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Estate Planning News
AG Sues Bellevue Estate Planning Companies; Asks Victims To Step Forward
Attorney General Christine Gregoire today filed a lawsuit against two Bellevue based companies for violating an agreement to stop engaging in deceptive estate planning sales tactics that target senior citizens.
The complaint against Senior Estate Legal Services, Inc. and Asset Preservation Group, Inc. alleges that Neil Adkins and John Cannon preyed on senior citizens by developing personal relationships in order to gain access to their financial information. The information then was used to press the victims into buying inappropriate or useless investment, estate planning and insurance products.
The Attorney General's complaint also asserts the companies provided legal services to consumers without license to practice law, charged consumers for services that were not provided, and failed to deliver products that were paid for, all violations of an Assurance of Discontinuance Order filed in King County Superior Court in 1996.
Both companies are managed out of the same office in Bellevue and are known to have operated around Skagit Valley, Yakima, Spokane, and possibly other areas in the state.
The Attorney General's Office is asking that anyone who has made transactions with the companies and has concerns to contact its Consumer Resource Center toll-free at 1-800-551-4636.
The lawsuit, filed in King County Superior Court, seeks consumer restitution and civil penalties of up to $2,000 per violation. Defendants in the suit are Senior Estate Legal Services, Inc. and its owner, Neil T. Adkins and Asset Preservation Group, Inc., and C. John Cannon., a sales representative for both corporations.
The costs and expenses of a conservatorship are paid by your estate
A CONSERVATORSHIP is if you suffer from an incurable disease or are involved in a debilitating accident and are unable to manage your own affairs, state law might require someone to go to court to have a conservator appointed by the court. The conservator is given the authority to make financial decisions and handle your financial affairs, under court supervision, when you lack the capacity to manage them on your own.
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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 >
Definition:
The amount of tax credit, similar in nature to the personal income tax exemption, applied to the transfer tax due at a person's death.
Transfer Tax
Definition:
The combined Federal Estate and Gift tax. A single exemption credit applies whether the property was transferred during a person's lifetime (gift tax) or is held by a person at the time of his/her death (estate tax).
Personal Property
Definition:
Movable property, including furniture, antiques, automobiles, business equipment, cash and stocks. Compare with Real Property.
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