Founder of The Elder & Disability Law Firm, Victoria L. Collier on Ruling That Could Affect Retirement Funds
Certified Elder Care Attorney, Victoria Collier, offers guidance on how to protect assets from the government and long-term care costs by getting various financial sources working together toward overall long-term financial objectives.
Decatur, GA, March 6, 2017: Victoria L. Collier, founder of The Elder & Disability Law Firm, has posted a new article on her law firm’s website entitled “Trump’s Order to Review Fiduciary Duty Rule Could Affect Your Retirement.”
Collier writes, “Earlier this year Donald Trump ordered the Department of Labor to reconsider the Obama administration’s retirement savings protections due to begin taking effect in April, with an eye toward revising or completely eliminating them.”
According to Collier, “This protective ruling is based on two core ideas. First, if you are an individual investing for retirement, your best interests should come first.” She emphasizes, “Your financial interests should not take a back seat to the financial interests of your financial adviser. And, the second idea of the ruling maintains that how your adviser gets paid cannot conflict with your best interests.”
Collier elaborates on the original intent of the ruling. She writes, “The Labor Department created the new retirement investor protections because lots of evidence showed working people and retirees were paying a huge price for conflicted investment advice through higher fees and worse returns.” She elaborates, “If you continue to live with that conflicted advice, you could end up with about 25% less in retirement money over 35 years of investing than if you were getting recommendations from someone who is paid to work in your best interest. This easily could amount to tens, if not hundreds, of thousands of dollars less for you when you retire. Or, you might have to work longer to make up for it.”
Collier points out that, “Even though a U.S. federal judge upheld the Obama-era rule, the case could still be appealed to a higher court.” “So, for now,” she says, “the protective ruling is alive. However, the case is not closed.” .
The entire article can be read at https://www.elderlawgeorgia.com/trumps-order-review-fiduciary-duty-rule-affect-retirement/
About Victoria Collier
Victoria L. Collier, CELA founded The Elder & Disability Law Firm of Victoria L. Collier, P.C. to serve the legal needs of seniors when their health care needs increase. At The Elder & Disability Law Firm of Victoria L. Collier, P.C. WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability
Victoria enlisted in the U.S. Air Force during Desert Storm, 1989-1995, and also served in the U.S. Army Reserves, 1Lt. 2001-2004, JAG Corps. Victoria is a national expert on the VA Wartime Pension for veterans and their widows who need additional assistance with activities of daily living and helping them qualify for and receive tax-free income from the VA to pay for it. Victoria graduated from Valdosta State University with a B.A. in Psychology and then University of Nebraska, College of Law. In 2014, Victoria was awarded with the Alumni Master Award from the University of Nebraska.
Victoria is a Certified Elder Law Attorney through The National Elder Law Foundation and has been named as the only attorney in Georgia as “Fellow” of the National Academy of Elder Law Attorneys (NAELA). Victoria was appointed by Governor Perdue to the Georgia Council on Aging, 2010 – 2016 and was awarded Dekalb County Veteran of the Year, 2013. She is the author of 47 Secret Veterans Benefits for Seniors; Paying for Long Term Care – Financial Help for Wartime Veterans: The VA Aid & Attendance Benefit. Victoria has co-authored several books: Blooper Episodes in Estate Planning, Don’t Go Broke in a Nursing Home, and Protect Your IRA: Avoid the 5 Common Mistakes. Most notably, Victoria co-authored the National Best Seller, The Road to Success, with Jack Canfield, author of Chicken Soup for the Soul series.
About The Elder & Disability Law Firm
The Elder & Disability Law Firm was established to serve the legal needs of senior citizens when their healthcare needs increase. The Firm focuses its entire practice on Elder Law and Estate Planning matters, which encompasses the areas of Asset Protection, Medicaid Planning, VA Benefits planning, Estate and Special Needs Planning. Victoria Collier has grown her law practice through her personable nature and good management skills.