Council on Aging Senior Guide 2012 - 112

COUNCIL ON AGING ORANGE COUNTY

Who Do You Trust?

Continued from page 111

Before you attend a Financial Planning Seminar: Keep in mind that this is how the representative makes his living. You must realize that you may not get a balanced presentation or good advice for your individual circumstances. Living trusts, annuities, promissory notes, and viatical settlements are hot topics for seminars. Often, the presentation is just a sales pitch for a particular investment product, or a way to get your address so a high-pressure salesperson can come to your home. Sales agents are trained to play on “fear, anger, and greed” and gloss over the technical aspects of the investment. Before you choose any of these products, explore the risks and ask how much commission the salesperson will earn. Living trusts. Not everyone needs a living trust! The greatest growth in sales of living trusts is to people who are least likely to need one. A properly created living trust can be helpful if you must manage assets during disability or time of incapacity. However, there may be easier, cheaper ways to avoid probate than a living trust, and most people don’t need to worry about probate or estate taxes. Find out about the probate process in your area. Annuities. This form of insurance product can be an appropriate part of your financial plan, but can have serious disadvantages for older investors. Annuities can be fixed or variable, immediate or deferred. They may come with different payout options, steep surrender charges, unexpected tax consequences, and hefty sales commissions. You should carefully investigate whether an annuity is the right investment for you. For more information, see: Annuities: Look Before You Leap at www. help4srs.org/financial/planning/annuities Promissory notes. Newly formed or expanding companies sometimes promise to pay high interest rates to investors willing to lend them money. These promises to pay are promissory notes. Most legitimate companies do not sell promissory notes to the general public. Don’t be fooled by the high interest rates or guaranteed return.
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They can be very risky investments. The insurance agents who sell them may not be fully aware of the risk or may not be licensed to sell securities. Viatical settlements. When you buy a viatical, you purchase the life insurance policy of a terminally ill person at a discounted price. Usually the purchase is made through a broker. The ill person gets needed cash; the investor gets the full value of the insurance policy when the ill person dies; and the broker gets a commission. As beneficial and worthwhile as this investment scheme sounds, many things can go wrong. The insured person may live longer than expected or may not really be ill at all, and the investor may have to pay the premiums for many years to protect the investment. The viatical broker may go out of business along with your investment. “Guaranteed” returns may not materialize. Some brokers may sell the same policy to many investors.

If your intuition tells you that it sounds too good to be true, it probably is. Be cautious of offers that come by telephone, mail, e-mail, and even to your door.
Home loans and predatory lending Many people are desperate and are in danger of losing their homes due to the current economic crisis. Get the facts before a bad loan gets you. Don’t be the next person to say, “They didn’t tell me I could lose my home.” Before you borrow money on your home’s equity - think twice! People borrow on their homes for many reasons: to make repairs or improvements, consolidate debts, pay off medical bills, or for other reasons. Sometimes there are benefits to using your home equity. But if the loan costs too much, the benefits disappear ... and so could your home. Be sure to talk with an attorney, financial advisor, housing counselor, or someone else you trust before taking out any sort of home loan. This is especially important for high-cost home loans, because you can lose your home if you can’t make the monthly payments. There are a growing number of aggressive, dishonest
Aging and Disability Resource Connection | 800-510-2020 | www.adrcoc.org


http://www.help4srs.org/financial/planning/annuities http://www.help4srs.org/financial/planning/annuities

Council on Aging Senior Guide 2012

Table of Contents for the Digital Edition of Council on Aging Senior Guide 2012

Council on Aging Senior Guide 2012
Contents
Introduction
Supervisor Letter of Support
Editor’s Message
Publishers Message
ADRC
1. Healthcare & Care Giving Resources
Business Listings
Non-Profit Listings
Medical Services
Mental Health Services
Adult Day Care Services
Health Support Services
2. Housing Alternatives
Business Listings
Non-Profit Listings
Housing Assistance
Emergency Housing
Home Modifications
Group Residences for Adults With Disabilities
Facilities By City
3. Financial & Legal
Business Listings
Non-Profit Listings
Financial Assistance
Financial Counseling
Legal Assistance
Abuse/Neglect
Consumer Information/Protection
Domestic Violence Programs/Counseling
Licensing & Complaints
Social Security
4. Insurance
Business Listings
Non-Profit Listings
Medicare & MediCal
State Disability Insurance
Social Security
Unemployment Insurance
Medicare Comparison Charts
5. Community Resources
Business Listings
Non-Profit Listings
Senior Centers
Meals and Food Programs
Volunteerism
Transportation
Emergency Preparedness
Hot Lines
Sites
Veterans Services
Support Groups
Services for the Disabled
6. Recreation, Personal Services & Other
Business Listings
Non-Profit Listings
Adult Education
Falls Prevention
Fitness Assessment
Senior Community Opportunities
Council on Aging Senior Guide 2012 - intro
Council on Aging Senior Guide 2012 - Council on Aging Senior Guide 2012
Council on Aging Senior Guide 2012 - Cover2
Council on Aging Senior Guide 2012 - Introduction
Council on Aging Senior Guide 2012 - Supervisor Letter of Support
Council on Aging Senior Guide 2012 - 3
Council on Aging Senior Guide 2012 - Editor’s Message
Council on Aging Senior Guide 2012 - Contents
Council on Aging Senior Guide 2012 - Publishers Message
Council on Aging Senior Guide 2012 - ADRC
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Council on Aging Senior Guide 2012 - 1. Healthcare & Care Giving Resources
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Council on Aging Senior Guide 2012 - Business Listings
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Council on Aging Senior Guide 2012 - Medical Services
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Council on Aging Senior Guide 2012 - Mental Health Services
Council on Aging Senior Guide 2012 - Adult Day Care Services
Council on Aging Senior Guide 2012 - Health Support Services
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Council on Aging Senior Guide 2012 - 2. Housing Alternatives
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Council on Aging Senior Guide 2012 - Business Listings
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Council on Aging Senior Guide 2012 - Housing Assistance
Council on Aging Senior Guide 2012 - Home Modifications
Council on Aging Senior Guide 2012 - Facilities By City
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Council on Aging Senior Guide 2012 - 3. Financial & Legal
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Council on Aging Senior Guide 2012 - Business Listings
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Council on Aging Senior Guide 2012 - Legal Assistance
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Council on Aging Senior Guide 2012 - Abuse/Neglect
Council on Aging Senior Guide 2012 - Social Security
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Council on Aging Senior Guide 2012 - 4. Insurance
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Council on Aging Senior Guide 2012 - Business Listings
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Council on Aging Senior Guide 2012 - Social Security
Council on Aging Senior Guide 2012 - Unemployment Insurance
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Council on Aging Senior Guide 2012 - Medicare Comparison Charts
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Council on Aging Senior Guide 2012 - 5. Community Resources
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Council on Aging Senior Guide 2012 - Business Listings
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Council on Aging Senior Guide 2012 - Senior Centers
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Council on Aging Senior Guide 2012 - Meals and Food Programs
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Council on Aging Senior Guide 2012 - Volunteerism
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Council on Aging Senior Guide 2012 - Support Groups
Council on Aging Senior Guide 2012 - Services for the Disabled
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Council on Aging Senior Guide 2012 - 6. Recreation, Personal Services & Other
Council on Aging Senior Guide 2012 - 166
Council on Aging Senior Guide 2012 - Business Listings
Council on Aging Senior Guide 2012 - Fitness Assessment
Council on Aging Senior Guide 2012 - Senior Community Opportunities
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Council on Aging Senior Guide 2012 - Cover3
Council on Aging Senior Guide 2012 - Cover4
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