Call us at (916) 438-3113 or Call TOLL FREE (888) 413-3113

A non-profit corporation specializing in medi-cal qualification

RESOURCE & REFERRAL

INFORMATION

The Light for Seniors, Inc. is continuously updating our list of resources, agencies, and professionals in the healthcare, tax, legal and senior fields who have proven themselves to be reliable and reasonably priced.

Although we cannot be responsible for the conduct of those we refer, we can say that they come with high praise from other clients and have done excellent work in the past.

In the process of caring for our clients, we are often told of the good and the bad treatment they have received from outside professionals.  We make note of the bad. Those "highly recommended" we happily refer to you.

We are happy to support those individuals and companies who serve the senior and disabled community.  We at The Light do not want to do your job.  We want to fill those needs that are not being filled, while working with those who already do their job best.

CONSUMER TIPS FOR SENIORS

Stocks and Mutual Funds:

Q: Are these investments good for Senior Citizens?

A: Maybe.

The formula is:  100 minus (your age) = The maximum percentage of your portfolio that should be at risk.

Many financial advisors distort this formula and say this is the percentage that "should" be invested in risk.

What do we say?  If you cannot afford to lose it, invest it safely.  There are fixed interest investments and investments "linked" to the stock market that will not risk your principal.  When you are no longer earning a wage, the only money maker you have is your money.  If you lose your money, you are losing your ability to make money.  Seniors need their money to work for them.

Irrevocable Trusts:

Be careful of what are called "trust mills".  These are illegal marketing schemes designed to learn where you keep your money and how much you have.

It works by having "financial advisors" or "insurance agents" market the trusts to seniors for attorneys or estate planners.  The trusts are usually priced well below those provided by estate planning attorneys.  The agent or advisor asks the questions needed for preparation of the trust.  Although balances and amounts are not needed, they get that information anyway.  The trusts are prepared and delivered by the financial advisor or life insurance agent who then appears very wise and knowledgeable, often being confused for the attorney.

The next step, now that he/she has your admiration, is to have you move your money from your investments to investments carried by the agent.  Many times the investment change is not good for the senior, but the commission is great for the agent.

In addition, the trust may not be the proper trust for your situation.  There are many factors to determine what trust is right for you.  Are you single, married, second marriage wanting to preserve your assets for each of your children, are you a millionaire, etc.?  Yet we have seen many married couples with modest means with a millionaires trust.  (One size fits all.)

Your well-being is not the goal.  Raking in the dough on the high volume of "cookie cutter" trusts sold and commissions on investments is the goal.

Again, this is an illegal practice.  Complaints against the attorney should be made to the California State Bar Association.  Complaints against the insurance agent should be made to the California Department of Insurance.

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