In Florida, there is, sadly, a lot of financial exploitation, but we typically think of financial exploitation as one form offinancial abuse against the elderly. As we age and become more reliant on others, and as our abilities to consider, examine, think, analyze, ask questions, and focus, deteriorate or decrease, we can become a target: financial prey. If we are stricken with dementia, anddementia is progressing un-checked, or the dementia is not stalled or slowed, bad people can exploit us financially by taking our bank accounts, trust funds and getting us to sign powers of attorney or trust amendments. Cases of undue influence are common in such scenarios, and can lead to a lot of probate litigation and probate lawsuits by heirs at law and family members or next of kin.
Parents Support Children, Minor Children Don’t Support Parents
- Now and then, we see situations where parents are using the trust funds or money of their minor children.
- Sometimes, a minor child will inherit a life insurance policy or wrongful death proceeds if they lose a parent
- Often, those funds are placed in a trust or a restricted account
- Many times the parent is named the trustee or custodian of the minor child’s money.
- But you have to remember that those funds are the MINOR’S, not the parents’
- Should parents be able to spend their minor children’s trust funds?
- To support the minor child? Sure! College tuition, private school tuition, lessons, food, clothing, etc. BUT….remember…. parents support their minor children, not the other way around
- So, can a parent “use” the trust funds to buy a new car? No.
- Take the child on a vacation? No.
- The parent should be saving those funds and investing the trust funds prudently until the minor becomes “of majority” , typically 18 years of age in most states.
- Remember: in many states, there are serious civil, and even criminal, penalties formisusing or misappropriating trust funds. In Florida, for example, there are the civil wrongs or “torts” of conversion and civil theft which can bring punitive damages ortriple damages under certain circumstances.
- Consider the recent Hollywood story with accusations that actress Leah Messer took or used her daughter’s trust funds…. a charge which she denies. If you want to read more about Lea Messer and the reports by media outlets that she took her daughter’s trust funds, there is a link below:
- http://www.inquisitr.com/1702656/leah-messer-vehemently-denies-she-stole-disabled-daughters-trust-fund-money/
- To see free online probate or trust videos about guardians, and trust funds, you can go to the following link, which is free and does not require you to sign up for anything: http://www.pankauskilawfirm.com