joshua1991
New member
I've been managing my brothers finances for over a decade and also a Trust for his inheritance for the last year. I'm running into some difficulties with the Trust.
My brother is irresponsible with money dur to a lifetime of poverty and mental health issues. I had arranged for my parents to advance him some money over the last decade starting with $500 a month. Over that decade things were rather calm and my brothers need were met without to much drama. The came the inheritance. nearly $300K worth. My brother is 70 and I built a budget so that the money would support him in the same way the advances were with more money than he was getting before. Unfortunately, while spending the advances, he was self regulating as he was spending my parents money. That all changed with the Trust. The reason the Trust was created was to avoid this issue. He has access to credit and he is spending like crazy. 3x what he was before and it's accelerating. He continually says to me that it's his money. While that may be technically true, the purpose of the trust was to ensure he was supported well into his eighties.
Enough context.
I feel I need to start acting like a professional Public Trustee. I intend to take courses and whatever might be necessary to allow me to get a business license in that field. I will then perform my duties and charge fees, pay taxes, and even claim deductions for work space and out of pocket expenses. The alternative is that I resign as his Trustee and hire a 3rd party Public Trustee to oversee the funds. I'd rather not waste funds on that. Minimum 5K/y managements fees for example.
Please help me to help my brother better.
My brother is irresponsible with money dur to a lifetime of poverty and mental health issues. I had arranged for my parents to advance him some money over the last decade starting with $500 a month. Over that decade things were rather calm and my brothers need were met without to much drama. The came the inheritance. nearly $300K worth. My brother is 70 and I built a budget so that the money would support him in the same way the advances were with more money than he was getting before. Unfortunately, while spending the advances, he was self regulating as he was spending my parents money. That all changed with the Trust. The reason the Trust was created was to avoid this issue. He has access to credit and he is spending like crazy. 3x what he was before and it's accelerating. He continually says to me that it's his money. While that may be technically true, the purpose of the trust was to ensure he was supported well into his eighties.
Enough context.
I feel I need to start acting like a professional Public Trustee. I intend to take courses and whatever might be necessary to allow me to get a business license in that field. I will then perform my duties and charge fees, pay taxes, and even claim deductions for work space and out of pocket expenses. The alternative is that I resign as his Trustee and hire a 3rd party Public Trustee to oversee the funds. I'd rather not waste funds on that. Minimum 5K/y managements fees for example.
Please help me to help my brother better.
.