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Good Evening My family is in the process of selling a commercial

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Good Evening My family is in...
Good Evening
My family is in the process of selling a commercial piece of real estate.
It is in a LLC Trust. I have a brother, not married whom has Huntingdons Disease.
I have asked to distribute monthly funds to him to cover his needs with out giving his girlfriend / caretake rights to this significant amount of money - lump sum.
They live in Florida - Is their a way to properly manage this transaction -
My concern is my brothers health - I want to make sure he is taken care of and I know his caretaker has authority to his bank account.
Thank you
Submitted: 2 years ago.Category: Legal
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Answered in 3 minutes by:
7/31/2015
Lawyer: Barrister, Attorney replied 2 years ago
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 39,588
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
Verified
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
.
Who is making the determination to give some of the money from the sale of the property to brother?
.
Is it the grantors (makers) of the trust that are doing this?.
.
Are you the trustee of the trust?
.
.
thanks
Barrister
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Customer reply replied 2 years ago
I am a Trustee - this is a property where my 2 brothers and my father own.
I want to protect my brother who is not aware nor can make decisions on this transaction.
My father and eldest brother have no interest in the matter. I want to make sure the other brother has protection
Customer reply replied 2 years ago
My father set up a trust on this property, 50% to my father and each son 1/3 asset
this was done years ago for my Mom who has passed away - from the same disease.
It is in a LLC Trust
Lawyer: Barrister, Attorney replied 2 years ago
Ok, then in that case, the safest way to protect the money and ensure that it is there for brother is to place it into a trust for his benefit, but make the distributions entirely up to the trustee. This is called a "discretionary" or "spendthrift trust" because the beneficiary has no right demand payments under the trust, as the trustee controls the purse strings..This means that his caregiver couldn't talk him into giving him/her money from the trust because he has no demand rights. The trustee can decide to spend the money on him for things like housing, medical care, etc. and can make distributions to him if they choose for reasonable expenses, but they can't be compelled to do so if the expense is not determined to be reasonable as the trustee has sole discretion to decide...thanksBarrister
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Customer reply replied 2 years ago
I would like to manage the funds for my brother and not have it go into a checking account where his girlfriend has access to the funds -
Lawyer: Barrister, Attorney replied 2 years ago
If a separate discretionary trust is set up, the money could be deposited into the trust and then a trust bank account set up with you as trustee having control over the funds so that brother never has direct control over the money so as to allow girlfriend to have access to it. You would control the pursestrings and could determine whether or not to make disbursements to pay for his care and maintenance...thanksBarrister
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Barrister
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 39,588
39,588 Satisfied Customers
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs

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