Los Angeles Trust and Probate Litigation Attorney, SirkinLaw

Norwalk, CT woman kills husband and inherits!

'NORWALK - Although a jury found Mary Ann Langley guilty of killing her husband by throwing gasoline on him and lighting him on fire, she could still inherit his $1.2 million estate, family members and attorneys said.

This turn of events was made possible by a jury of eight women and four men who did not convict Langley of murder two weeks ago after a seven-day trial at state Superior Court in Stamford. The jury was unable to find beyond a reasonable doubt that Mary Ann Langley intended to kill her husband by throwing the gasoline on him, and instead found her guilty of intentional first-degree manslaughter in the December 2006 death of her husband, James, 55.
...
"I don't think it is right. If you kill someone, why should you profit?" said Willie Langley, James' brother and executor of his estate. "I think if you pour gasoline on someone, you meant to kill them anyway, but (the prosecution) couldn't prove that."'

If you ask me, this is a terrible result.   The fact that she got manslaughter should not have made a difference.

Mina N. Sirkin is a Family Wealth Lawyer and a TV legal expert in areas of inheritance and estate planning.  Ms. Sirkin is a Certified Specialist attorney in Estate Planning, Probate and Trust Law by the State Barof California. [email protected] and http://www.SirkinLaw.com

Checklist for Retirement Accounts and Plans

If you are married to a person who is a participant in a retirement account or plan, you have to protect yourself and your children by paying close attention to several things on this checklist.  By "retirement account", I mean, 401k, 403b, 457, IRA, Roth IRA, Stock Option Plans, Stock Purchase Plans, Keogh and any other qualified plan under ERISA.

1.   Check and verify beneficiary designations on the retirement account every 3-4 years.  Request copies of the signed beneficiary designation forms from the plan or company.   Keep a file for the beneficiary designation forms.

2.   Be sure that the employee's spouse is the named primary beneficiary.   If you don't name a beneficiary, the PLAN document governs who gets the benefits.   This may not always be your Estate, and you certainly do not want the employer to have to litigate or interplead the funds in court which can cost a lot of money. 

3.   Be sure minors are not designated as alternate beneficiaries.   Consult a local attorney who can guide you as to creating a trust for your minor children.

4.   If you want to name a minor as a contingent beneficiary, be sure to name a trustee of a trust for the benefit of the minor.   Never name a special needs child as a beneficiary or a contingent beneficiary of a retirement plan.   If you want to benefit a special needs child, go to an attorney and create a special needs trust and then name the special needs trust as a beneficiary.

5.   Never sign a beneficiary change form changing the primary beneficiary from the spouse to someone else BEFORE you get advice from a lawyer.

6.   If you are divorcing, you MUST talk to your divorce lawyer about a QDRO and insert protective provisions which go beyond retirement and extend to death of the participant.   If your spouse was previously divorced, you must review the prior divorce order, including any prior QDRO to insure that the current retirement benefits do not go to the former spouse.   QDRO orders which do not name specific retirement plan options can lead to major litigation after death which can be avoided by amending the QDRO after a new marriage, for specific items.

7.   Don't opt for the company life insurance.  Company life insurances are generally NOT portable.  If you change your employer, you will lose that life insurance.   You would be better-off buying a private term life insurance policy which you can keep even after you leave your employer.   If you are going to opt-in to the company's life insurance, you need to have a separate beneficiary form for this item.

Mina N. Sirkin is a Beneficiary Lawyer handling litigation matters in Los Angeles, California.  Ms. Sirkin is a Board Certified Specialist in Estate Planning, Probate and Trust Law by the State Bar of California.  [email protected] and http://www.SirkinLaw.com.   Financial blog at: http://www.MomsRules.com.

Did you just inherit real property from an estate or trust?

If you have inherited real property you need to read this article:

When you inherit real property, you are likely to have gone through a grieving period and been burdened with the task of managing real estate all in one year.    If you've been a professional property owner, you can probably handle this with relative ease.   Now if you have your own primary residence and don't intend to move into the property, you must get used to many things as a home owner.

Most people are so busy that property management becomes a chore and they soon opt to sell the property rather than to repair and rent it.

“A lot of people have enough to do just to maintain their own property and now all of a sudden they have another piece of property they have to deal with — that’s a little difficult," says Carl Izzo, Managing Director at Fiduciary Real Estate Advisors in Boston.

Why do you need legal advice when receiving real property as an inheritance?  Depending on where the property is and where you live, the law varies in taxation of the gain and in the reassessment of the property taxes.   For example, in California, if you are a child and you inherited real property from your parents or grand parents, you should explore whether or not Prop. 13 low taxes will apply to you and be sure to complete the proper forms, in a timely fashion to preserve it.  For that, you should obtain legal advice from counsel to guide you to be sure you don't lose the prop. 13 benefits.

If you are one of several siblings who have inherited real property, you must know that the grieving process includes an anger stage.   By experience, very little gets done in this period.  In fact, most fights in estates occur during this period.   

The decision of whether to keep the property, sell the property, rent the property should be put to a vote, or left to an arbitrator if no agreement can be reached after having several family discussions to see if an agreement can be reached.   

There are many companies, like Advanced Inheritance (Woodland Hills, CA), which lend to heirs to enable heirs to buy-out each other.   

To have a successful family discussion, ask each heir to write down several things:

1.   What do you consider to be a fair price for the property?

2.   What do you consider to be a fair rental value for the property?

3.    Are you willing to contribute to the expenses and property taxes, and if yes, how much?

4.    Are you willing to hold-on to the property long-term (over one year)?

5.    What is the longest term you are willing to hold on to the property?

6.     How would you rate the condition of the property on a scale of 1-10 (10 being best)?

7.     How much in repairs do you think it would cost to bring the property to market value?

If you are the successor trustee, or executor, you must keep accurate receipts for all expenses of the real property before it is distributed.   Once the property is distributed, if there are multiple owners, one of the owners should agree to keep the records and print a monthly report of the property expenses for the remaining owners.

So that there are  no surprises, you should consult an accountant to advise you of the potential State of California withholdings from sales if you are selling the property.   Determine quickly if the decedent had unpaid Federal, State or local taxes and discuss this with the heirs if those have become liens against the property.

If there are homeowners association fees, be sure to pay them on time, so that they do not become liens against the property.    Of great importance is the upkeep of home owner's insurance.  Be sure it does not lapse and immediately call the insurance agent to get a rider after death.   Some companies terminate the policy after death, and you certainly don't want to be left without it.

Regardless of whether or not you intend to sell the property, you must obtain a Certified Appraisal to establish your basis.   Stepped-up basis in most cases is likely help save taxes meaning it would be valued as of the date of the death for purposes of determining capital gains.  While this law still exists, you should always consult with your tax adviser and your attorney to determine the rules at the time of sale.   

Here is a list of professionals you will need when you are about to inherit real property:

1.    Trust and Estate Lawyer.

2.     Real Estate Broker.

3.     Accountant.

4.     Appraiser.

5.     Home owner's Insurance agent.

Mina N. Sirkin is a Family Wealth Lawyer and a TV Legal Expert in Los Angeles, California.   Ms. Sirkin is Certified as a Specialist attorney in Estate Planning, Probate and Trust Law by the Board of Legal Specialization of the State Bar of California.    [email protected].  http://www.SirkinLaw.com.

Copyright 2008 Mina N. Sirkin.  Al rights reserved.

Son takes financial advantage of father and loses inheritance

Clyde Motts willed his only son nearly half of the $1 million he had put aside.

But John Motts wanted it all.

Now he won't get a penny.

DuPage County Judge Mark Dwyer today sentenced the son and his wife to 180 days in jail and revoked the man's claim to a $400,000 inheritance after the former Schaumburg couple pleaded guilty to financial exploitation of an elderly person.

"To me this is an instance of impatience, greed and stupidity," Dwyer said while handing down the sentence. "You had to have known you your father was going to take care of you, but it appears in the final two or three years of his life you abandoned him."

Prosecutor Mary Cronin had sought a 12-year prison sentence. She detailed the couple's lavish spending once the son took over finances of his elderly father. The 56-year-old man and his 66-year-old wife Jacqueline moved from an Itasca condo into a Schaumburg house. They sold that house for $323,000 three years ago when they bought a $920,000 house in Glendale, Calif.

Meanwhile, Clyde Motts' Indiana bank account had been emptied, and his Elgin nursing home bills were going unpaid.

Cronin presented a letter from the Motts' attorney to the nursing home telling them the elderly man's money was gone and they should sign him up for government assistance if they wanted to be paid.

Illinois State Police financial crimes investigator Al Lindsey said after he was contacted and his office began investigating, they found 32 accounts in eight separate banks the Motts couple had created. Eventually, state police tracked down $875,000 in a mutual fund account in California and froze it once they arrested the duo.

The 99-year-old Clyde Motts died in February, two weeks after being stood up by his son and daughter-in-law who had scheduled a rare visit with him.

In a videotaped interview from 2006, Lindsey told Clyde Motts that his life savings was gone.

"Every cent," the frail old man responded.

Clyde Motts was once a teacher, but he made his money rehabbing houses and selling them for a profit, investigators said.

John Motts testified he used some of the money to help purchase an SUV to shuttle his father around and he used another $200,000 for the California home. The rest he put in a mutual fund account. He said he wanted his father to move to California with him and even set up a bedroom for him in the house, but his father refused to move.

John Motts also admitted he spent his father's money even after he'd had his power of attorney privileges revoked.

The attorney handling Clyde Motts' estate said charities and a cousin will receive larger inheritances since the son is no longer entitled.

The couple was immediately taken into custody. John Motts already has been in jail for 45 days, and his wife has spent 50 days behind bars. They will likely be out in six weeks because of time-served and other sentencing guidelines."

___________

It seems to me that if the son truly intended to take care of his father that he would have kept the accounts in the father's name.   Hope this one prevents children from using the parents' money as their own.

Mina N. Sirkin is a Family Wealth Lawyer in Los Angeles, California.  Ms. Sirkin is a Board Certified Specialist in Estate Planning, Probate and Trust Law.  [email protected].   http://www.SirkinLaw.com.

British sisters on UK tax appeal should move to the U.S.

Rebel sisters await judgment on inheritance tax appeal

As reported in the Daily Post

Last updated at 12:50pm on 28th April 2008

Two elderly sisters fighting for the same rights as married and gay couples will tomorrow hear the outcome of their last-ditch appeal for equal treatment.

Ninety-year-old Joyce Burden and her 82-year-old sister Sybil have lived together in Marlborough, Wiltshire, all their lives.

The spinsters have willed their jointly owned house to each other, but when one dies the other faces crippling inheritance taxes because UK inheritance laws only exempt property passed between spouses or civil partners.

The Burdens have been battling against inheritance discrimination for more than 30 years - writing to the Chancellor of the day before every budget since 1976 urging exemption from inheritance tax for family members.

Finally, when the UK Civil Partnership Act of 2004 recognised gay and lesbian couples for inheritance tax purposes, the sisters turned to the European Court of Human Rights, claiming the Act violated Human Rights Convention articles outlawing discrimination and guaranteeing the 'protection of property'.

But in 2006 they lost by a 4-3 majority vote of the seven judges. The verdict declared that any workable tax system was bound to create "marginal situations and individual cases of apparent hardship or injustice".

The verdict said it was up to national authorities to decide how to strike the right balance between "raising revenue and pursuing social objectives".

Afterwards, Joyce Burden said: "If we were lesbians we would have all the rights in the world. But we are sisters and it seems we have no rights at all."

An appeal to a 17-member Grand Chamber of the Human Rights Court was heard last year - and whatever the appeal verdict tomorrow, it marks the end of the legal road for the sisters.

If they lose, Joyce and Sybil know that, when one of them dies, the surviving sister will have to sell their four-bedroom house, valued in 2006 at £875,000, to pay the 40 per cent inheritance tax on its value above £300,000.

They hope the appeal will reject the original four-judge majority view that the difference in inheritance tax treatment faced by co-habiting siblings compared with married couples or civil partners is "reasonably and objectively justified".

That view was shared by the UK Human Rights judge Nicholas Bratza.

The sisters hope a majority this time will side with the three judges who vehemently opposed the original result.

Polish judge Lech Garlicki and Maltese Giovanni Bonello issued a joint 'dissenting opinion' in 2006 describing the current UK inheritance tax discrimination as 'particularly striking' in the case of the Burdens.

The judges wrote: "Both sisters have already attained a rather advanced age, they have been together for several decades and neither has children. It is obvious that the state will be able to collect its tax in full upon the death of the surviving applicant. But the state wants to do it twice".

And judge Stanislav Pavlovschi, from Moldova, declared: "It strikes me as absolutely awful that, once one of the two sisters dies, the surviving sister's sufferings on account of her closest relative's death should be multiplied by the risk of losing her family home because she cannot afford to pay inheritance tax in respect of the deceased sister's share of it. I find such a situation fundamentally unfair."

______

SOLUTION:

This is one of the worst inheritance tax situations I have seen.   Under the U.S. Federal Estate tax rules, the Burden sisters would also be out of luck, but only if the estate of the deceased sister exceeds the Exemption Equivalent Amount ($2M this year).   While the marital deduction allows for the deferral of payment of estate tax until the surviving spouse dies, this benefit would not apply to sisters.

It would be tax advantageous for the Burden sisters to move to the United States.  The exemption equivalent amount  from U.S. Federal Estate Taxes for 2008 is $2,000,000, which if converted to the British Pound  would be the rough equivalent of 1,004,621 GBP, as of today.   In 2009, the Exemption Equivalent amount will equal $3.5M, and in 2010, there is no U.S. Estate Tax for one year.

The U.S. Federal Estate Tax exemption amount from 2008 to 2010 is therefore sufficient to completely exempt their 875,000 GBP house from inheritance tax if they move to the United States.  Assuming there are no other assets, this would give the sisters a large enough exemption not to worry about losing the house to taxes.  I urge the Burdens to think outside the box and move.  If they actually end-up taking their assets and leaving the UK in their 80's and 90's, it may actually inspire the British law makers to rethink their tax law.   I am sure Uncle Sam would be happy to have them!

Mina N. Sirkin is a Family Wealth Lawyer, who is Board Certified Specialist in Estate Planning, Probate and Trust Law by the Board of Legal Specialization of the State Bar of California.  Ms. Sirkin practices in Los Angeles County, California.   [email protected].   http://www.SirkinLaw.com. 

Wealth Earners v. Wealth Beneficiaries: Which are happier?

Most Affluent Americans Earn Their Wealth, Feel More Secure During Economic Downturns, PNC Survey Reveals

'Earners' Worry Less Than Heirs, Take Greater Risks With Investments -

PHILADELPHIA, April 10 /PRNewswire-FirstCall/ -- An overwhelming number of affluent Americans earned their wealth and are more likely to feel secure during challenging economic times compared to peers who inherited their money, according to findings by PNC Wealth Management, a member of
The PNC Financial Services Group, Inc. (NYSE:PNC).

    PNC's fourth annual Wealth and Values Survey revealed that 69 percent of Americans with $500,000 or more in investable assets accumulated most of their fortune by earning it through work, business ownership or investments. This compares to the 6 percent who attained their wealth primarily through inheritance. The remaining 25 percent gained their wealth through a combination of inheritance and earnings.

    Earned Wealth -- Why Worry?

    The "earners" are more likely to be concerned about the likelihood of a recession, yet are more confident they can manage through a downturn, PNC found. When asked about a recession, 36 percent of earners said it was a concern, yet 77 percent agreed with the statement "I feel I have a lot of control over my financial future."

    Meanwhile, 27 percent of heirs expressed concern about a recession. Yet, 10 percent fewer -- 67 percent -- expressed confidence about control of their finances in the future.

    The earners also have a higher risk tolerance than heirs. Thirty-nine ercent of earners rate themselves as moderate to risky investors compared with 21 percent of heirs.

    "Among the earned wealthy there is a strong correlation between their willingness to take risks and confidence that they can recover from a major negative financial event," said Thomas P. Melcher, executive vice president and managing director of Hawthorn, PNC Wealth Management's ultra high net worth division. "Those who inherited their wealth often view themselves as stewards for future generations. As a result, they tend to be more conservative in their approach to investing.

    "By understanding the psychology of wealth, wealth managers are better able to deliver holistic advice, the success of which is measured both through investment returns and appreciation for the lifestyle that wealth allows," he added.

  Other survey highlights include:Happiness is Relative: Three quarters (76 percent) of earners agree "My financial success lets me feel less stress and worry" as opposed to 50 percent of heirs. And 51 percent of earners agree "As I have accumulated more money in my life I have become happier" vs. 33 percent of heirs. More Not Necessarily Merrier: Heirs are more than twice as likely to say "Having a lot of money brings about more problems than it solves" (20 percent vs. 9 percent among earners). As Luck Would Have It: More people who have earned their wealth (37 percent) agree with the statement "The money I have made so far has come from being in the right place at the right time" compared with 25 percent of heirs. Passing it On: Far more earners (68 percent vs. 28 percent) agree with the statement "Every generation should be responsible for creating its own wealth." In addition, 25 percent of earners vs. 14 percent of heirs agree with the statement "I am concerned my children will grow up    entitled." And more earners believe "It is important for children to learn the value of money through hard work" (92 percent vs. 71percent).

Survey Methodology:

The Wealth and Values Survey is well established as a measurement of the pulse of the attitudes and thoughts of America's affluent. Previous surveys have focused on the children of the wealthy in the Growing up Wealthy survey of 2007; relationships in the Love and Money survey in 2006 and handing down legacies to future generations in 2005. The Wealth and Values Survey was commissioned by PNC to identify attitudes about wealth among high-net-worth individuals, including how it affects their lives and their needs in managing wealth. The survey was conducted online within the United States by Harris Interactive(R) in September and October 2007 among a nationwide cross section of 1,509 adults (age 18 or older), with annual incomes of $150,000 or above (if employed), at least $500,000 of investable assets (unless retired) or at least $1 million of investable assets (if retired). Data are divided on responses to a question pertaining to the best descriptions of how respondents accumulated the majority of their financial assets. "Earned Wealth-Only" respondents are those who obtained their wealth exclusively from at least one of the following sources: Occupation, employee stock options, investments (other than residential real estate), entrepreneurship, business ownership or sale of a business. "Inherited/Other Wealth-Only" respondents obtained their wealth exclusively from at least one of the following sources: inheritance, trust fund, marriage, legal settlement, residential real estate or another way.
Respondents who indicated that their wealth was from both an "earned wealth" and an "inherited/other wealth" source are not included when making comparisons between the Earned Wealth-Only and Inherited/Other Wealth-Only groups. All data were combined and reweighted when calculating national statistics. The sampling error for national results is +/- 2.5 percent, for Earned Wealth-Only +/-3.0 percent, and for Inherited/Other Wealth-Only +/- 10.0 percent, at the 95 percent confidence level The survey was designed and managed by HNW, Inc. (http://www.hnw.com), a leading provider of wealth marketing software and solutions to financial services companies and intermediaries seeking to capture and serve the high net worth market. The PNC Financial Services Group, Inc. (http://www.pnc.com) is one of the nation's largest diversified financial services organizations providing consumer and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund; This report has been prepared for general informational purposes only and is not intended as specific advice or recommendations. Information has been gathered from third party sources and has not been independently verified or accepted by The PNC Financial Services Group, Inc. PNC makes no representations or warranties as to the accuracy or completeness of the information, assumptions, analyses or conclusions presented in the report.  PNC cannot be held responsible for any errors or misrepresentations contained in the report or in the information gathered from third party sources. Any reliance upon the information provided in the report is solely and exclusively at your own risk.

SOURCE PNC Financial Services Group, Inc."

Mina N. Sirkin is a Board Certified Specialist attorney in Estate Planning, Probate and Trust Law by the Board of Legal Specialization of the State Bar of California.   Ms. Sirkin practices in Los Angeles County, California.  http://www.SirkinLaw.com. [email protected].

British Lawyer Who Killed Wife for Cheating May Inherit $4M Fortune

Reported by FoxNews

"A lawyer for one of Britain’s biggest law firms may be released from prison before he has served half his sentence for murdering his wife. And he may stand to inherit her nearly $4 million fortune, Britain's Telegraph reported.

Christopher Lumsden, 55, has been released from prison after serving only two years of a five-year sentence for stabbing his wife, Alison, to death after she admitted to an affair, the Telegraph reported.

He was convicted of manslaughter after claiming he suffered from a mental disorder at the time of the killing.

Lumsden, a former managing partner at the international law firm Pinsent Masons, stabbed the mother of his two children more than 30 times with a kitchen knife after she came home from a date with her lover, the Telegraph reported.

He may now benefit by inheriting the $2.7 million home near Altrincham, Cheshire, England, where he carried out the attack. He could also get the $1.9 million his 53-year-old wife left him in her will.

"The sentence is ridiculous and now it looks like he will benefit from everything," Sheila Hannam-Andrews, of Support After Murder and Manslaughter, a group that helps relatives of murder victims, told the Telegraph.

Lumsden only served two years of his sentence because the 11 months he spent in jail before the trial counted. Also, before the killing, Lumsden was diagnosed with a rare form of muscular dystrophy and doctors suggested he may only have three years to live."

Mina N. Sirkin is a Board Certified Specialist attorney in Estate Planning, Probate and Trust Law by the Board of Legal Specialization of the State Bar of California.  Ms. Sirkin practices in Los Angeles County, California.   http://www.SirkinLaw.com. [email protected].

Proof that porn pays!

The girl who would be Queen of Soho

First Post reported, on March 26, 2008:

"A 22-year-old student of social anthropology at St Andrews University, alma mater of Prince Harry, is about to inherit the £650m porn and property empire, which includes a swathe of London's Soho district, built up by the sex trade tycoon Paul Raymond. She is Fawn James, Raymond's granddaughter.

Fawn is expected to be named the main beneficiary of Raymond's fortune, along with her 16-year-old half-sister, India. Their mother was Debbie Raymond, who died in 1992 from a drugs overdose at the age of 36. Fawn's father, with whom she still lives during vacations, is Duncan Mackay, the former keyboard played for the rock band 10cc.

A friend at St Andrews, where Fawn shares a house with three other students, said: "It was ages before I found out she even had any connection with Paul Raymond. She doesn't exactly go round shouting about it, although everybody knew she had money."

Debbie Raymond's death left her father deeply affected and he became a virtual recluse in the years before his death earlier this month at 82. He never disclosed who would inherit his wealth but those close to the family know that his two granddaughters were the centre of his life. They expect his son Howard Raymond and son-in law John James, India's father, to be passed over in favour of the granddaughters. The two girls left a floral tribute at his funeral service which said: 'Adored and loved'."

Porn and property have continuously been used as estate planning devices.  Los Angeles, being a hub for the porn industry is no different than its Brit equivalent.  As new porn sites develop, the situs, ownership, marketing and development of porn virtual property can be used as effective tools to transfer the wealth created in this industry.  While I don't advocate entry into this industry, the industry as a whole creates a very interesting study in estate planning for the web age.

Mina N. Sirkin is a Board Certified Specialist attorney in Estate Planning, Probate & Trust Law.  Ms. Sirkin practices in Los Angeles County, California.  [email protected].  http://www.SirkinLaw.com.

Inheritance Scam Uncovered

JACKSON, Tenn. —(AP) as quoted in the Clarion Ledger

"Virginia Volner reminded many people at her Henderson County church of Aunt Bee, the lovable character on “The Andy Griffith Show.”

But a federal fraud indictment says Volner and former Memphis banker Patsy A. Wilkerson conspired for six years to bilk more than 30 people in five states out of $5 million.

One of those people, Jack May, said Volner owes him more than $145,000 after she persuaded him to give her money while she waited to inherit a billion-dollar estate.

Of her claims about an estate, May says, “It was all a lie.”

Volner and Wilkerson, whose attorneys declined to comment, have pleaded not guilty and are scheduled for a May trial.

Meanwhile, May and 28 others are suing Volner and Wilkerson, seeking more than $25 million.

The lawsuit names as defendants Volner, Wilkerson, Regions Bank, Jimmy Stafford of Henderson County and Glen Wright of Olive Branch, Miss.

Volner was married to the pastor at Shady Grove Pentecostal Church. May and others plaintiffs met there recently to talk to The Jackson Sun about the case.

“During Sunday school, (Volner) never failed to talk about how God hated a liar,” May said.

According to the indictment handed down in October, Volner and Wilkerson ran their scheme for more than six years. Some of the alleged victims said Volner claimed she needed money because it was taking a long time to settle the estate but promised to reward them generously once she got her inheritance.

May, 80, said he lent Volner money twice and has had to come out of retirement because of his financial problems.

“The first money she paid back all but $5,000,” said May’s wife, Pat. “That’s why we trusted her the second time. Of course, she had that banker lady backing her, too.”

Wilkerson was a customer service manager with Union Planters Bank, which has since been taken over by Regions Bank.

Kenneth Price, who also met Volner through church, said the banker added credibility to Volner’s claims.

“The only reason people believed it was because of Pat Wilkerson,” Price said.

Volner claimed she was going to give the Prices a Cadillac Escalade, took them to a dealership and then to the bank to meet Wilkerson. Price said Volner told Wilkerson to deposit $3 million from the estate into his account. He said when he asked why she was doing that, Volner replied, “Because I love you.”

Price said he gave Wilkerson a deposit slip so the money could be transferred. The money was never deposited and he now thinks they used the deposit slip to get numbers to check his bank account balance.

Price and his wife quit going to Shady Grove Church in 2002 because of their dealings with Volner, he said. Volner’s husband stepped down as pastor in December and has not been implicated in the case.

The indictment says Volner found other victims in Florida, Illinois, Kentucky and Nebraska by claiming to be a spiritual adviser and psychic.

“Virginia Volner would travel to other states, primarily Southern Illinois and Kentucky, and advertise her counseling services,” the indictment says.

Regions Bank officials and Wright declined to comment. Stafford said he rented a cafe to Volner but doesn’t understand why he is being named as a defendant in the civil suit, which claims he was an agent of Volner.

“She destroyed a lot of lives,” said Lexington attorney Brad Kirk, who’s representing the plaintiffs. “These are hardworking people that acquired what they had through saving, not by stocks and bonds.” "

I think this is case of people not checking and double checking what was being told to them and trusting people without adequate legal representation.    Some of this could have been uncovered a lot earlier had those people held the two ladies accountable earlier.

Mina N. Sirkin is a Board Certified Specialist attorney in Estate planning, Probate and Trust Law by the Board of Legal Specialization of the State Bar of California.   Ms. Sirkin practices in Los Angeles County, California.  [email protected].  http://www.SirkinLaw.com.

Top reasons why you should avoid joint tenancies with your children

By: Mina N. Sirkin, Esq.

Many clients come into our office wanting to put their children on the title of their home so their real estate avoids probate. This article will address the problems of joint tenancy with your children.

As the economy takes a down turn, we face an even more litigious society than then last two decades. It is now more important to protect oneself against possible lawsuits.

The typical life problems of you children can become yours if you are joint tenants with your children. For example, if your child is in the process of divorce, that child's spouse may claim that half of your home is an asset that is within the court's jurisdiction for marital settlement procedures.  Although your child's spouse may generally lose such an argument, this will tie up your home until your child's divorce is final.

If your child is involved in an auto accident without insurance or with inadequate insurance, a judgment against your child's name can result in your involvement. This in turn could result in a judgment lien imposed on your child's half of "your" home.

Creditors of your child will also be able to enforce a judgment lien against your house in order to satisfy your child's debts. This could force a sale of your home against your wishes. Your child's largest creditor(s) may be the IRS or the Franchise Tax Board. If your child has not paid income taxes or has incurred other tax liability, those tax entities may attach a tax lien against any real property in your child's name. Also, a forced sale by your child's creditors may create capital gains and gift tax issues for you.

If your child files bankruptcy to avoid his or her creditors, he or she will have to declare part of your home as his or her assets, and creditors will ask the court permission to sell his or her share of your home to satisfy any debts. This will force a sale of your home and will tie up your home in the courts against your wishes.

Furthermore, once you have put your son or your daughter on title, if you want to sell or refinance your home, you MUST obtain your son or daughter's permission to sell the home. If he or she refuses, you will NOT be able to sell the home without resorting to litigation.

How can you solve these problems? By putting your property in trust, your child will avoid probate, and you will not be affected by your child's financial problems, your child's law suits or divorce proceedings.

Mina N. Sirkin is a Board Certified Specialist attorney in Estate Planning, Probate and Trust Law by the Board of Legal Specialization of the State Bar of California. Ms. Sirkin practices in Los Angeles County, California. [email protected]. http://www.SirkinLaw.com.

2008 Copyright Mina N. Sirkin.  All rights reserved.