Category: Uncategorized

ATTORNEY NEWSLETTER Whole and Universal Life Insurance Whole and Universal (a mix of whole and term) life insurance policies are sold by agents as tax-deferred savings vehicles. Often the sales pitch to younger consumers is for retirement or education savings.  For seniors, the pitch includes retirement savings and death benefits […]

ATTORNEY NEWSLETTER Internal Revenue Service Whistleblower Awards The Internal Revenue Service (IRS) pays awards to people who provide specific and credible information to the IRS if the information results in the collection of taxes, penalties, interest or other amounts from the noncompliant taxpayer. For years, the IRS argued that fines […]

ATTORNEY NEWSLETTER Financial Elder Abuse Financial elder abuse is an epidemic throughout the country and San Mateo County is no exception. A recently published local story revealed that a financial abuser had taken roughly $350,000 in electronic transfers from an 84-year-old San Bruno resident over a period of months.[1]  The […]

ATTORNEY NEWSLETTER Think Twice Before Buying an Annuity If you are over 60 and nearing retirement, you may be losing sleep over whether you’ll have enough income for your retirement years from your combination of pension benefits, Social Security, and personal retirement savings. Insurance agents and advisors, who stand to […]

ATTORNEY NEWSLETTER New FINRA Rule 2165 and Suspicions of Financial Elder Abuse Regulators are finally addressing the epidemic of financial elder abuse in this country. Among those regulatory agencies is the Financial Industry Regulatory Authority (FINRA), the independent body that polices the nation’s financial industry. FINRA recently promulgated Rule 2165 […]

ATTORNEY NEWSLETTER Understanding Annuities If you are over 60 and nearing retirement, the question of whether you should purchase an annuity as part of your retirement savings plan is likely to come up. Insurance agents and advisors, who stand to make a commission on any sale, promote annuities as important […]

ATTORNEY NEWSLETTER Securities and Exchange Commission Pays Record Whistleblower Awards The U.S. Securities and Exchange Commission (SEC) has awarded a record $ 83 million to three whistleblowers tied to a 2016 settlement with Bank of America Corp’s Merrill Lynch brokerage unit. An attorney representing the whistleblowers said their clients tipped […]

ATTORNEY NEWSLETTER Financial Elder Abuse Millions of seniors are victims of financial elder abuse every year in this country. Most cases, according to reports, go unreported because the victim is embarrassed or ashamed by what has happened, or because they suffer from cognitive impairment and are unaware of the abuse. […]

ATTORNEY NEWSLETTER Fixed Indexed Annuities and the Fiduciary Rule Putting You First In a victory for consumers, the US Court of Appeals for the Tenth Circuit recently upheld the Department of Labor’s (DOL) fiduciary rule as it applies to insurance agents and advisors recommending fixed indexed annuities to customers. The […]

ATTORNEY NEWSLETTER  Government Agencies and the Fiduciary Rule Putting You First Last year, the Department of Labor (DOL) announced its fiduciary rule which applies primarily to retirement investment advisors; the rule requires your advisor to put your interests first when it comes to retirement savings recommendations. Recently, the Securities and […]