Attorney Helps Senior Citizens Identify Investment Scams and Prevent Them in Association with State Bar of California Program

SAN FRANCISCO, April 6 /PRNewswire/ -- Three years ago San Francisco estate planning attorney Loren M. Lopin was preparing a trust for an 82-year-old client when he noticed that the bulk of her net worth had been invested in annuities.  Mr. Lopin learned that a saleswoman from a regional bank, who had no prior relationship with his client, had called his client and asked to come to her home to share information with her about financial products.

"This saleswoman sat in my client's living room and ended up selling her $300,000 in deferred variable annuities.  Annuities are highly questionable investments for seniors who may need access to their money for family emergencies or healthcare," stated Mr. Lopin.

His client, now 85 years old, needs money for healthcare; however, getting out of these annuity contracts is costly because of steep surrender charges.  "Some industry professionals target seniors for inappropriate investments, and the variable annuity industry has been the subject of concerns regarding this type of conduct," remarked Andrew Donohue of the Security and Exchange Commission before the National Association for Variable Annuities Compliance and Regulatory Affairs Conference.

When the State Bar of California, Trust & Estates Section began looking for volunteer estate planning attorneys to speak to seniors about elder financial abuse, Mr. Lopin knew he needed to help. "I've had a number of elderly clients become victims of unscrupulous financial salespersons. Many seniors have worked all their lives, paid off their homes, put away money for retirement and have assets that make them targets for individuals who may seek to exploit them financially.  Financial elder abuse is a growing problem."

Once a week, on behalf of the State Bar of California, Mr. Lopin visits senior centers to teach seniors how to identify scams and prevent them." Since becoming active last autumn in presenting this valuable program about elder financial abuse, Loren Lopin has become the most prolific member of our volunteer attorney speakers' bureau ... It is a pleasure working with Loren, and I am grateful for his skill, enthusiasm, and creative energy in offering his presentation for the benefit of senior audiences," stated Wayne Currier, Coordinator, Educating Seniors Project, Trust & Estates Section, The State Bar of California.

Loren M. Lopin is an estate planning attorney in San Francisco, 415-200-4592, www.estateplansf.com

This release was issued through The Xpress Press News Service, merging e-mail and satellite distribution technologies to reach business analysts and media outlets worldwide. For more information, visit http://www.XpressPress.com.

SOURCE Trusts & Estates P.C.