Issue 26.12
We have all heard the expression, ‘one bad apple can spoil the whole bunch’. In every industry or profession there are those individuals whose practices give the others in their trade a black eye. Those practices include everything from unethical behavior to downright dishonesty or just a plain lack of knowledge as it relates to the profession. It matters not the occupation, be it medical, legal, financial or other, if there is a failure to perform on expectation and pledge it affects that industry as a whole. This has a negative influence on the public’s ability to make confident and informed decisions so as to obtain desired result.
A recent article published by AARP brought to light the potential concerns that can arise from working with veterans and their families in an effort to qualify them for much deserved benefits available through the Veterans Affairs. The article focused on unethical financial service professionals looking to make a quick buck at the cost of others. Our firm has greatly appreciated AARP for bringing this to light. Our office has had reports recently of this practice occurring here with a number of our local veterans.
However, I feel it is unfortunate AARP has taken such a one-sided stance on this topic. There are organizations, such as ours, that comply with the rules and regulations set forth not only by the Veterans Affairs but also with insurance carriers and state regulators.
We begin our process with an evaluation to gauge eligibility of qualification. An attorney accredited by the Veterans Affairs directly overseas the process. Experts in estate planning and taxation are available to provide services and/or further explanation and education as needed or desired by the veteran or widow. Medicaid qualification and the affects of qualifying for the veteran benefits on Medicaid is addressed and disclosed prior to submittal of any application for benefit. Potential claimants are never charged a fee for our services.
If applicable, and the veteran or widow is desirous, we may recommend suitable financial products. Product recommendations are accompanied by full product disclosures, and recommendations are required to be in the best interest of the veteran or widow. There is never an obligation to purchase any recommended product(s).
AARP’s stance on annuity products appears one-sided as well. Several annuity products offer great liquidity features and may prove to be a viable option for attaining desired retirement goals, legacy planning and for benefits qualification.
We too encourage you to do your research before partnering or working with any organization that offers benefit services to veterans and their families. If you have any questions or concerns, we invite you to contact our office.
David D. Polatis, CEP can be contacted at Senior Advantage 435-986-9222.