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K
What do banks do with money being held in a trust?
TrustUser...I kind of agree. I will, I have been studying case law all damn day here. Here is a question or two which are kind of along the same lines as I've been asking but just with a different angle. If a bank is acting in the capacity of Trustee, with the property of the trust in an...- Krinkov58
- Post #40
- Forum: Wills, Trusts and Estate Planning
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K
What do banks do with money being held in a trust?
Zddoodah, this is exactly how this trust reads as well, it just gives a list of successors and that is it. There is zero guidance for dismissal or replacement. TrustUser yes I do and I am working on getting any notes I can from the creator of the trust who was my father's personal...- Krinkov58
- Post #38
- Forum: Wills, Trusts and Estate Planning
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K
What do banks do with money being held in a trust?
I spoke with a law firm yesterday. I agree.- Krinkov58
- Post #29
- Forum: Wills, Trusts and Estate Planning
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K
What do banks do with money being held in a trust?
By the way...does anybody know of any case law (Massachusetts or federal) they can point me to regarding: a) trusts that pay a living beneficiary for their lifetime, and upon their death the remaining trust assets are given to an organization, school, charity, etc... I'm just curious as to what...- Krinkov58
- Post #27
- Forum: Wills, Trusts and Estate Planning
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K
What do banks do with money being held in a trust?
zddoodah...okay, your answers seem rather obtuse. Yes, an employee of the bank acts as trustee although there is a trust committee which meets to decide on approvals of discretionary disbursements to beneficiaries. Of course I'm not asking exactly what stocks/bonds/funds the bank is purchasing...- Krinkov58
- Post #26
- Forum: Wills, Trusts and Estate Planning
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K
What do banks do with money being held in a trust?
I have no say in anything. Let's put it this way...the last time I messaged the trustee in March it took him a week to get back to me, and the only reason he did was because I contacted somebody at another branch who looked online and saw that he had logged into the bank's system within the...- Krinkov58
- Post #22
- Forum: Wills, Trusts and Estate Planning
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K
What do banks do with money being held in a trust?
Right, I get that...but I'd thought for some reason that banks couldn't just take a trust fund and invest it, reap the profits and give the beneficiaries the finger.- Krinkov58
- Post #19
- Forum: Wills, Trusts and Estate Planning
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K
What do banks do with money being held in a trust?
It did not. Trump took office in quarter one of 2017, my trust's market value was 2,009,496.90. By first quarter of 2018 it was 2,040,587.52 for an increase of a whopping $31K. By first quarter 2019 it was 2,021,100.19, down almost $20K. And last quarter before COVID, 4th quarter of 2019, it...- Krinkov58
- Post #17
- Forum: Wills, Trusts and Estate Planning
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K
What do banks do with money being held in a trust?
The losses, historically have been regained over time. And re-lost. From 2007 until 2015 the trust market value grew at almost a right angle on a graph...since 2015 it has not grown past where it was when the New Hampshire branch took over. It might lose money, gain some back but never to the...- Krinkov58
- Post #15
- Forum: Wills, Trusts and Estate Planning
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K
What do banks do with money being held in a trust?
Seems to me that the bank is using the money to play around in the market and make money for the bank, honestly...it's not benefitting the market value of the trust nor is it benefitting me. Although literally the name of the trust is "For Benefit Of" my name. Not "For Benefit Of" this...- Krinkov58
- Post #13
- Forum: Wills, Trusts and Estate Planning
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K
What do banks do with money being held in a trust?
The bank branch I deal with is in Concord, New Hampshire, but the trust is based out of Massachusetts (pays taxes there etc.) and I live in Maine...I am thinking of moving back to MA just to be able to deal with a MA branch again instead of the NH branch. The manager of the Portsmouth, NH...- Krinkov58
- Post #11
- Forum: Wills, Trusts and Estate Planning
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K
What do banks do with money being held in a trust?
I have exactly zero power at all whatsoever in that regard, unfortunately.- Krinkov58
- Post #8
- Forum: Wills, Trusts and Estate Planning
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K
What do banks do with money being held in a trust?
I'm kind of thinking the same right now, I just don't have the money to retain an attorney. The trust has plenty of money but I am living extremely modestly.- Krinkov58
- Post #6
- Forum: Wills, Trusts and Estate Planning
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K
What do banks do with money being held in a trust?
Bcr229, I do receive quarterly statements as to what is sold and what is acquired etc. but my question is more to the point of, do these banks profit from these trades outside of just the fees they charge the trust balance? And is it common for banks to attenuate access to the trust by...- Krinkov58
- Post #4
- Forum: Wills, Trusts and Estate Planning
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K
What do banks do with money being held in a trust?
I am the sole living beneficiary of a trust, established by my father, which is being held and administered by a well-known bank...upon my death, any remaining assets of the trust are to be divided between two Ivy League schools my father attended and the trust dissolved. The bank deducts about...- Krinkov58
- Thread
- Replies: 40
- Forum: Wills, Trusts and Estate Planning
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K
Estate Planning for unmarried couple
This is very thorough, thank you.- Krinkov58
- Post #15
- Forum: Wills, Trusts and Estate Planning
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K
Estate Planning for unmarried couple
So is everything applicable to Medicaid also applicable to MaineCare in regards to assets?- Krinkov58
- Post #10
- Forum: Wills, Trusts and Estate Planning
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K
Estate Planning for unmarried couple
I was thinking about MaineCare which is state health insurance.- Krinkov58
- Post #8
- Forum: Wills, Trusts and Estate Planning
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K
Estate Planning for unmarried couple
Thank you for these replies...I had forgotten to specify that this is an assumable FHA-insured mortgage. I've read that these mortgages do not subject the assumer to creditworthiness review "if the homeowner dies and gifts the home to an heir". Is there any way to structure an inheritance in...- Krinkov58
- Post #6
- Forum: Wills, Trusts and Estate Planning
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Estate Planning for unmarried couple
I'm sorry, I should have stated where we live...we live in Maine.- Krinkov58
- Post #3
- Forum: Wills, Trusts and Estate Planning
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