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.

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	Did You Know?
	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.