Poaching Veterans’ Pensions | Consumer Information

Poaching Veterans’ Pensions | Consumer Information.

Veterans and their families are a target for some dishonest advisers who are claiming to offer free help with paperwork for pension claims. The scheme involves attorneys, financial planners, and insurance agents trying to persuade veterans over 65 to make decisions about their pensions without giving them the whole truth about the long-term consequences.

Specifically, these unscrupulous brokers try to convince veterans to transfer their assets to a trust ­ or to invest in insurance products ­ so they can qualify for Aid and Attendance benefits. What they don’t reveal is that these transactions could mean that the veteran loses eligibility for Medicaid services or loses the use of their money for a long time. Adding insult to injury, the advisers are charging fees that range from hundreds to thousands of dollars for their services.

Your best defense against someone who wants to poach your pension to get you a better deal? A firm “no, thanks.”

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