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#159442 - 09/10/08 07:21 PM Trust funds, does anyone have one?
dancer9 Offline


Registered: 04/16/07
Posts: 2411
Loc: Arizona
I ask this because I am a trust fund "baby," and get frustrated a lot with my trustees.
I put all my money into my trust through out my career thinking it would make me secure when I was older, but it also makes me sort of dependent on them for big decisions!
I can't make a BIG change, or tap a large amount of money without their approval.
This is bothering me now because I wish to move but they think it is unsafe for me.

I should be clear: I did inherit a trust fund from my grandfather and I added to it. It was set up to be managed by bankers by him and I just went along with it when I was very young. I made enough to make changes with my own income and did not put those monies I used in the trust.

Now I am more dependent on the trust and I can't seem to make any impulsive moves, or big changes!

This should be a whine.

They complain that I give away too much money. They complain that I take too many risks now with my health.

They will not consider some traveling I want to do, saying it is unsafe for me.

They won't let me move "home," saying it is not safe for me to be in New Orleans again!

Is anyone in the position of being blocked in this way?

Dancer
_________________________
http://www.annalisanews.com/

"Question your privilege"

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#159446 - 09/10/08 07:36 PM Re: Trust funds, does anyone have one? [Re: dancer9]
jawjaw Offline
Da Queen

Registered: 07/02/03
Posts: 12025
Loc: Alabama
Can you say lawyer? This doesn't sound like any trustees I've ever heard of...I believe they need to be investigated.

I'm sorry to say I have no history to draw on.

I'm sure you could find an independent party (lawyer) though to sort through it all.

If it were me, they would not be telling me no.

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#159489 - 09/10/08 10:50 PM Re: Trust funds, does anyone have one? [Re: jawjaw]
chatty lady Offline
Writer

Registered: 02/24/04
Posts: 20267
Loc: Nevada
Dancer, the only way these men prosper and earn a salary, percentage usually, is by staying in control of your money. If you want your money, ALL your money, you can go to court and file papers to gain control of your money, all the money in your trust...
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#159504 - 09/11/08 01:23 AM Re: Trust funds, does anyone have one? [Re: chatty lady]
dancer9 Offline


Registered: 04/16/07
Posts: 2411
Loc: Arizona
Ladies,
I can MORE than say "lawyer," I can give you two, my aunt and uncle.
I share this trust, it is not only mine. I mixed my money with another family member, a mentally ill, millionare mother.
I may not spell well or know my grammar, but I know life.
As I said, this should be under "A very fine Whine," because that is what it is.
The money has been invested by the trustees for years.
There is no way to separate my money from my mother's at this late date, even if my aunt and uncle were fine with it.
I am not stupid, just a bit emotional.
I should have included the catch 22 in my rant.
I appreciate the two who responded.

I just needed a bit of sympathy, that's all. I thought maybe someone else was on some sort of "allowance."
My bad,

Dancer9
_________________________
http://www.annalisanews.com/

"Question your privilege"

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#159506 - 09/11/08 01:31 AM Re: Trust funds, does anyone have one? [Re: dancer9]
jawjaw Offline
Da Queen

Registered: 07/02/03
Posts: 12025
Loc: Alabama
Oh girl, that is too bad. We certainly didn't mean to come across as being sarcastic. I hope it didn't. My comment was to say that if it were ME, and it isn't, but if it were, getting a good, independent lawyer would be my next move...however, I didn't realize the circumstances were a bit more complicated.

Of course you're not stupid...and I do apologize if it came across that way. You are just a bit frustrated, aren't you? Well, I wish I had some words of wisdom but I'm afraid I've never had any experience with this type of money investment. Sorry I couldn't be of more help.

Maybe someone else on here can comment. What I CAN do though is say that I'm sorry you have this aggravation, and yes, I hate that you cannot move. I know you have mentioned this before and wanted to. I hope something changes for you and that your strongest desires are fulfilled. Honestly.

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#159512 - 09/11/08 03:40 AM Re: Trust funds, does anyone have one? [Re: dancer9]
orchid Offline


Registered: 01/21/07
Posts: 3675
Loc: British Columbia, Canada
To regain control of the trust fund for the part that's rightfully yours, it seems like one needs help of an estate lawyer. Sounds complicated enough that it would cost in legal fees..
_________________________
http://cyclewriteblog.wordpress.com/ (How cycling leads to other types of adventures, thoughts)
http://velourbansism.wordpress.com


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#159547 - 09/11/08 07:23 PM Re: Trust funds, does anyone have one? [Re: orchid]
dancer9 Offline


Registered: 04/16/07
Posts: 2411
Loc: Arizona
thank you, Jaw Jaw.
I'm afraid that I will have to wait until I can convince them that it is safe for my health to move.

I can be pretty persuasive but they may have a point regarding my need to be close to a doctor.

I have decided to research doctors there and addresses so that I can present a plan to them.

I am used to flying by the seat of my pants and when I was healthier, that worked. I think I need to get the research done to show them I can do this.

I will then take my husband to New Orleans for a look and if he agrees, I will be able to go, I'm sure.

This thread gave me ideas so I thank you who read it. I need, many times, to think outloud, so to speak.

Usually the trustees are generous. The move is bothering them. I know they are concerned for my health so it's not that they are saying no to everything.

Wish me luck. I need to see the right doctor once a month to go, so I must locate that doctor.

D9
_________________________
http://www.annalisanews.com/

"Question your privilege"

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#159583 - 09/12/08 01:49 AM Re: Trust funds, does anyone have one? [Re: dancer9]
Louisa Offline
Member

Registered: 07/11/04
Posts: 2132
Loc: MA
I have never heard of trust funds for older people. Most I've known about have been for children up to a certain adult age, like 21 or 25 or something like that. That must be very diffcult. Not that I want to move, but I can't imagine having to get permission if I did want to. I also can't imagine not being able to spend my own money the way I want to or not being able to make my own decisions (as much as I hate making decisions.) I guess it's just always been that way for you so you are used to it. What do you do, dancer, when you want to go shopping or buy something frivolous? It must be difficult. I could not do that. I also didn't know one could add to their own trust fund. I don't really know much about them. Only more like ones that involve property, like putting a house in trust for your children or grandchildren kind of thing. I'd be hiding the money in a sock under the mattress so I could go shopping or to a casino or something.

Do you have trust funds for your children? If something happened to you, would the money in your trust fund go to them or would the trustees control it the same way or would it go to the trustees. (If that's too personal, you don't have to answer. I'm just curious how that works.)

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#159764 - 09/13/08 10:56 PM Re: Trust funds, does anyone have one? [Re: Louisa]
dancer9 Offline


Registered: 04/16/07
Posts: 2411
Loc: Arizona
Louisa, thank you for hearing my post. The answers to your questions are that when my mother dies, the trust will go to me and I can do what I want when I want. My mother, being mentally ill, is the reason for the trustees. She is a "protected person," by the state and therefore, her monies are kept by someone other than herself.
This happened when she was given the money in the trust and she promptly went out and bought a 7000.00 dress, took the slip out of it, and then donated it to the Catholic Church. She said she liked the slip part.

I share this trust with her and I decided when I was young to put my money in it as I had money go into it when I was acting and singing as a child. ( I was an actress and such from the age of 5 with my parents managing me.

Instead of taking my money and going, I knew my mother would need to be taken care of all her life. I was young and decided to continue to put money into the trust as I worked. I kept the income I wanted, which as a lot, and put some in the trust when I worked full time and in famous circles. I grew used to living a certain lifestyle as you can imagine.

Later, and in the recent years, I broke my neck. This involved three sugeries in 18 months. Then I hit menopause whiched paused me. I hit is young.

Now that I am stronger and ready to make life's plans, I find that the money the trusts pays me is not enough at times. It is enough for me to live very well, don't get me wrong, I live in a three bedroom condo, after selling my home when my son's went to university. It is upscale and I spend freely as a rule.

BUT, if it involves a large amount of money, I need to get it past the trustees who manage this money for my mother to live on for the rest of her life, as well as support me until I die.
They invest, buy and sell, and send me a history of their antics every three months as was my request.

Whew.
I am also severly dyslexic which you will see by my writing. Them watching my money does well for me many times. It protects me. My sister and a cousin were kidnaped already for ransom. If others know that the bulk of my money is out of my hands, it is safer.

I can go to the casine, on trips, so long as they feel that my health will be watched, and give money if I have a friend in need.

But:

Even last year I gave a friend money, thousands, because she said that she was unable to pay her rent and eat. Because her mother died and because I had known her so long, I gave her the money.

I found out that she had a great savings account with the balance of her inheritance from her mother all that time and did not want to use her own money!!

This, above, is typical for me. I will admit it. The are correct about me giving away money to those who do not deserve it. That was not the first time, I will be honest.

Two men had lived off me and the money had to be guared from them. I was allowing them into my accounts, etc...
They went after trust money with tricks and the trustees saved me from being scammed.

I'm to blame about some of this.

Still, New Orleans is what they are worried about. I could move elsewhere but they feel that New Orleans is not ready for me to move back. If you read my site, you would find that I sing with a great many artists who work in New Orleans. I also lived there eight years and it feels like home.

I am told, even by my son, that New Orleans is not in good enough shape for me to live there, as in: It's not safe yet.

sorry for the long answer but I wanted to tell you as much as I could since you were so very kind in taking the time to read it.

I thank you again.

Dancer9 danced last night!
_________________________
http://www.annalisanews.com/

"Question your privilege"

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#159767 - 09/13/08 11:35 PM Re: Trust funds, does anyone have one? [Re: dancer9]
orchid Offline


Registered: 01/21/07
Posts: 3675
Loc: British Columbia, Canada
I have nothing much to add about trust funds since I'm not an accountant. Since I did work in a tax library for a large accounting firm, I am aware in Canadian tax law, that if structured properly, trust fund can help in the area of tax savings.

Aside from trust fund lockhold for you, it sounds like maybe some deeper issues that you notice in yourself..ie. better financial planning/spending?

As a rule, have never loaned out money to friends at all. Just prefer to keep the friendship clean and trouble-free. But I have loaned and been paid back by close family members. And I probably never will loan money to friends. My approach to help friend in need, is to offer my place to stay for a few days. It hasn't happened yet, but that would be my tendency-- place to sleep, some food and a friendly ear to listen.
_________________________
http://cyclewriteblog.wordpress.com/ (How cycling leads to other types of adventures, thoughts)
http://velourbansism.wordpress.com


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