperson who contacted you either by telephone, mail or invitation to a free breakfast or lunch.
Avoid high-pressure sales tactics either by a phone or door-to-door salesperson or at a seminar.
If a salesperson gives the impression that a well-known organization is endorsing the product or service, make sure to check with that organization before committing yourself. Just because the seminar is being held at a senior center doesn’t mean the center endorses the product.
Do some homework on your own. Learn the differences between a will and a trust. Investigate how probate works. Understand how different financial investments work and what their risks are.
Remember the “cooling-off rule.” If you do purchase this type of product in your home or somewhere other than the seller’s permanent place of business, you must be given a written statement of your right to cancel the transaction within three business days.
The salesperson must provide you with two copies of a cancellation form and a copy of your contract or receipt. The contract or receipt must be dated, contain the name and address of the seller, and explain your right to cancel. If you do cancel, you do not have to provide a reason for your action. Stopping payment on any check you may have written would also be a prudent action on your part.
Remember, it has taken you years of hard work to accumulate your assets, so take time in deciding how to handle your estate and financial planning. Nothing should be done when there is pressure and it is always best to discuss your options with someone you trust.
My suggestion is that if you do attend one of these seminars, whether it is about financial planning or estate planning, go and just gather information. By this I mean go and sit with your hands in your pockets and your lips sealed. This means don’t sign anything while there; take any and all papers home to be reviewed and looked at by someone you trust. And don’t provide any information about yourself or your finances.
Remember the old saying that haste makes waste, so take your time and do it right the first time.
Happenings
Feb. 25: Senior advocate seminar, 1:30 to 3 p.m., Simi Valley Senior Center, 3900 Avenida Simi, Simi Valley. This will be an open forum, presented by the senior advocate, where you will have your say about subjects you would like to be presented either at seminars or in this column during the year 2009.
For more information or to make a reservation, call the Simi Center at 583-6363. Hope to see you there.
— Betty Berry is a senior advocate for Senior Concerns. The advocates are at the Goebel Senior Adult Center, 1385 E. Janss Road, Thousand Oaks, CA 91362; or call 495-6250.