An 79-year old female acquaintance, Ann, living in Missouri, USA has a physically handicapped daughter living in a residence in Canada. The single daughter's two children live with her. The daughter currently receives financial aid from the Canadian government due to her disability. The daughter is considered to be a spendthrift.
Ann needs to enter into some sort of arrangement with a firm to manage her finances and to distribute monthly payments to her sole daughter at such time as Ann passes. The amount of the distributions should be limited such that the Canadian financial aid is not hindered as a result of the distributions from Ann's estate.
Perhaps distributions to the daughter's children would be considered.
I'm looking for advice to pass on to Ann. She has no one to serve as an executor for her estate. Her assets are cash accounts, stocks, mutual funds. Currently, most if not all of her accounts are set up to transfer to her daughter upon her death. She has no real property.
Are there [investment?] firms to provide such a service? What is the best way to proceed forward with this situation?
Thank you for the help,
Frank
Ann needs to enter into some sort of arrangement with a firm to manage her finances and to distribute monthly payments to her sole daughter at such time as Ann passes. The amount of the distributions should be limited such that the Canadian financial aid is not hindered as a result of the distributions from Ann's estate.
Perhaps distributions to the daughter's children would be considered.
I'm looking for advice to pass on to Ann. She has no one to serve as an executor for her estate. Her assets are cash accounts, stocks, mutual funds. Currently, most if not all of her accounts are set up to transfer to her daughter upon her death. She has no real property.
Are there [investment?] firms to provide such a service? What is the best way to proceed forward with this situation?
Thank you for the help,
Frank
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