Helping Families Navigate the Financial Challenges of Age Transitions

Month: August 2020

Can a Trustee be removed for being a Pain in the backside?

In this episode of the case files, I discuss the Texas case of Ramirez vs. Rodriguez, et. al., a case that involves four sibling co-trustees and the attempt by three of them to remove their trouble-making brother because of his hostile actions. Is being a royal pain in the derriere enough to remove a trustee from office.

This case reminds me of a scene from an episode of The Marvelous Mrs. Maisel, an Amazon original series that I have featured in the video.

Both this case and the scene from the series drive home the point that sometimes mixing family and money can be an explosive combination.

Choose your trustees carefully!

Elder Law firm gets sued by client for referring her to a fraudulent advisor

It is common practice for professionals to refer clients to one another. Clients often don’t want to shop around for someone when a professional they are already working with knows another professional to whom they can refer. Many avoid referring a single professional, preferring instead to provide 3-4 references that the client can contact on their own.

A Hartford CT firm specializing in elder law is facing a malpractice lawsuit from a client who claims it referred her to financial advisor, Thomas Renison, who stole some $400,000 from her over the course of a decade.  Apparently, the law firm also received a referral fee from Renison.

The complaint states the firm knew or should have known about Renison’s “dangerous” history. Renison was barred by the SEC in 2014 but resurfaced through a 3rd party LLC and is now facing charges of “allegedly using the LLC to defraud seniors of $6 million between 2015 and 2018.”

It’s always the bad apple that spoils the bunch.

Source: Risky Business: Malpractice Suit Alleges Hartford Firm Got a Fee for Referring Client to Fraudster | Connecticut Law Tribune

Are your aging parents prone to hiding cash around the house? Be aware of the pitfalls.

Texas Attorney Virginia Hammerle writes about the dangers of leaving cash hidden around the house or elsewhere as inheritances to be discovered after the owner’s death.

Your cash may never be found. Your house and/or its contents could burn up, get sold in an estate sale or be blown apart by a tornado. The dog could eat it. It could turn into a block of moldy and unrecognizable paper.

When you are doing your estate planning, do not forget to make a plan for distributing your cash. Here’s why you should have a plan in place.

Source: Dash for Cash – Informal Funding of Inheritance Has Hidden Dangers

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