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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.
A "Family Limited Partnership" can be used to own and manage your property
In a similar manner to a Trust, but allowing additional tax planning techniques to be employed. Family Limited Partnerships are typically used for those who have large estates and thus have a need for specialized estate planning in order to minimize federal and state estate/death/inheritance taxes as well as provide elements of asset protection.
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Latest news about Financial & Estate Planning in Pennsylvania and nationwide:
Estate And Gift Taxes
Generally, you do not need to file a gift tax return unless you give someone, other than your spouse, money or property worth more than th... Read more >
Establishing A Trust Fund
A trust is a separate legal entity that holds property or assets of some kind for the benefit of a specific person, group of people or organization... Read more >
Planning Your Estate
A primary purpose of estate planning is to distribute your assets according to your wishes after your death. Successful estate planning transfers y... Read more >
Definition:
Sometimes called an Inter-Vivos Trust--A written legal document established during a person's lifetime into which he/she places property.
Federal Estate Taxes
Definition:
Taxes imposed by the US Government on the value of a person's estate upon his or her death.
Tenancy-in-Common
Definition:
A form of ownership of property in which two or more persons share ownership (may be equal or unequal shares). At the death of a tenant-in-common, his/her share in the property transfers to his/her heirs, rather than to the other surviving owner(s). Compare with Joint Tenancy.
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