Dear Clients and Friends:
Several LISTEN TO LAWRENCE LETTERS ago, I responded to a question regarding how to change the address on statements when a client is a snowbird and wants their statements “mailed” to Florida in the Fall and then back to New York in Spring. I pointed out that the trustee controls the account but I gave some practical advice. I also said I would pass on any further comments from my readers…so here we go:
READER RESPONSE #1:
Just create an online account and download and print the statements.
If only I could get all of my senior clients to embrace technology! 😊
READER RESPONSE #2:
Should not the Trustee be the sole receiver of any correspondence from financial institutions in the Trust Account? Would not the Trust itself become in jeopardy if the statements were distributed to the Grantor? This is just a comment so I am not requesting a response, but I had to write as I have learned from you over the years that there are so many ways a Medicaid Trust may be put at risk.
I agree that we have to be careful with the Grantor overreaching into the trust and that trusts, in general, do receive scrutiny. Nevertheless, I have no problem with the Grantor receiving a duplicate set of statements and whatever we need to do to make that happen seems reasonable to me. Do not forget that the Grantor of these trusts retains the power to change the trustee at any time so it is prudent for them to monitor what the trustee is doing with the trust funds.
READER RESPONSE #3:
Hi Lawrence: Tell your snowbird to chill and stop fighting the same problem. That meets the definition of insanity doing the same thing and expecting a different result each time. There is no need for the trustee nor the snowbird to have to talk to anyone. You created our Irrevocable Trust before we moved to CT. Because the local bank would not talk to anyone except my son, the primary Trustee, I simply drafted a letter to the bank for my son to sign and mail to the bank requesting the mailing address of the Irrevocable Trust be amended and mailed to our new address in CT. instead of it being addressed and mailed to my son. It was done immediately without ever speaking to anyone. So don’t ask and argue. Just tell snowbird to have his son issue a letter to the bank requesting the mailing address be amended. Love your newsletters.
Thanks. I truly enjoy writing these letters and appreciate your kind words. My only comment here is that while this is a very practical answer, I would prefer the trustee to always receive a set of statements…but I have no problem with a second set being sent to another address (even to the Grantor) and if it can be done by a simple letter from the trustee….then TERRIFIC!
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