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May 13, 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?

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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Estate Planning Terms

Today's Terms

Devise

Definition:
A gift made by a will or a trust. A devise is made to a beneficiary under the terms of the will or trust.

Informed Consent

Definition:
An authorization to proceed by a person who has been given and understands all of the relevant facts.

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).

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Trusts
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Uniform Probate Code
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