I have been dealing with a local bank that manages a living trust for a friend that I take care of 12 hours a day. I had to quit working to help him full time on Aug 25 2012. I have spent all my savings to help him. He has 175,000 in a living trust that his father left him but the bank refuses to pay me a caregiving expense. Instead of letting him be happy at home they say put him in a nursing home. I can not put him in there knowing that he would not last long. he has lived here 45 years and has lots of friends. Thank You
A fiduciary is someone who manages another person's money. The trustee must act in the best interests of the person who put the funds in their trust. The bank, as trustee, should be listening to your requests. You sound reasonable and it is certainly in the best interest of your friend to remain at home, in a less restrictive setting than a nursing home.
The terms written in your friend's Living Trust document should give to the bank the authority to make decisions about how to spend the money wisely for that person's benefit. If the trust office won't let you see the trust document, you can use court processes in your jurisdiction to petition for review of the trust, and how it is being administered.
Your first step would be to find an elder law attorney who can advise you on the best approach to take toward helping your friend.
The bank trustee's advice to spend down the trust funds on a nursing home may be unreasonable, and not in the best interest of your friend. An independent review of all the facts can give you some solid answers.
I would also resist at this time from putting him in a Nursing Home. Somehow, a portion of that $175,000.00 should go to caregiving expenses.
What is it with this generation? The OLD principal of taking care of the elderly family member no longer applies to this generation.
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