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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.
A Will, is sometimes called a "Last Will and Testament"
Used to transfer property you hold in your name to the person(s) and/or organization(s) you want to have it. A Will also typically names someone you select to be your Personal Representative (or "Executor") to carry out your instructions and names a Guardian if you have minor children. A Will only becomes effective upon your death, and after it is admitted to probate.
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Definition:
A long recognized legal concept (first used in ancient Greece during the times of Socrates and Plato) in which some or all property of a Trust Creator is held on behalf of a beneficiary (which may include the trust creator) in the name of the Trustee.
Fiduciary
Definition:
A person in whom one places great confidence in and upon whom one relies for his or her integrity, trust, and good faith. A fiduciary has the legal duty to act in the best interest and benefit of another and therefore is held to the very highest legal standards. A trustee is a fiduciary.
Grantor
Definition:
The person who sets up or creates the trust; also called a Settlor, Trust Creator, Trust Maker, or Trustor.
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