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Estate Planning News
Pre-paid Funeral Scam Targets Elderly - Insurance Commissioner Steve Poizner Urges Senior Citizens and their Families to Check Their Policies
RANCHO CUCAMONGA - Lee Ann Wyskiver, 55, was arrested at her home on April 5, 2007 by CDI investigators and the Escondido Police Department. Wyskiver is charged with six felony counts including Grand Theft and Financial Elder Abuse. She was booked into the Escondido jail, and bail was set at $50,000. The Riverside County District Attorney's office is prosecuting the case.
Insurance Commissioner Steve Poizner called Wyskiver's actions "despicable." The suspect specifically targeted senior citizens who were in nursing homes, swindling them out of hard-earned funds earmarked for a funeral with dignity and respect which wouldn't burden their families," said Poizner. "We don't know how many other victims may still be out there. Therefore, I urge families who have loved ones that dealt with Ms. Wyskiver to contact the Department of Insurance."
According to investigators, between 1998 and 2004, Wyskiver collected nearly $20,000 from numerous elderly clients that thought they were purchasing a pre-need burial insurance policy. Pre-need or pre-paid burial insurance is a specialized form of life insurance or annuity used to fund the predetermined expenses of a funeral, cremation or burial. In some instances, the consumer was charged an additional fee to add an offered travel benefit.
Estate planning is a process to consider alternatives
Good estate planning is more than just a simple Will. Estate planning also typically minimizes potential taxes and fees, and sets up contingency planning to make sure your wishes regarding health care treatment are followed.
On the financial side, a good estate plan coordinates what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a 401K plan), and other property in the event you became disabled or if you die.
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Definition:
The difference between the Tax Basis (the amount originally paid for property with certain adjustments) and the amount received for the property when it was sold.
Exemption Credit
Definition:
The amount of tax credit, similar in nature to the personal income tax exemption, applied to the transfer tax due at a person's death.
Tenancy-in-Common
Definition:
A form of ownership of property in which two or more persons share ownership (may be equal or unequal shares). At the death of a tenant-in-common, his/her share in the property transfers to his/her heirs, rather than to the other surviving owner(s). Compare with Joint Tenancy.
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