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May 09, 2008

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Estate Planning News

Former Washington Resident Agrees to Refund Seniors for Living Trusts

SEATTLE – Attorney General Rob McKenna announced a settlement with Coranda Living Trust Services and its owner, Stephen Cuccia, Jr., in which the former Sumner resident agreed to provide refunds to Washington residents who purchased estate planning products. The agreement resolves allegations that Cuccia made misleading statements in order to sell living trusts and insurance annuities to at least 70 seniors.

“We believe that Stephen Cuccia represented himself as a certified estate planner and made misrepresentations about the probate process when convincing senior citizens to purchase living trusts and costly insurance products,” McKenna said. “Not only was Cuccia not licensed to sell insurance in Washington, he was ineligible because he had been convicted of insurance fraud involving senior citizens in California.”

Under the terms of the agreement filed in King County Superior Court, Coranda Living Trust Services and Stephen Cuccia, Jr., did not admit any wrongdoing but agreed to pay up to $60,000 in restitution to Washington consumers. The money will be distributed as refunds, with any remaining funds used to reimburse the state for attorneys’ fees and costs and converted to civil penalties. The defendants must also pay an additional $12,000 in state attorneys’ fees and costs and comply with injunctive provisions.

Cuccia was convicted in of selling securities without a license in California in 1999. He began doing business in Washington in January 2004 and formed Coranda Living Trust Services as a nonprofit business with an address in Sumner.

The Attorney General’s Office alleged that Cuccia arranged for a California company to create a living trust package that he marketed to consumers and contracted with another company to generate customer leads. According to the state’s complaint, Cuccia’s wife, Michelle, and others he knew obtained licenses to sell insurance in Washington and worked in conjunction with Cuccia.

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Did You Know?

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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Estate Planning Terms

Today's Terms

Exemption Credit

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.

Decedent

Definition:
A person who has died.

Domicile

Definition:
A person's permanent legal residence. While a person may have more than one residence, he or she can have only one domicile. Typically, the domicile is the same place you use for purposes of voter registration.

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Estate Planning Hot Topics

Topics Related to Estate Planning:

Trusts
Wills
Uniform Probate Code
Gift Tax

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