CHARITIES SUE BROKER & #ESTATE PLANNING LAWYER OVER #INHERITANCE NEGLIGENCE: recent case gives #estate beneficiaries right to sue #attorneys, #brokers and others for #estate plan mistakes
Wow ! This is a huge, recent #inheritance lawsuit case in Iowa, decided by the Iowa Supreme Court.
MAJOR VICTORY FOR #INHERITANCE RIGHTS
This is a major victory for the #beneficiaries of #estates and trusts, including family members, #heirs, #charitable beneficiaries, and anybody who is supposed to be an #estate beneficiary but was excluded by #estate planning malpractice or other negligence. Where you cut out of an estate plan by someone’s mistake? You may be able to enforce your rights, obtain damages, and receive an inheritance after all.
#INTENDED BENEFICIARIES OF #ESTATE PLAN CAN SUE
What if you were supposed to be included in someone’s #estate plan, but you were left out, or cut out, by some accident – – – some #lawyer malpractice, or by some mistake by somebody who was involved with the #estate plan, such as a broker, trust officer, or other financial professional? This recent case extends the zone of liability regarding #estate planning to agents of the client who was working on his or her estate plan.
In short, if you have been #disinherited by some mistake, you may be able to recover damages for your #lost inheritance.
CHARITABLE BENEFICIARIES SUE #ESTATE PLANNING LAWYER AND BROKER
Here’s what happened in this recent case:
- Alvin was the client of the stockbroker since 1993 until he died at age 80 and 2006
- Alvin created a #revocable trust, and a #charitable foundation
- his stockbroker was on the board of the #charitable foundation and also handled the transfer of Allen’s assets to his #revocable trust
- the stockbroker was involved in Alvin’s #estate plan
- the stockbroker was named #executor of the #estate
- the stockbroker received drafts of Alvin’s #estate plan from Alvin’s #estate planning attorney
- the stockbroker was named #successor trustee of Alvin’s #revocable trust
- the stockbroker was named #attorney-in-fact for Alvin’s #durable power of attorney for healthcare decisions
Then, a new estate planning attorney came on the scene . Alvin change his estate plan in 2003:
- new #durable power of attorney
- a #living will
- a durable # financial power of attorney appointing the stockbroker as #attorney-in-fact for financial affairs
- a new #last will and testament
- a #charitable trust agreement
STOCKBROKER REFERS CLIENTS TO #ESTATE PLANNING ATTORNEY WHO IS LATER SUED FOR #LEGAL MALPRACTICE
The new #estate planning attorney had a referral relationship with the stockbroker who sent this #estate planning attorney 4-6 referrals a year between 1998 -2002. Alvin was one of them.
Alvin hired this new #estate planning attorney who provided new #estate planning services for Alvin. This new #estate planning attorney admitted:
- she didn’t know about Alvin’s #revocable trust until he died
- she didn’t know about Alvin’s #charitable trust until he died
- she didn’t ask Alvin how he titled his assets
As of Alvin’s death,
- All his assets were in his #revocable trust — they had never been transferred out
- there were no assets to #probate in his #estate
- there were no assets to fund the #charitable trust
So the charities sued the #will and trust lawyer who wrote Alvin’s estate plan along with Alvin’s stockbroker for #attorney malpractice and negligence.
This case permits an #estate beneficiary who did not receive an inheritance due to a mistake or negligent act, to sue not only the #estate lawyer for #lawyer malpractice, but also others involved with the #estate plan, in the handling of the #will and #trust.
FOR REFERRAL SOURCES, LAWYERS AND LITIGATORS
We help you with Florida estate and trust administration and trials, and #probate appeals.
Our #Florida probate law firm
- does not draft estate plans
- does not draft wills and trusts
- does not steal your clients or your probates
Our #West Palm Beach, Florida #probate litigation firm :
- hands your clients back to you at the conclusion of the #Florida litigation
- after all, they are YOUR clients
- we try cases
- we handle appeals
- restricts its practice to #Florida probate disputes
- we work with you on #Florida estate administration, #Florida probate
- we litigate for and protect beneficiary rights
- we represent #Florida personal representatives or executors, and #Florida trustees
- we receive 95% of our clients from other lawyers
- we take contingency fee cases.
Who are we? Our firm is comprised of
- serious Florida litigators,
- focused probate lawyers,
- experienced paralegals and support staff.
We have been involved in high profile, nine figure, multi-million-dollar #Florida estates, including Madoff matters, old # Palm Beach money and complex trusts and multi-party #Florida probates. We also handle “small” or “simple” matters. All we do is litigate and help you with #Florida estate and trust administration. #Tortious interference with an inheritance and allegations of #undue influence, and #will challenges and trust challenges are a unique subspecialty of the law. Does your client know which ones to file, when to do that, and why? Do you know the different ways to prove each case? How about quantifying or assessing damages? It would be our pleasure to work with you and to serve your clients. For a complete copy of this very recent legal opinion please email michelle@pankauskilawfirm.com.
John Pankauski, www.johnpankauski.com, is the author of The Trustee’s Book – An Individual’s Guide To Money, Misfits, Marriages, and Mismanagement, and the upcoming The $41 Trillion Inheritance War. He is an estate and trust litigator in West Palm Beach, Florida. www.pankauskilawfirm.com and has been featured on the CBS Evening News, The Wall Street Journal, MarketWatch, NBC, ABC and Fox.