Minnesota Attorney General Lori Swanson filed a lawsuit Wednesday against two California companies, accusing them of preying on the state's senior citizens through the sale of living trusts.
According to the suit, filed in Hennepin County district court, American Family Legal Plan and its affiliate Heritage Marketing and Insurance Services Inc. conned Minnesota seniors into buying "boilerplate" living trusts regardless of whether the product suited their needs.
Other states have filed similar suits against the two companies over the past year.
Living trusts are estate-planning products. Though they can be beneficial to some, they often are not necessary, particularly when the plans aren't tailored to each person's needs, Swanson said. Still, she said, many seniors purchased the plans because American Family agents convinced them that without a living trust, their heirs would lose their estate.
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