Involuntary Redistribution of Assets (IRA) actions in which probate venues and/or probate instruments (wills, trusts, guardianships or powers of attorneys) are used to loot assets of the dead, disabled or incapacitated are becoming increasingly common. Criminal prosecutions of estate theft are rare. Trials outside a civil venue are important and noteworthy as Americans (or their families) from all economic levels are being silently and similarly targeted. An estate of $500,000 to $1 million can be especially appealing. Traditional retirement havens like Florida, California and Arizona are magnets for perpetrators seeking markets rich in potential IRA targets. Texas, now the nation's #2 retirement destination, provides new opportunity - for retirees and legal predators.
The legal industry routinely acts as if IRA efforts don't exist or that incidence rates are exaggerated. Tracking these cases is difficult as they often quietly happen in courtrooms or law offices plus take on various forms from outright looting to creating contrived disputes so billable hours can be charged against an estate. Documented and anecdotal accounts give reason to believe that for every case reported, many more are silently occurring. While the legal industry outwardly downplays IRA actions, a review of Continuing Legal Education topics indicates significant internal offerings on attorney protection and estates.
In September 2008, Terry Stork, a disbarred Texas attorney, was sentenced to 15 years in jail after pleading guilty to three counts of estate theft. Travis County ADA Patty Robertson made a compelling presentation on Stork's 25+ years of criminal activities and professional misconduct. The judge and defense attorney openly lamented the need for the sentencing yet, as the legal industry dislikes exposure of its shortcomings, no compassion was directed toward Stork's betrayed clients or to their heirs - some of whom spent vast amounts of time and money seeking justice and whose work undoing the harm continues on.
"Proper estate planning" is touted as a protective measure, but in today's legal climate, the security advertised is overrated. One doesn't need Brooke Astor or J. Howard Marshall II (late husband of Anna Nicole Smith) wealth to become a target. Caution is advised when relocating to a retirement community as such locales can be attractive to more than seniors. Upon becoming an IRA victim, competent, honest legal representation can be difficult to attain as all attorneys are not corrupt, but too few will aggressively stand up against the predators in their industry (or your community).
Asset theft via the probate system is a reality and an issue about which the silence must be broken.
Lou Ann Anderson is an advocate working to create awareness regarding the Texas probate system and its surrounding culture. She is the Online Producer at http://www.EstateofDenial.com and a Policy Advisor with Americans for Prosperity - Texas. Lou Ann may be contacted at info@EstateofDenial.com.
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