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This does not sound like it was set up correctly originaly. A trust has a trustee, corpus, and beneficiaries. It is very possible that they set up a trust with themselves as trustees. But who are the beneficiaries? If they set themselves up as beneficiaries then who is the trustee? It is assumed that they both transferred money to the entity to buy the property. I have never heard of a trust interest being sold. if my comments are all wet for the present case and this is a legitimate thing, then I guess we all have something to learn.

I need you to introduce your daughter to my son. He went through 5 years of college and never touched a loan or his college savings we put away for him. Wants to go on to get a masters degree but won't start until he has the funds saved. Sounds like the two of them had great parents teaching them about money. But don't let her hug him. Tom Newark, CA

As I'm recalling the situations I refer to, you'd be returning the money within less than 1 year. Or paying another tax preparer to do what you did for me. Trust me.

I recently had to have a brain MRI to see if it is contributing to a genetic cardiac issue they recently discovered I have. The neurologist told me my brain is in pretty good shape but he said (pointing at the picture), "As you can see, it's shrinking a little bit." Then he added, "Don't worry. That happens to everyone when they get old." To which I muttered (under my breath), "Thirty-something turkey!" I guess when I was in my 30s I thought 62 was old, too. Still....arrghhh!!!

Yes, I have met a few whom I believed deserved the trust placed in them. But they are overshadowed by the vast majority who place their own interests above that of their clients. Commissions & fees are the major force driving their decisions and investment "advice". Far from being irrelevant, they are very relevant in a negative sort of way - they are a danger to their client's financial well-being. Miserable track records and highly dubious investments abound. But they can always be counted upon to have all the proper signatures on the CYA forms.

This really sucks, but life is too short for the aggravation that you will go through trying to collect. If they never come back, you don't have to look back. If they do come back with a pile of crap for you to fix, then you will get your money then, with interest. Like I said, it sucks. Tom Newark, CA

I know someone that knows someone that used students loan monies to shop at Victoria Secrets and coach.

I'm not advocating skipping out on your obligations, and I realize Jack's client has a special case. My daughter is in grad school, I am paying for it, along with the Nashville rent. She has classmates who owe 2 1/2 times what tuition and rent have cost me. They are paying living expenses and maybe living it up expenses with loans. My daughter says they should be whipped. She's a hugger too.

Yes, that IS a good point. But she'll take Door #2.

In case anyone wants to listen to my radio show interview yesterday (on the US Constitution, not taxes), drop me a PM and I'll send you the link. WLJA radio in Ohio had me as a guest.

Good point.

I can understand a Financial Advisor/broker role here, but in the instant case, those funds are under control and safe. IT is the management of the Rentals that is causing all the grief here. I had something similar. Though the client was lucid, and getting buried in paper, she really did not want the help. Some folks, no matter what, do NOT want to admit that they may be messed up... I offered to come by the house and help sort stuff, or even one of my lower cost staff members. No. There are appropriate ways to bring in support. But you can lead a horse to water... Rich

One of my Doctor clients was interviewing potential new Doctors to join the practice. One of the questions he asks is: "How much Student loan debt do you have?" And it is not unusual for him to hear $200-300K. The winner was $463K. The only thing that works for your client in insolvency. If not, she just exchanged student loan debt for a tax debt. Rich

Oh. I thought we were bashing the specialty niche of those who pay bills for elderly clients. Hugely helpful to their clients but the liability gives me the willies. For financial advisors - I know some really good ones. Completely outnumbered by the ones who need Rita's back yard post-hugging.

Has this happened to anyone? A man goes to see his doctor to complain about some knee pain he's been having, the doctor tells the him, your left knee hurts because of age, the man replies, BS my right knee is the same age as the left knee

A struggling lawyer told his wife that he just wasn't making much money and if things didn't turn around soon they were going to move somewhere else. Six months later a second lawyer moved into their community. A year later both layers were the richest people in town. .