Weldon C. McKinney responded to our news story about con artists who sell living trust forms to older persons of modest means:
First I have never sold a living trust to any of my clients. I have recommended such in a few circumstances and have referred them to a competent attorney. I have never used the marketing of these trusts for the purpose of fact finding.
But, even with repeal of estate taxes, living trusts will still be useful to many people.
Now a comment about AARP. Frankly, I am outraged that for several years AARP marketed a "living trust do-it-yourself" package for $19.95. I think they later raised the cost to $29.95. I have seen numerous people complete these documents and then fail to obtain a taxpayer identification number for the trust, fail to notorize the document, and then fail to fund the trust. This causes severe problems and confusion at death.
Finally, I "market" my service in the homes of retired people to save them the trials of driving to a distant office in heavy traffic.
Your article is useful, but leaves a lot to be desired. However, keep up the good work. You do accomplish so much good.
Sincerely,
Weldon C. McKinney
President
United Beneficial
Hurst, TX
Mr. McKinney raises a good point. The fact that a financial planner comes to your home does not mean he is not to be trusted. But someone who works solely as an in-home (or "door-to-door") salesperson is probably not a good bet. Ultimately, any living trust should be reviewed by your attorney and your accountant. A good financial planner will insist on this.
There are at least two certification programs for financial planners -- Certified Financial Planner (CFP) and Chartered Financial Consultant (ChFC). It's a good sign if your planner has one or both of these ceritifications.
