Fiduciary Question

[Jack2344]

What is the name of your state?What is the name of your state?What is the name of your state? Live in Pa Probate from CT

I am the Fiduciary for Money(10,000) my mom left my son . He is to recieve it at the age of 21. Took the money and invested in mutual funds 1997-2003. Moved to Pa then sold assets and put money in with familys accounts. Calculated a 4.5% interest on the balance from Nov 2003 to today. I never got around to re investing it. My thought was to pay him the total amount upon the age of 21. I reported a value of over 14,000 to the probate and they want records on the money. I have statements through 2003 and a form that I used to calulate the interest due the total.

Not sure what to do?

 

[BlondiePB]

What is the name of your state?What is the name of your state?What is the name of your state? Live in Pa Probate from CT

I am the Fiduciary for Money(10,000) my mom left my son . He is to recieve it at the age of 21. Took the money and invested in mutual funds 1997-2003. Moved to Pa then sold assets and put money in with familys accounts. Calculated a 4.5% interest on the balance from Nov 2003 to today. I never got around to re investing it. My thought was to pay him the total amount upon the age of 21. I reported a value of over 14,000 to the probate and they want records on the money. I have statements through 2003 and a form that I used to calulate the interest due the total.

Not sure what to do?

You are in some SERIOUS trouble. Fiduciaries are never, never, NEVER to co-mingle those funds. I suggest you immediately call an attorney in the county where you have to send the accounting.

 

[freespeech]

Dare we guess you spent all this money and none of it even exists now? If so you are in big trouble. Either way you need an Atty.

 

[Dandy Don]

Yes, the commingling was wrong, but with an accountant's help or a financial planner's help, you may be able to calculate what the $10,000 would be worth now if it had been invested alone, and if there is still enough money left in the account to pay the $10,000 plus interest, problem is solved.

DANDY DON IN OKLAHOMA ([email protected])

 

[BlondiePB]

Anyone want to take a guess at what's going to happen to Jack when the bank statements are sent to the court auditors?