tamatoledonews.com DES MOINES (SPECIAL) -In recent months, the Insurance Division has become aware of a number of individuals making presentations in nursing homes, assisted living facilities and similar locations where older veterans may be in residence. The story told follows a familiar path. A person professing expertise in veterans’ concerns urges veterans to shift their assets into areas not among those considered by the Veterans Administration when benefit determinations are made by that agency. The presenter may attempt to sell annuities or other financial products to Veterans for the purpose of qualifying for pension by reducing a claimant’s net worth. In some cases, it has been reported an attorney accompanies the presenter to draft agreements. As a result, the VA benefits start to flow in a way that would have been impossible when the veteran still has too many assets to be eligible.

The presenters charge a fee for the advice. The Insurance Division and other agencies have learned that in some cases several thousands of dollars have been charged for this service.

The presenters may gloss over the fact that many of the filings can be made without cost through the services of the Veterans Administration itself. There may be adverse tax consequences, or create future situations that could put the person shifting assets at risk for Medicaid eligibility due to stringent ‘look-back’ provisions.

State agencies including the Insurance Division would prefer that consumers take their time and make money decisions only after making sure that they have all the facts. In addition to regulatory agencies, a person’s own tax advisor or attorney can help avoid mistakes being made. It is strongly recommended that veterans and their interested family members consult with persons that will look out for their own best interests, such as state regulators, the families’ attorneys or their tax advisers. If veterans see activity of behavior that appears to be illegal or unethical, they can report their observations at the following Veterans Administration web site: gocaccreditationmailbox@va.gov.

Beyond being prudent, the Insurance Division encourages anyone hearing such a presentation to contact the Division if the advice turns to the topic of buying or selling insurance or securities products held by consumers. This advice can only be provided by properly licensed individuals.