Mike Green
Junior Member
What is the name of your state? California.....I live in Colorado.
I live in a different state but I handle all the affairs for an older gentleman. I travel to California 3 times a year and spend a few weeks each time in order to make sure things are running smoothly. This older gentleman is now residing in an assisted living facility and has some dementia. I have a Trust Attorney and an Accountant that help me with his affairs. I am his "power of attorney" (agent in fact). I am also the Trustee of his Living Trust, his agent under his Advanced Health Care Directive and the Executor of his Will.
Several years ago this man made a personal loan to a friend of his for about 250 grand. He is paid monthly on this loan. I have the payment being made directly to the accountants office and they use this money as part payment for his expenses such as the rent at the rest home. This loan will be paid off at this rate in about another 9 years. I doubt he will live that long as he also has cancer even though I have not told him. It is prostate cancer.
The man he made the loan to is a very good man, very honest. The man I take care of is Ben and his friend is Doug. Well, when Doug's mother passed away she had left a certain amount of money to her church. It turned out that by the time she died there was NO MONEY. But, Doug wanted to honor her will so he borrowed the money (substantial) from Ben. He is now paying it back and it isn't easy on him. I can't forgive this loan while Ben is alive because he needs the money for expenses. Ben is beyond the point of handling his money or anything for that matter.
When Ben dies this money would become part of his residual estate. Ben obviously will no longer need these monthly payments and without them there is still plenty of money in other accounts to settle his estate and more than a million would be left over.
As Bens Agent in Fact I want to forgive this loan at Bens death. Obviously a POA terminates at the moment of death so I would need to do this before he dies. Once he is gone I don't think I can do that as the Trustee. Only while he is alive and I can act for him in any manner as the document states.
Hard to time things just right I guess and I was wondering if there was a way to make this loan forgiveable upon Ben's death so that Doug will not have to continue making payments to the estate when Ben won't be needing them. Both of these men have lead honest lives, with integrity. Doug has no idea I would do this but I think he deserves it.
Any ideas. Yes, I can just ask my attorney and the accountant but I am just curious about others ideas.
Oh, Ben has never been married so has no wife involved in this. He is a single man. Doug is married with kids but that really has nothing to do with this. Just didn't want anyone to think these two were a "pair". Far from that.
I live in a different state but I handle all the affairs for an older gentleman. I travel to California 3 times a year and spend a few weeks each time in order to make sure things are running smoothly. This older gentleman is now residing in an assisted living facility and has some dementia. I have a Trust Attorney and an Accountant that help me with his affairs. I am his "power of attorney" (agent in fact). I am also the Trustee of his Living Trust, his agent under his Advanced Health Care Directive and the Executor of his Will.
Several years ago this man made a personal loan to a friend of his for about 250 grand. He is paid monthly on this loan. I have the payment being made directly to the accountants office and they use this money as part payment for his expenses such as the rent at the rest home. This loan will be paid off at this rate in about another 9 years. I doubt he will live that long as he also has cancer even though I have not told him. It is prostate cancer.
The man he made the loan to is a very good man, very honest. The man I take care of is Ben and his friend is Doug. Well, when Doug's mother passed away she had left a certain amount of money to her church. It turned out that by the time she died there was NO MONEY. But, Doug wanted to honor her will so he borrowed the money (substantial) from Ben. He is now paying it back and it isn't easy on him. I can't forgive this loan while Ben is alive because he needs the money for expenses. Ben is beyond the point of handling his money or anything for that matter.
When Ben dies this money would become part of his residual estate. Ben obviously will no longer need these monthly payments and without them there is still plenty of money in other accounts to settle his estate and more than a million would be left over.
As Bens Agent in Fact I want to forgive this loan at Bens death. Obviously a POA terminates at the moment of death so I would need to do this before he dies. Once he is gone I don't think I can do that as the Trustee. Only while he is alive and I can act for him in any manner as the document states.
Hard to time things just right I guess and I was wondering if there was a way to make this loan forgiveable upon Ben's death so that Doug will not have to continue making payments to the estate when Ben won't be needing them. Both of these men have lead honest lives, with integrity. Doug has no idea I would do this but I think he deserves it.
Any ideas. Yes, I can just ask my attorney and the accountant but I am just curious about others ideas.
Oh, Ben has never been married so has no wife involved in this. He is a single man. Doug is married with kids but that really has nothing to do with this. Just didn't want anyone to think these two were a "pair". Far from that.