For the Legal Beagles out there; Can you help?

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AlvaDeer Asked May 2019

For the Legal Beagles out there; Can you help?

My brother has a friend in assisted living. This friend entered care with some alcoholic encephalopathy and has an appointed fiduciary managing his monies. Of late the friend has expressed a lot of concern about "how much money he has left" to live out his life. He has asked his fiduciary for an accounting of his cash and invested assets (not necessarily all his assets as he also holds objects of art), but of the monetary assets, so that he can feel more secure. The answer he received from his Fiduciary was "Oh. Don't worry. You have plenty to take care of you". This unwillingness to respond with what holdings actually exist has frightened the man, and he has no family to turn to. I have suggested starting with a more formal request (rather than a phone call as made) such as a letter. Anyone out there have any ideas what, in California, this man can "expect" to get from his fiduciary, and how should he proceed. I hate to think that the next step is a lawyer, but I wonder?

Assisted Living Financial Planning Financial POA

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score 0 · Answer 1

The friend needs to contact the court. Neither you, or your brother or the assisted living reps will get anywhere with this because the fiduciary doesn’t answer to you and cannot legally disclose anything to you. He reports to the court and it is the court you need to contact about this.

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score 3 · Answer 2

I understand the concern. The fiduciary works out of his home, not unusual in these times. Many people do. You don't know the street address, he uses a PO box. I understand that very well. Families can get absolutely nuts over money and some could even pose a threat to the fiduciary well being.

My family is one of those loco groups. Nothing they did really surprises me. The PO box is simply a measure to protect his own safety.

Send a certified, return receipt letter requesting a full accounting.

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score 0 · Answer 3

Both legal beagle and legal eagle are informal terms for a smart, eagle-eyed attorney or lawyer. Someone who is a stickler for the rules, and who thrives on the minutiae of the law.

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score 1 · Answer 4

Check www.nelf.org to see if there is a certified elder law attorney near. They may be able to help get a different fiduciary appointed.

These 1 man shows are dangerous imo, what happens if this guys gets mowed down crossing the street?

Let us know how it goes. Good luck!

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score 0 · Answer 5

You need to consult an elder law attorney. This smells. Badly. If you cannot consult an attorney, contact the bank.but unless you have guardianship, they most likely won't tell you anything.

Your state bar Association is another resource. In fact, if you are in urban area, your city bar Association is another one. Thank you for being an advocate. Very much.

The PO address is kinda a prob.

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score 0 · Answer 6

Unfortunately a one man operation, no boss, but is a licensed fiduciary. Not a friend. Was appointed by an attorney and through the court. Thanks so much for the input.

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score 0 · Answer 7

No boss. A licensed fiduciary working out of an office in his home with a PO address only. Not a friend. A licensed Fiduciary who is appointed in this modest tourist town by the courts. I think that the appointment, perhaps with a respresentative of the assisted living facility present is an EXCELLENT idea and I thank you for it.

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But he doesn’t have to answer to you or the assisted living. Legally he may not be able to disclose anything either, except to the client and the court. You should consult the town court.

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score 1 · Answer 8

Is it a licensed fudiciary? In AZ you must be licensed through the court or you aren't recognized as a fidiciary, let's pray CA is the same.

That was a WRONG answer, they are obligated to provide an accounting to their client.

Send a certified return receipt request, with a cc going to the licensing agency. I would word the letter so it actually addressed the request being blown off.

If he is able to change, encourage a legal firm that has licensed fiduciaries and has been in business a long time.

This just sucks that there are so many predatory people in this world.

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Thank you so much. Yes, this is a licensed Fiduciary. In his area of California there are about four total and this is one. However, when you look up what it TAKES to get a license as one it is virtually nothing. He is appointed by the court, and I believe in this case was appointed by the lawyer representing my brother's friend. We looked into the man and there are no real complaints about him, but he manages about 3 million in total, not a lot. He doesn't use an address (says many don't because they run into "family issues") but a PO Box. There are just alarm bells going off. Doesn't bond himself. Says client can bond him if they choose to. I think this may take the lawyer letter, but hoping first to write one as you suggest and send in the manner you suggest. And go from there, hoping not to have to go further with expenditures mounting.

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score 3 · Answer 9

Who is the fiduciary – a friend or a person from a company. The first step, as you say, is a formal letter of request. If that doesn’t work, with the ‘person from a company’, go over their head to their boss. If the fiduciary is a friend, find out how the appointment was done and whether it can be changed (and if the man in question is still legally competent, it can probably be changed). Then tell the fiduciary that if the information is not provided, the appointment will be changed (and say that irrespective of whether you think it's possible). Do all that before you start incurring legal bills.

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For the Legal Beagles out there; Can you help?

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