Legal Topic #4: An “IRA” To Avoid

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Legal Topic #4: An “IRA” To Avoid

“The future ain’t what it used to be.” – Yogi Berra


We are all aware of the customary meaning of the abbreviation, “IRA”. It is normally used to refer to an individual retirement account. Most of us have signed and funded one or more of these tax deferred savings accounts on a regular basis throughout our lives. The proceeds from these accounts can serve as an important augmentation to Social Security benefits in our retirement years. But there is an IRA you never want to experience. 

Walter E. Williams, professor of economics, coined the phrase, “Involuntary Redistribution of Assets” (IRA) in his paper, Compassion Versus Reality, in 2007. This takes place when a person is duped out of resources, that a lifetime was spent accumulating, by unethical professionals, disgruntled family members or quarreling heirs.

As most of you have read in, “Living Will”, unscrupulous people can abuse a trusting relationship or misuse legal documents, such as powers of attorney and wills, to divert assets away from the intended heirs or beneficiaries for their benefit. These people can be a trusted friend, a relative, an advisor or even a stranger who gains the confidence of an unsuspecting victim. The older population in the United States is approaching 20% of our total and tends to be the most vulnerable group susceptible to designing people and unethical practices.

The best way to protect your loved ones from this type of “IRA” fraud is to know what influences are in their lives and to constantly warn them about this growing type of fraud that is a multi-billion dollar problem nation wide.

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1 Comment

Jay Kaufman

May 24, 2016at 1:04 am

Great information and something to watch out for. I will also pass this along to family.
Thanks for the advise!

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