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Trust Administration

Mrs. DeSantis was the income beneficiary of an A/B Trust with three cotrustees.  Initially, the trust provided that all trustees had to agree but that wasn’t working.  The court was asked to allow majority vote to rule and it did so.  However, when one of the majority cotrustees died suddenly, the court required a private professional to succeed.

Just after marshaling the assets it was settled amongst the beneficiaries to terminate the trust and end familial relationships.  Our task was to work with several siblings and relatives to obtain approval from local courts to sever the trust and distribute assets.  We also had to petition for approval to divide assets much like you would see in a divorce – surcharging one account for property in lieu of cash and making distributions to the other heirs based upon that value.

Note that information has been changed to protect our clients' identity.
Any similarity to current or past clients may be coincidental.
on Thursday December 12
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Mrs. Esposito lived in her own home, where her adult child was serving as her trustee and also living in the home.  During her lifetime she and her now deceased husband acquired and sold several rental properties but kept three single-family homes beyond her own residence as income and future inheritances.  However, the adult child trustee purchased two multi-unit properties at the height of the housing bubble, along with a high-end luxury sports vehicle a few years before, and receiving an exorbitant monthly income that exceeded the rents coming in.  In credit to a mandated reported, this case was channeled through the public guardian’s office and a sibling found us to serve as successor.

The court investigator was concerned about the second hand smoke dangers to Mrs. Esposito and having the adult child removed for her safety.  Having marshaled the vehicle into secured storage, the adult child accepted an offer to travel away and did not return.  Our job included managing several income properties and bringing them up to code, as the former trustee purchased the units as/is and the ones in the trust were never maintained.

Our involvement produced 100% rental occupancy with rents higher than when we were appointed.  Mrs. Esposito lived another two years and was quite happy with her improved surroundings and was allowed to live in her home until she passed.

Note that information has been changed to protect our clients' identity.
Any similarity to current or past clients may be coincidental.
on Thursday December 12
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Mr. Leone was the remaining beneficiary to a trust his father created, which provided for a certain amount of funds to be expended for his son’s care needs. Though typically a trust will terminate where it doesn’t transfer funds to a person’s own trust, or what should have been a special needs trust, the grantor understood his son’s recidivism prevalence and chose to leave the controls with a relative as trustee. After several years of frustration with Mr. Leone, the family member sought us out to serve as successor trustee.

We were instrumental in prolonging the funds in this small trust account and resist demands from him and his significant other interested in fancy cars over shelter. We were able to help him structure his budget and to know what to expect as the months continued. We also stepped up and negotiated with his landlord to block an eviction due to a misunderstanding and secure housing until he could find more suitable accommodations.

Note that information has been changed to protect our clients' identity.
Any similarity to current or past clients may be coincidental.
on Thursday December 12
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Words of Wisdom

I want to thank you for all you have done, your kindness and attention to FM in these last difficult years. While FM may not have been happy with her condition, the arrangements you made for her care in her last years made her comfortable and your continued visits to her must have been high points in her days of being confined in her activities. Thanks again....View More..
We hope you will enjoy the holidays knowing that you have given DR a new life. Your plans for her and the understanding of her needs are giving her a sense of confidence she's never before experienced. Bless you for all your efforts....View More..
It has been a true pleasure to work with you; I can honestly say you have been a true blessing in D’s life. With your support we were able to see D blossom to the lovely lady she is today....View More..
I feel kudos are due to you and appreciation should be shown for the above and beyond you do on our behalf. Thank you for being such a conscientious person and so thorough and efficient. Di, Mother, and I do really appreciate your work....View More..
Eric is a stand up guy. You can count on him. He is reliable, smart, helpful and thinks out of the box. He has been very helpful with suggestions and enhanced services. Add to this the fact that he is fast, able to meet deadlines and fix technical problems in a jif and you have one heck of a guy. And, wonder of wonder, he's nice. Which just goes to prove nice guys finish first!...View More..
Through you my life, has changed so much. I can do things now, and don't worry, as such. I don't worry so much, on how things will end. I just know things will end, from where I send. Through Sue, you came into my life. Now a lot less crying, stress and strife. Of you I am so very, very proud. I could scream it, from the highest hill aloud......View More..
He is supportive and genuinely concerned with the conservatee's quality of life......View More..
Thank you so much for helping us take a crappy situation and turn it into an awesome adventure! We are super grateful for everything!...View More..
He is a professional who cares about his clients and fights for them so that they may benefit from the best outcome of their affairs. I am personally pleased with the assistance he was able to give to a relative of mine. I would like add that Mr. Mayfield is also a warm and charming person with a good sense of humor and interest in people....View More..
We appreciate your efforts more than you know!...View More..
Thanks for working so hard to get us on the correct, appropriate financial citizenship!...View More..
You're the type of client that the legal profession appreciates most...highly organized and well documented....View More..

Powers of Attorney

Under common law, a power of attorney becomes ineffective if its grantor dies or becomes "incapacitated," meaning unable to grant such a power, because of physical injury or mental illness, for example, unless the grantor (or principal) specifies that the power of attorney will continue to be effective even if the grantor becomes incapacitated. This type of power of attorney is called "power of attorney with durable provisions" in the United States or "enduring power of attorney" elsewhere. In effect, under a durable power of attorney (DPoA)[1]  >>

Estate or Trust Administration

A trustee will manage investments, keep records, manage assets, prepare court accountings, pay bills (depending on the nature of the trust) medical expenses, charitable gifts, inheritances or other distributions of income and principal. Trustees are not required to exercise all of the powers that they are granted.[2] A trustee can manage any number of trust types, including Charitable, Special Needs Trusts, ILIT, Corporate, and Estate Trusts. >>

Conservator / Committee

The term conservatorship is synonymous with elderly guardian but used mostly in the western United States. It is a court-appointed process that can be very expensive as the petitioners and proposed conservatee all must be represented by attorneys, with just a few exceptions for in pro per family members without objections. The reason for the expense is that the proposed conservatee's estate is expected to bear the burden of the court costs in the procedures to appoint.>>

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