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Friday, December 13, 2019

What happens to a trust foundation money after I die.

I had a meeting with a social worker a couple of years ago.  The conversation centered pretty much around money because I am very concerned with my impoverished financial position.  If you are a social worker than, at the very least, it should be clear that a condition of poverty is an undesirable social condition ( I thought).  At least that's what I thought.  Upon some further ad-hoc reading I have understood that charitable organizations are forbidden by law to change in any way financial situations of their clients. At least that's what I understood.

Be that as it may, The subject came up that I am unable to touch most of the inherited estate. Since the money is in trust for me that meant, I thought that the money that was untouched would be very useful for my brother and his family. I thought that if I did not use the money what was left would be inherited by his heirs. This would mean that there is a direct conflict of interest and my brother would work very hard to have the estate monies remain intact for his heirs. And I would be prohibited from touching any of it.

The social worker assured me that this was not the case.  If the money that was put in trust it could in no way be used by anyone else. If I did inherit a large estate and I could not touch any of it and lots remained after my death it would simply go back to the government coffers.  (So what).

In my dealings with such matters I had found that in theory, the money does indeed go back to the government treasury untouched. But in practice, this is often not the case.  It is not very good for a government to receive untouched money because they are the ones who minted it in the first place. An intact sum of money given back to the treasury means that the original owner could not use the bread. The more bread he made, the smarter he/she was.  the more they leave it. the less they were able to use It. this the value of the money can be depreciated if the treasury receives a too large sum of money from an estate.i have encountered canny organizations that keep abreast of the latest illnesses and death in the hope that the government will slip the money to them instead of having it go, in front of unhappy eyes, unused, back to the treasury.

It is a relieved government official that can get rid of that embarrassing problem by simply giving he bread to this or that charity.  Thus often charities, schools or other organizations watch obituaries and hospitals to see if they could suggest the use of unwanted monies.

So. Where does that leave me?

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