gadgetgirl
Junior Member
What is the name of your state? MN also falls under WI
My maternal grandmother lives with my cousin, her husband and their child in WI. Grandmother sold her MN homestead in 2006. Proceeds were deposited into her Merrill Lynch checking account. Soon after, my grandmother’s attorney had a trust drawn up that named her two sons and my father (acting on behalf of my deceased mother) as the 3 trustees. Beneficiaries are 1/3 each to my two uncles, 1/9 each to myself and my 2 siblings. My younger uncle was also named Power of Attorney. He was to send to Merrill Lynch the documents drawn up by the attorney to have all 3 trustees added to the account and name the account as a trust account. The trust would then eliminate any earlier will. The funds were also to have been put into investment funds. This was not disputed at the time as both my older uncle and my father were having health issues.
The home where my grandmother lives is the daughter of the younger (POA) uncle. This cousin had lived with grandma at the homestead property in MN for several years. They did some care for her for what is believed to be an exchange of rent. They also attempted to purchase her property from her in late 2004 for roughly 25% of the market value. They withdrew the offer after family members helped grandmother get an appraisal via an attorney. The couple then moved to WI in early 2005, taking grandmother with stating it was less disruptive as they were all accustomed to living together. The rest of the family did not dispute this too heavily at the time because of location and health issues.
In December 2006, it was discovered that the bank account was never named as a trust account and subsequently, no trustee names added. All the land proceeds were still in a low interest bearing checking account. At the same time, it was discovered that nearly twenty thousand dollars had recently been withdrawn from the account via ATM. At that time, the POA uncle said he would look into it as the only people who might have had access to the ATM card was his daughter, son in law, and my grandmother and such, he thought the card had been stolen. Thus Merrill Lynch was notified to immediately cancel the cash/debit card and have a new one reissued.
The POA uncle said all paperwork had been sent in to change the account to the trust many months before, but he would look into it and resend the paperwork. He would also work with Merrill Lynch on supplying information for them to proceed with the fraudulent activity on the account.
In late January, 2007, paperwork was redrafted and only included the two uncles as a trustees to the account, leaving my father off of it. (the Trust has not changed). The older uncle was told by the POA uncle that the missing funds was a family matter, restitution would be made by end of February and not to ask any more questions and just drop the entire issue.
My father had been working with the POA uncle to help grandmother file her taxes for 2006 since there were capital gains issues to deal with. Messages and emails to the POA uncle have not been returned since early February 2007.
Two weeks ago grandmother told the elder uncle and my father she was taking the trustee names off the account because she could make her own financial decisions. This was backed up by a letter from her attorney.
Here are the concerns: Grandmother is mid-90s and confused about many issues for many years, especially when it concerns finances. It is very unlike her to make such a change in her finances. She also would have had to been driven to the attorney’s office to make this transaction. Also, the funds have not been returned to her account. The younger (POA) uncle told the older uncle she was going to be told what happened with the missing funds. The older uncle spoke with grandmother yesterday, who said she was told it was just a mistake at Merrill Lynch. As family, we can tell she is confused because she has not asked why the mistake had not yet been cleared up.
We feel our grandmother is being taken advantage of financially by the POA uncle, his daughter and her husband. Additionally, she had been lied to about her missing funds, which should have been escaladed as a federal offense. The cousin has also brought in a full time nanny to be with grandmother 40 hours a week. This was done without consult with the rest of the family. In addition, numerous major purchases were done in that household about the time of the missing funds. We are concerned that since the POA uncle has access to the funds, they will dwindle to nothing rapidly. In the event of illness with grandmother, the entire family would then have to help with the costs as nothing would be left in her accounts. The remaining family has just cause to believe this would be the case based on how the POA uncle historicaly has handled finances with his parents.
Questions: Do we have any legal recourse to remove grandmother from the home, which is also somewhat unhealthy and unsafe? To have the POA terminated from the uncle? Is grandmother truly considered a vulnerable adult? As a family, can we pursue legal recourse on the missing funds?
Up until 3 years ago when my mother died, she handled the majority of all my grandmother’s finances. At that time, without consent, the granddaughter and youngest uncle took them over and have not allowed much access to grandmother or her financial information.
My maternal grandmother lives with my cousin, her husband and their child in WI. Grandmother sold her MN homestead in 2006. Proceeds were deposited into her Merrill Lynch checking account. Soon after, my grandmother’s attorney had a trust drawn up that named her two sons and my father (acting on behalf of my deceased mother) as the 3 trustees. Beneficiaries are 1/3 each to my two uncles, 1/9 each to myself and my 2 siblings. My younger uncle was also named Power of Attorney. He was to send to Merrill Lynch the documents drawn up by the attorney to have all 3 trustees added to the account and name the account as a trust account. The trust would then eliminate any earlier will. The funds were also to have been put into investment funds. This was not disputed at the time as both my older uncle and my father were having health issues.
The home where my grandmother lives is the daughter of the younger (POA) uncle. This cousin had lived with grandma at the homestead property in MN for several years. They did some care for her for what is believed to be an exchange of rent. They also attempted to purchase her property from her in late 2004 for roughly 25% of the market value. They withdrew the offer after family members helped grandmother get an appraisal via an attorney. The couple then moved to WI in early 2005, taking grandmother with stating it was less disruptive as they were all accustomed to living together. The rest of the family did not dispute this too heavily at the time because of location and health issues.
In December 2006, it was discovered that the bank account was never named as a trust account and subsequently, no trustee names added. All the land proceeds were still in a low interest bearing checking account. At the same time, it was discovered that nearly twenty thousand dollars had recently been withdrawn from the account via ATM. At that time, the POA uncle said he would look into it as the only people who might have had access to the ATM card was his daughter, son in law, and my grandmother and such, he thought the card had been stolen. Thus Merrill Lynch was notified to immediately cancel the cash/debit card and have a new one reissued.
The POA uncle said all paperwork had been sent in to change the account to the trust many months before, but he would look into it and resend the paperwork. He would also work with Merrill Lynch on supplying information for them to proceed with the fraudulent activity on the account.
In late January, 2007, paperwork was redrafted and only included the two uncles as a trustees to the account, leaving my father off of it. (the Trust has not changed). The older uncle was told by the POA uncle that the missing funds was a family matter, restitution would be made by end of February and not to ask any more questions and just drop the entire issue.
My father had been working with the POA uncle to help grandmother file her taxes for 2006 since there were capital gains issues to deal with. Messages and emails to the POA uncle have not been returned since early February 2007.
Two weeks ago grandmother told the elder uncle and my father she was taking the trustee names off the account because she could make her own financial decisions. This was backed up by a letter from her attorney.
Here are the concerns: Grandmother is mid-90s and confused about many issues for many years, especially when it concerns finances. It is very unlike her to make such a change in her finances. She also would have had to been driven to the attorney’s office to make this transaction. Also, the funds have not been returned to her account. The younger (POA) uncle told the older uncle she was going to be told what happened with the missing funds. The older uncle spoke with grandmother yesterday, who said she was told it was just a mistake at Merrill Lynch. As family, we can tell she is confused because she has not asked why the mistake had not yet been cleared up.
We feel our grandmother is being taken advantage of financially by the POA uncle, his daughter and her husband. Additionally, she had been lied to about her missing funds, which should have been escaladed as a federal offense. The cousin has also brought in a full time nanny to be with grandmother 40 hours a week. This was done without consult with the rest of the family. In addition, numerous major purchases were done in that household about the time of the missing funds. We are concerned that since the POA uncle has access to the funds, they will dwindle to nothing rapidly. In the event of illness with grandmother, the entire family would then have to help with the costs as nothing would be left in her accounts. The remaining family has just cause to believe this would be the case based on how the POA uncle historicaly has handled finances with his parents.
Questions: Do we have any legal recourse to remove grandmother from the home, which is also somewhat unhealthy and unsafe? To have the POA terminated from the uncle? Is grandmother truly considered a vulnerable adult? As a family, can we pursue legal recourse on the missing funds?
Up until 3 years ago when my mother died, she handled the majority of all my grandmother’s finances. At that time, without consent, the granddaughter and youngest uncle took them over and have not allowed much access to grandmother or her financial information.