Ada-Icon
Required

Fight over Allegedly Misused Trust Funds, Elder Law Attorney, Woodstock, GA


Trustees have a duty to use funds in the trust for the stated purposes of the trust. When they do not do that, they can be held personally liable. One of America’s wealthiest families is currently fighting over this very issue.

When billionaire Richard Mellon Scaife passed way last July his children expected to find at least $90 million in a family trust fund that had once been worth $210 million. Instead, they found that the trust had been depleted and there was no money left.

Now, the children, Jennie and David Scaife, allege that their father improperly used the funds in the trust to keep his newspaper running.

As Forbes reports in Late Mellon Billionaire’s Kids Say Dad Misused $210M Trust Fund, the children are suing their father’s estate. The estate’s executor denies the allegations and has vowed to fight the suit.

This is a family that was recently ranked as the 19th richest family in the United States. However, you do not have to be that wealthy to face similar issues in your own family.

When there are disagreements over how the funds in a family trust should be used, it is very normal for families to fight in court. For this reason, trusts should be as specific as possible about how the money is used and trustees need to follow the guidelines set forth in the trusts.

Trustees can be held personally liable if a court finds they have acted improperly. These issues can best be avoided by working with an experienced estate planning attorney to help design and administer a family trust.

Reference: Forbes (November 10, 2014) Late Mellon Billionaire’s Kids Say Dad Misused $210M Trust Fund

Hear From Our Clients
tes-prev
tes-next

“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

- Bonnie

Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.

- Hope

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce