Daily Legal News - Probate Court Notices : 2019 ADV 245203 Joseph Foggio, Jr., et al.
2019 ADV 245203—Joseph Foggio, Jr., et al. vs. Betty Gromiak, Executor Estate of Raymond Foggio, Deceased, et al.
Unknown Heirs of Annette Rocco aka Toni Rocco, the place of residence of each being unknown, will take notice that on July 22, 2019, the undersigned, Joseph Foggio, Jr. and Andrew Foggio, filed their complaint in the Probate Court One Lakeside Avenue, N.W., of Cuyahoga County, Ohio, alleging that there exists a dispute among all parties as to the payment of the remaining assets of the IRA Account; that consistent with his Last Will and Testament, Raymond intended that the benefits of the IRA Account would pay to the lineal descendants of a predeceased beneficiary, i.e., Raymond intended that Joseph Sr.'s portion of the IRA Account would pay to the surviving children of Joseph Sr.; that Plaintiffs are entitled to share in their father's portion of the IRA Account; that Plaintiffs pray that this Court declare they should share, by right of representation, in the portion of the IRA Account that would have paid to Joseph Sr., if he had not predeceased Raymond.
Wherefore, Plaintiffs pray for the following relief:
1) Declaratory Judgment that Plaintiffs are entitled to share, by right of representation, in the portion of the IRA Account that would have paid to Joseph, Sr., if he had not predeceased Raymond.
2) Declaratory Judgment as to the rights of all parties with respect to the portion of the IRA Account designated to Annette, as she predeceased Raymond leaving no children or their lineal descendants.
3) Declaratory Judgment that any contractual language contrary to Raymond's intent that the IRA Account pay by right of representation of the lineal descendants of a predeceased primary beneficiary was removed from the Application by Raymond with the intent that such language would not apply and such removal was accepted by US Brokerage, Southwest Securities, and their successor in interest, Hilltop Securities, Inc.
4) An order requiring US Brokerage and Hilltop Securities, Inc to distribute the IRA Account consistent with the Court's Declaratory Judgment prayed for in paragraph 1, above, and to report such distribution to the IRS as inherited IRAs.
5) An order requiring Defendants Hilltop Securities and US Brokerage to diversify the assets of the IRA Account or otherwise appointing a fiduciary to take possession of the assets during the pendency of the litigation so that the investments can be actively managed as a prudent investor would manage the same.
6) An order requiring Defendants to disclose all accounts owned by Raymond, including those transferred by way of survivorship or payable on death or beneficiary designation.
7) An Order for an award of reasonable attorneys' fees and costs and such other relief as this Court deems just and equitable or to which Plaintiffs may be entitled based upon the law, facts, and equities of the case.
The defendants named above are required to answer on or before the 14th day of January, 2020.
Joseph Foggio, Jr. and Andrew Foggio.
By Adam M. Fried and Jessica S. Forrest, Attorneys for Plaintiffs.