Welcome! Please Sign In or Register

Cleveland Legal & Finance

Recent Happenings

927 days ago

Review Icon Irish61 reviewed Papcke Mary E Attorney At Law in Cleveland Attorneys (General):
This attorney has been reprimanded by the Ohio Supreme Court. After hiring her, I see why. She has no concern for her clients, is very disconnected, does not return phone calls, does not keep clients apprised. I strongly recommend avoiding this one.

Add your Vote:

Votes on this review: 2 Helpful / 0 Funny / 3 Agree / 1 Disagree

986 days ago

Review Icon oliver07 reviewed Keenan Martin J Attorney in Cleveland Criminal Defense Attorneys:
This guy is a JOKE!!! not quite sure if he is really a lawyer!! he is a court appointed lawyer, so you know what they say, "You get what you pay for" so since your not paying, you can guess what will happen to your case. Steer clear, of this guy!! and I really think the lawyers that these courts use aren"t really "Lawyers" I'm sure this one was bottom of his class and probably had to take the bar more than once. I didn't ask for this guy, I got stuck with him. Hopefully, soon someone will wake up to see the corruption running rampant through this court system. It also is a JOKE!!

Add your Vote:

Votes on this review: 0 Helpful / 0 Funny / 0 Agree / 3 Disagree

1010 days ago

Review Icon layer3guy reviewed Private Trust Company Na in Cleveland Banks:
Our mother was persuaded to move a family trust (a Credit Shelter Trust) to Private Trust Company, N.A. by Michael McCranie of Fernandina Beach Florida. Michael McCranie is the owner of the Chandlery Group which is associated with the brokerage firm LPL. Private Trust Company N.A., located in Cleveland Ohio, is a subsidiary of LPL.

Our mom is close to 80 years of age. She moved the trust without discussing the move with other family members. She tells her children she was explicitly promised there would be no change in fees.

Once Private Trust Company N.A. delegated investment authority to the adviser, Michael McCranie, he converted the majority of assets to commission based variable annuities. These investments would not have been allowed by the former trustee, it would have been a violation of their fee policy. The commission based investments had the effect of multiplying the fees applied to assets several times over. While Mr. McCranie managed the trust assets he bought products for the trust that paid him commission - and this is cause for considerable concern. He was both the buyer and the seller for investment products that were acquired by the trust.

I had to suggest I would take legal action in order to obtain the annual statement from Private Trust Company N.A. And when I did obtain it, there was no mention of variable annuities on the summary page. Before I found time to review the statement an IPS document (Investment Policy Statement) was sent to the remaindermen for signature. The IPS was presented to us as a routine document of no special importance. But in fact it authorized the purchase of commission based products (Variable Annuities) for the family trust. The IPS was a shield from liability, yet the adviser, Michael McCranie, emphatically denied it was anything of the sort. Numerous other misrepresentations were made by Mr. McCranie in the course of doing business with our family.

The tax deferral feature of variable annuities can not be guaranteed when the annuities are held by an irrevocable non-grantor trust. An IRS Private Letter Ruling is required. The remaindermen have asked Private Trust Company, N.A. ( and also the parent company, LPL) for a guarantee of tax deferral and they have refused.

Once I started asking questions about the fees Mr. McCranie cut off communication with the remaindermen. In the email sent to formally cut off communication, Michael McCranie states to my sisters and I:

“Please note that your mother has her own council and that her interests and your's conflict. You cannot expect her to pay for your attorney……….”

The irony of what is stated above is that Michael McCranie held him self forth as a skilled estate planner. My mother hoped Mr. McCranie would be the person to assist our family with estate planning endeavors. Yet once we started asking questions about fees and other aspects of the variable annuities, he endeavored to create a rift between my mom and her children. My mom is elderly and is distant from the rest of the family. She is vulnerable on several levels. Mr. McCranie told her she was charming and precious. Mr. McCranie prayed to Jesus with her. Mr. McCranie wanted to know all about her children.

Our mother has since moved the trust to another company. But she was limited in her options for corporate trustee as long as the annuities were intact. A number of corporate trustees will not allow this type of investment in a family trust. The Variable Annuity investments carry internal fees which are paid to a 3rd party (the issuer of the Annuities (e.g. John Hancock and ING)). The issuer then paid the brokerage firm an approximate 7% commission. The brokerage firm in turn compensates the adviser that brought in the business.

Up until the time my mom moved the trust, the trust was managed by "Fee Based Management," where the trustee charged about 0.65% (65 Basis Points) each year of the trust value. The sum total of fees applied to annuity investments typically is in the range of 2.5% (250 basis points.)

While doing research on the parent company, I found a link to a blog dedicated to former LPL employees who were laid off. What is written on the blog is extremely interesting. The link is below.

http://layoffblog.wordpress.com/2009/01/05/lpl-financial-to-lay-off-10-of-work-force/

Please call or email me if you have any questions

Ben Martin
[email protected]
760 613 9798

Add your Vote:

Votes on this review: 3 Helpful / 0 Funny / 2 Agree / 0 Disagree

1184 days ago

Review Icon DeborahL16afea reviewed Krainess Law Firm LLC in Cleveland Attorneys (General):
If you are facing bankruptcy I would highly recommend Krainess Law Firm. I filed a chapter 7 and the attorney was very kind and answered all my questions. Everything went smoothly and as expected. His fees are very reasonable especially during this hardship. I wouldn't hesitate to call him.

Add your Vote:

Votes on this review: 0 Helpful / 0 Funny / 0 Agree / 0 Disagree

1235 days ago

Review Icon CitysearchUser1e5432 reviewed D'amico, Ann M - Zimmerman Caticchio Eisenberg in Cleveland Attorneys (General):
Ann did not research issues with my family's situation as she should have and she proved to be very biast towards fathers in family court. ...

Add your Vote:

Votes on this review: 0 Helpful / 0 Funny / 0 Agree / 0 Disagree

1235 days ago

Review Icon CitysearchUser107c7b2064394917 reviewed D'amico, Ann M - Zimmerman Caticchio Eisenberg in Cleveland Attorneys (General):
Ann did not research issues with my family's situation as she should have and she proved to be very biast towards fathers in family court. ...

Add your Vote:

Votes on this review: 0 Helpful / 0 Funny / 0 Agree / 0 Disagree

1294 days ago

Review Icon friendlyone reviewed Papcke Mary E Attorney At Law in Cleveland Attorneys (General):
Terrible attoryney. Would not recommend. Very slack.

Add your Vote:

Votes on this review: 2 Helpful / 0 Funny / 5 Agree / 0 Disagree

1315 days ago

Review Icon soberfishe reviewed Rauser & Assoc Legal Clinic in Cleveland Attorneys (General):
They screwed me and did not give me accurate information. I had 4 different lawyers thru the process and I could never get anyone to call me back. They never sent me info about my case and told me WRONG information that screwed my case and cost me more $$. I don't know how they are allowed to still practice law in Ohio.

Add your Vote:

Votes on this review: 0 Helpful / 0 Funny / 0 Agree / 0 Disagree

1335 days ago

Review Icon erierider1210636521 reviewed Jack's Tax Svc Inc in Cleveland Miscellaneous Legal & Finance:
I agree 100 percent with the review above about rudeness of the staff at Jack's. Additionally, I also went to Rose Hartman for many years and went to Jack's after Rose retired. They are overpriced but I figured I would give them a shot. Let me tell you, they put me in a world of hurt when I got a letter from the IRS saying I owed $1425 for an error on my taxes. Do not go to these people, they are just plain bad! I put my faith in them and now I am the one paying the IRS back what they made a mistake on. Just plain bad!! Shame on you guys!

Add your Vote:

Votes on this review: 0 Helpful / 0 Funny / 0 Agree / 0 Disagree

1347 days ago

Review Icon hollyberry reviewed Capital First Home Loans Inc in Cleveland Loans & Mortgages:
Worked with both Steve and Amanda L when we refinanced our home. They were very professional, answered our questions, and never pressured us, which we appreciated. The process was as quick and painless as they could make it for us. The only drawback (and this does not reflect on either of them) is that this refinance was more costly than other banks, but their rate was a little lower.

Add your Vote:

Votes on this review: 0 Helpful / 0 Funny / 0 Agree / 0 Disagree

View Next Subject: Cleveland Miscellaneous

Top Cleveland Legal & Finance Reviewers