ultrarunner
Epic Contributor
- Joined
- Apr 6, 2004
- Messages
- 23,103
- Tractor
- Cat D3, Deere 110 TLB, Kubota BX23 and L3800 and RTV900 with restored 1948 Deere M, 1949 Farmall Cub, 1953 Ford Jubliee and 1957 Ford 740 Row Crop, Craftsman Mower, Deere 350C Dozer 50 assorted vehicles from 1905 to 2006
Today was my 5th and 6th visit to the Bank still trying to regain access to Mom and Dads two Trust Accounts.
As incredible as it seems the Bank has twice lost all the Trust documents… although they say just misplaced.
Apparently the regulations have changed a lot since 1996 so everything is frozen from the time Social Security notified the bank of moms passing.
I am Successor Trustee both in Trust and by notarized documents when Mom stepped down and I accepted.
Bank says this was in 2021 pandemic and it was a crazy time… I know, while the Bank was physically closed I went to work everyday at the Hospital.
Several advised I should move the Trust money to a joint account when mom was very ill but I said why would I do that?
We are not talking about a lot but there is $600 income each month from a share in a rental and from this I pay pro-rata taxes, licenses, etc.
Today the 5th Face to Face at the Bank was over 3 hours with bank placing many calls to legal and scanning and emailing…. I know more than they do.
I left and had a 45 minute consult with moms lawyer for how to respond to the bank… lawyer bills at $420 per hour and the upshot is to be patient and resubmit all the documents again and moms lawyer is always available… at $420 per hour if I have more questions.
Bank now says it needs information from 25 years ago to comply with new IRS requirements such as original Death Certificates from 2000 etc… they had no problem opening the accounts and accepting deposits while paying .00001 interest in their high yield money market account.
For myself I don’t think I want any part of a Trust and wouldn’t miss not having to file Marital Trust C and Remainder Trust B returns like I have for mom since Dad died 25 years ago…
Mom lived happily on modest Social Security and a $250 monthly pension with a few hundred from the Trust share of rental income.
As incredible as it seems the Bank has twice lost all the Trust documents… although they say just misplaced.
Apparently the regulations have changed a lot since 1996 so everything is frozen from the time Social Security notified the bank of moms passing.
I am Successor Trustee both in Trust and by notarized documents when Mom stepped down and I accepted.
Bank says this was in 2021 pandemic and it was a crazy time… I know, while the Bank was physically closed I went to work everyday at the Hospital.
Several advised I should move the Trust money to a joint account when mom was very ill but I said why would I do that?
We are not talking about a lot but there is $600 income each month from a share in a rental and from this I pay pro-rata taxes, licenses, etc.
Today the 5th Face to Face at the Bank was over 3 hours with bank placing many calls to legal and scanning and emailing…. I know more than they do.
I left and had a 45 minute consult with moms lawyer for how to respond to the bank… lawyer bills at $420 per hour and the upshot is to be patient and resubmit all the documents again and moms lawyer is always available… at $420 per hour if I have more questions.
Bank now says it needs information from 25 years ago to comply with new IRS requirements such as original Death Certificates from 2000 etc… they had no problem opening the accounts and accepting deposits while paying .00001 interest in their high yield money market account.
For myself I don’t think I want any part of a Trust and wouldn’t miss not having to file Marital Trust C and Remainder Trust B returns like I have for mom since Dad died 25 years ago…
Mom lived happily on modest Social Security and a $250 monthly pension with a few hundred from the Trust share of rental income.
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