BERNARD SHAW, CNN ANCHOR: And now to Capitol Hill and outrage over consumer fraud targeting the elderly. A Senate panel heard testimony this morning on the trend of selling deceptive and often unnecessary living trusts to older Americans. CNN's Kate Snow attending the hearing -- Kate.</s>KATE SNOW, CNN CORRESPONDENT: Bernie, this special -- Senate special committee on aging heard testimony, heard stories from folks talking about this issue of selling these living trusts. Now, living trusts are a legitimate financial tool. They're used for estate planning. But what's happening, they were told, is that in some cases, con artists are convincing the elderly that they need to buy an unnecessary living trust. They're telling seniors that, without them, they'll have to go through a lengthy probate that could be costly and could hurt their loved ones.</s>TESS CANJA, PRESIDENT, AARP: What these fast-talking crooks do not tell their clients is that the living trusts they're selling could become the buyer's living hell. A living trust is not for everyone. One size does not fit all. There are risks associated with generically written, poorly constructed living trusts that the con artist don't disclose.</s>SNOW: The American Association of Retired Persons also warning that their name is being used in association with some of these cons. They're using a logo that looks similar to the AARP logo. The AARP warns that they are not associated with any living trust. And a recent survey by that group finds that even more low-income seniors have been buying living trusts. The group warns that that could be for people who really don't need those living trusts at all. Kate Snow, CNN, live, Capitol Hill.
Senate Panel Hears Testimony on Fraudulent Living Trust Sales to Older Americans