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Do I Have to Buy an Annuity for help with a VA Application?

November 23, 2010

Filed under: Michigan Veterans Benefits — Christopher J. Berry @ 9:18 pm

It seems more and more of the annuity salesman are moving into the “assisting” Veterans with their Veterans Benefits or VA Aid & Attendance applications. What they are doing is setting up a “non-profit” that will “assist” a veteran in completing the VA application, but then force one of the children to buy an annuity from them. This is a borderline scam, since first of all the annuity more often than not is actually detrimental to the Veteran’s over all long-term care plan.

In fact, I just reviewed a plan put together by a local outfit in Michigan, the American Association of Wartime Veterans.  The “plan” if you can call that included a “high commission” annuity that had a surrender charge.  This situation, the Veteran was actually transitioning possibly to a nursing home, and the outfit had the family make divestments that will cause a penalty for any type of Medicaid planning.  It’s just a bad situation and its happening all across the country.
Here’s an AARP article on the topic, Seminars Target Vets with Unwise Investments.


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