Business Services Industry
California seniors fall prey to dubious financial sales pitches.
Knight Ridder/Tribune Business News, November, 2004
By Rick Jurgens, Contra Costa Times, Walnut Creek, Calif. Knight Ridder/Tribune Business News
Nov. 22--Wilma Simonds was over 80 when, three years ago, she paid $2,000 for a living trust.
For her trouble, Simonds, a Concord resident, got more than a trust -- a tool commonly used by estate planners to avoid the costs and delays of probate court and simplify the distribution to heirs of a dead person's property.
Simonds also became the target of repeated sales pitches by agents of a Dallas insurance brokerage that wanted her to cash out the equity in her home and use the money to buy a complicated insurance contract known as an annuity, according to a lawsuit filed Oct. 29 in San Francisco Superior Court.
Simonds' experience...
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