Summary:
1. Ted wants Primo to be trustee for the other trust for TedsSon
2. Ted wants more money so he and TedsWife can fund their IRAs before April 15 and remodel their house, which of course is the purpose of the trust for TedsSon, who is mentally disabled and will never be financially independent
Ted wrote,
1. How are we looking on timetable for TedsSon's education reimbursement from Dad and Doris' trust? Among other things, we’d like to stick as much as possible (in our names, as he can’t have a balance of over $2,000 of any assets) in our respective IRAs by April 15. Plus we’re fixing up the house a bit (high R-factor insulated siding).
2. For several reasons, TedsWife and I would like you to be TedsSon second Trustee, after TedsOtherHalfBrother, replacing TedsFriend*. Your dedication, coolheaded-ness, and, family devotion never was more apparent than within the last year. All in all, we’d like to keep everything in the family.
Yeah. That. Primo and I suspect that TedsFriend has finally said, "Ted, you are a pain in the neck. I will continue as trustee, but not for free any more. You will need to pay me."
And Ted probably sputtered because it is such an honor to do a favor for Ted!
* Months ago, TedsFriend told Primo that he was taking a break from Ted. We think the break might have become permanent.
Subscribe to:
Post Comments (Atom)
The $2000 comment doesn't ring true. Either they are getting reimbursed(which would be paid directly to them) for costs they have paid and therefor they can do what they want with the money or the facility or the original trust gets the money. And I'm pretty sure the $2000 is regular assets like savings accounts and property. A properly set up trust will house much more than that. I'm afraid to think about what will happen Ted and wife are gone.
ReplyDeleteLibby, it doesn't make sense to me, either. On the SSI page, there is special information on trusts - it says some of the rules do not apply to special needs trusts. Ted must be full of crap. (And TedsSon's trust from Sly and Doris is going to have about $150K in it, which sure is more than $2K.)
DeleteYes, Ted is full of it. I had to deal with something similar in regards to my mentally disabled, senior citizen older sister and my mom's assets before she passed away. I don't remember all the details but yes the limits only apply to regular assets, not trusts.
DeleteTrusts are set up to make sure a disabled dependent will be cared for after the parents or guardians are dead. The trust money might be needed for decades beyond that- slightly more than $2k worth of funding.
Ted is either mistaken or trying to pull a fast one.