Hossenfeffer
Diamond Member
Ok, it's late, so I can't recall all the deatils. I'll try to give a summation as best I can. I'll check back tomorrow and see how cryptic/nonsensical I was.
My fiance and I live in her great-grandfather's house.
It is part of a trust for her grandmother, managed by Bank of America. (Started with one bank, got bought by another and another until BOA)
We pay rent to the Bank.
Her grandmother takes out probably around $30,000 a year in monthly payments (for the last 20 years or so).
My fiance's uncle used to live here. He had some rough times and fell behind in rent to the bank. He had 4 or 5 missed months of rent when they finally evicted him. Total rent ~$2500.
The bank hired an attorney (funds came out of the trust) to find and garnish his wages. Total attorney fees ~$8000. My fiance's mom and other uncle told the bank to stop it, as the one uncle had been in a nasty accident and wasn't expected to live long. The bank said they would stop garnishing the wages.
At the uncle's workplace, people donated vacation time and such to his paycheck to help with his recovery. The bank garnished it.
Over the course of 25 years or so since the trust was started, the bank has changed hands at least twice and there is no documentation the bank can find regarding certain aspects of the trust.
According to her other uncle, last year the trust lost $60,000. But the house was revalued at nearly $100,000 more. Therefore, on paper, the trust made money last year.
They would like to get a bit more control back somehow over how the money in the trust has been invested. I've heard them talk about the bank selling some fund then buying the same fund at a higher price in the next month.
Long story short, anyone here have insight into these sorts of matters? I'm not officially family yet, but said I'd put the feelers out for different options. I've suggested they get a lawyer and start talking options.
The primary purpose of the trust is to keep grandmother comfortable. The bank wants to stop the monthly payments.
The other uncle said that grandmother might be able to start her own living trust and combine it with the other one and, in doing so, could set her own rules again.
Ugh... talk about a ramble. At any rate, if you've got any advice, words of wisdom or what have you, I'd greatly appreciate it.
My fiance and I live in her great-grandfather's house.
It is part of a trust for her grandmother, managed by Bank of America. (Started with one bank, got bought by another and another until BOA)
We pay rent to the Bank.
Her grandmother takes out probably around $30,000 a year in monthly payments (for the last 20 years or so).
My fiance's uncle used to live here. He had some rough times and fell behind in rent to the bank. He had 4 or 5 missed months of rent when they finally evicted him. Total rent ~$2500.
The bank hired an attorney (funds came out of the trust) to find and garnish his wages. Total attorney fees ~$8000. My fiance's mom and other uncle told the bank to stop it, as the one uncle had been in a nasty accident and wasn't expected to live long. The bank said they would stop garnishing the wages.
At the uncle's workplace, people donated vacation time and such to his paycheck to help with his recovery. The bank garnished it.
Over the course of 25 years or so since the trust was started, the bank has changed hands at least twice and there is no documentation the bank can find regarding certain aspects of the trust.
According to her other uncle, last year the trust lost $60,000. But the house was revalued at nearly $100,000 more. Therefore, on paper, the trust made money last year.
They would like to get a bit more control back somehow over how the money in the trust has been invested. I've heard them talk about the bank selling some fund then buying the same fund at a higher price in the next month.
Long story short, anyone here have insight into these sorts of matters? I'm not officially family yet, but said I'd put the feelers out for different options. I've suggested they get a lawyer and start talking options.
The primary purpose of the trust is to keep grandmother comfortable. The bank wants to stop the monthly payments.
The other uncle said that grandmother might be able to start her own living trust and combine it with the other one and, in doing so, could set her own rules again.
Ugh... talk about a ramble. At any rate, if you've got any advice, words of wisdom or what have you, I'd greatly appreciate it.
