Lawyer Funnels Money Out of Trust Fund

ByJoseph O'Neill

Updated on

Lawyer Funnels Money Out of Trust Fund

Case Overview

In this case, the defendant attorney was asked to serve as a manager of a trust fund. The trustors had previously owned a large business, and had begun to sell many of the company’s assets at the time of the trust’s creation. In order to mitigate taxes so that the family could maximize their charitable donations and provide money for their children and grandchildren, the originators of the trust had an estate plan created with their attorney, who was given greater and greater control over the trust and its assets over the course of several years. Eventually, one of the trustees contacted another attorney friend regarding the original lawyer’s actions as manager and trustee, and the attorney ultimately convinced the plaintiffs that and the others involved in the estate plan (i.e. the estate planning attorney, insurance agents, etc. created and administered the estate plan as as scam and scheme to steal the family’s money.

Questions to the Business expert and their responses

Q1

Are you familiar with the proper management of trusts?

I have extensive experience with the proper management of trusts.

Q2

Are you familiar with a breach of fiduciary responsibilities?

I am very familiar with the concepts associated with breach of fiduciary duties.

Q3

Have you worked on similar cases in the past?

The defense has a great case, I would be happy to review this.

About the expert

This highly qualified expert is a California certified specialist in Estate Planning, Trust and Probate Law, as well as a California certified specialist in Taxation Law. His practice emphasizes estate planning, trust and probate administration, including dispute resolution, and taxation matters. He possesses particular expertise in counseling trustees administering living trusts, and in resolving disputes among beneficiaries and fiduciaries. He also serves as a mediator in trusts and estates disputes. He has received numerous awards including super Lawyers top 100 for 9 consecutive Years and is extensively published with numerous books, book chapters, and articles.

Expert headshot

E-014596

Specialties:

About the author

Joseph O'Neill

Joseph O'Neill

Joe has extensive experience in online journalism and technical writing across a range of legal topics, including personal injury, meidcal malpractice, mass torts, consumer litigation, commercial litigation, and more. Joe spent close to six years working at Expert Institute, finishing up his role here as Director of Marketing. He has considerable knowledge across an array of legal topics pertaining to expert witnesses. Currently, Joe servces as Owner and Demand Generation Consultant at LightSail Consulting.

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