Family Headaches for the Trust Administrator But With a Good Ending
Dec 01, 2019OUTCOME: They were placed in a wonderful new facility. They had saved plenty and had a good income to be able to cover a Self paid Long Term Care facility. Their situation was stabilized so that the Trustee/Daughter could move on to Trust Administration.
When the Trustee first came to see me, she was overwhelmed. Both her parents were going through a Guardianship Hearing. She was the Health Power of Attorney for them, and their assets were in a Revoc ... able Family Trust, and she was named the Successor Trustee if her parents could not take care of their legal and financial affairs. Though they had put things in place, they did not fully discuss what they wanted and all the details with their daughter. There were 5 other children, who all were used to receiving some very generous gifts. None of the children knew how bad things were for their parents. Life and time gets away from you. Both were in need of Long Term Care per the Court Investigator and now Court Order, and now placing them in the correct facility, reviewing their financials and getting things in order, while trying to empty their house of over 55 years so it could be sold was all on her plate. We reviewed all the tasks and there were many. Creating a strategy and goals, while prioritizing the action steps was first. First Priority was to put together their Personal Financial Statement, review their income and expenses, and begin looking for facilities that would take both of them, as they had different needs. The next phase will be part of a different case study.
