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Estate Planning News
Attorney General Takes Action Against Estate Planning Company
Attorney General Hardy Myers today warned older Oregonians about being targets of "living trust mills" and announced the filing of a court action against a North Bend estate planning business for the unauthorized practice of law through the promotion of living trusts.
Named in an Assurance of Voluntary Compliance (AVC), filed today in Coos County Circuit Court, are Asset Protection, Inc., Roger Stewart, president and employees Donald W. Chance, Douglas T. Laird and Barbara V. Kusserow, all of North Bend. The AVC admits no violation of law.
"Only a skilled attorney familiar with estate planning is able to advise a consumer whether a living trust is right for their particular situation," Myers said. "Oftentimes, we hear from families of seniors who were coerced into purchasing living trusts by untrained and unlicensed salespersons either going door-to-door or ‘hawking’ trusts during a free seminar or from a booth at a home improvement show."
Department of Justice investigators found employees of Asset Protection, in client interviews, would ask for personal financial information and then advise clients whether a living trust would be beneficial. If the consumer expressed interest in a living trust, employees would charge a fee for their "educational" service and then refer the client to an attorney for actual preparation of the trust.
Estate planning is a process to consider alternatives
Good estate planning is more than just a simple Will. Estate planning also typically minimizes potential taxes and fees, and sets up contingency planning to make sure your wishes regarding health care treatment are followed.
On the financial side, a good estate plan coordinates what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a 401K plan), and other property in the event you became disabled or if you die.
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Definition:
Movable property, including furniture, antiques, automobiles, business equipment, cash and stocks. Compare with Real Property.
Family Limited Partnership
Definition:
A legal partnership agreement between members of a family for the management and control of property for the benefit of family members. Sometimes used to minimize transfer taxes.
Trustee
Definition:
A person or institution responsible for the management and distribution of property held in a Trust. The trustee has the authority to act according to the instructions provided in the trust agreement. See Fiduciary.
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