Who Are Orphan Elders Among Us Part 1?

Peter’s Story

Peter had a tragic childhood. His mother and he fled his birth country due to persecution. Eventually, he learned a second language and immigrated to the United States, where he became a teacher.

Since he was single and he saved money, his estate upon his death, was worth over $5,000,000. Since he had no living family remaining, he gifted his estate through his trust to a few charities.

The last year of his life was difficult for him due to illness. While he did have a trust prepared and he named a professional fiduciary as trustee, he was not ready to ask for help. When the investment companies sent him the paperwork, it remained in his office, incomplete.

The result?

Over $1,000,000 in assets were held in qualified accounts or were not transferred into his trust.

This resulted in a probate, even though he had a trust.  In addition, he named his trust as a beneficiary of his IRA accounts, rather than naming the charities as direct beneficiaries. These two choices significantly reduced the amount of the gift to his beneficiaries.

We are happy to meet with “orphan” elders before the flood of paperwork unravels.

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Loren Emmanuel