trust funds...need more info about them

amother

Wed, Oct 29 2014, 9:25 am

Our mom, who is a senior citizen, had a trust fund set up. This is mainly for her children to get the money after 120 but she is not allowed to use the money for anything personal for herself. My question is: Are her children allowed to benefit from the money in HER lifetime, may she live and be well, for many more happy and healthy years? If not, does this mean the money just sits inactive? I really need a lot more info, but the accountant won't give us, her children, any ideas or suggestions. My main concern is that my mother needs money to live day to day but was told she cannot withdraw funds from the Trust. Can her children withdraw money and give it to her? Or can they pay any of her expenses with the Trust money? Help!

amother

Wed, Oct 29 2014, 9:35 am

amother wrote:

100% the terms of the trust will give you the answers. Ask your mother. The accountant shouldn't give you any info as you are not his client. If your mother doesn't want you to know, then go to court. Have her declared incompetent. Find out the terms of the trust and then you can get your hands on her money if you win.

The trust is probably irrevocable and says that your mother's medical expenses are not covered. The accountant may be the trustee which could be a conflict.

Go ask a lawyer.

amother

Wed, Oct 29 2014, 12:19 pm

We are two married sibs with an elderly mom. We take turns caring for our mom, six months by one and six months by the other. Problem is that we are both in our sixties with limited sources of income. Our mom has enough from SS to cover her rent and utilities but no extra for her daily needs, meds, and unexpected expenses. There's got to be some way to help her with the trust money, but how? We do not want the money for ourselves, we know it is her's, but how can we get some of that money for HER needs, not ours? Does the government really expect that money to sit untouched for maybe ten to twenty years, while she or we have no use from it even for our mom's benefit, I.e., an occasional gift for her grandkids, a trip to the restaurant where SHE is able to treat her family, or a wedding or bar mitzvah gift she'd like to give her grandkids????

imasoftov

Wed, Oct 29 2014, 1:03 pm

amother wrote:

I didn't see anything in the OP to indicate that the mother is incompetent.

causemommysaid

Wed, Oct 29 2014, 1:05 pm

amother wrote:

have her declared incompetent? really? shock

OneSource

Wed, Oct 29 2014, 1:06 pm

Frankly, the terms of the trust govern all of your questions. If no one will give you a copy of the instrument, then I suggest you consult an attorney who specializes in trusts and estates (a general practitioner would not be too useful here as trusts and estates are governed by a different body of law and court system). There might be a discretionary standard built into the document for the trustee who can make payments to cover things like what you are describing. But again, it all depends on the the terms of the trust itself. Do yourself a favor, ante up the consultation fee and speak with a really good attorney.

causemommysaid

Wed, Oct 29 2014, 1:07 pm

amother wrote:

if your mother set up the trust and it is for the two kids, then the three of you can go to a lawyer and work it out so long as all of you are on the same page.

if the trust was from someone else then it might be more difficult.

amother

Wed, Oct 29 2014, 1:56 pm

amother wrote:

I am the original amother who answered you. The money you want is not for your mother's needs in the last sentence. It is for your own and the grandchildren. The government did not set up the trust so they are not in control of the terms of the trust. You need to have a more sympathic story. I am sorry if you think I am blunt.

Without the document you are only speculating. All your mother for the document. Ask her who set it up. If the accountant set it up, it could be problematic because I would argue he practiced law without a license. If he is trustee, it is a conflict.

If you are taking care of your mother six months of the year, you may be able to be compensated.

chatouli

Wed, Oct 29 2014, 2:50 pm

Your mom needs to speak to her lawyer. Obviously if there's a trust, she has or had one, so if she wants to change it in any way, her lawyer needs to be consulted. Some trusts are revocable, but it completely depends on which type of trust she set up initially. It's been a few years since I learned about trusts but I know enough to tell you that you need to get her lawyer involved. Smile

good luck.