Ada-Icon
Required

Trusts Are Not Foolproof

Stanley Smith probably thought he did everything right in making his estate plan and he probably did.

Smith was a multimillionaire who gave most of his estate away to charity. He also created a trust with assets of $100 million that was to be invested for the benefit of his wife.

To make sure a trustee would not act in his or her own interests instead of Smith’s wife’s interests, Smith appointed three co-trustees. This trust should have been about as foolproof as a trust could be.

One of the trustees, Mark Avery, went rogue.

Avery took half of the assets in the trust and invested them in a security company. He claims this was for the benefit of Smith’s wife. However, Avery was actually just building himself his own private army and navy for reasons of his own, as CNBC reported in “The American Greed Report: How to control your money even after you die.”

Avery was caught and is currently in federal prison serving an 11 year sentence.

Even when everything is done right in creating a trust, things can still go very wrong.

What this means is that you need to be very careful when it comes to the party or parties you appoint to be the trustee of your trust.

It is important to remember the name of the legal instrument (“trust”) and appoint a trustworthy person who lives up to that name.

Reference: CNBC (Sep. 2, 2017) “The American Greed Report: How to control your money even after you die.”

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