Fontanelle, IA | MacUsma1983 - 11/18/2024 20:32
for farm and non-farm. Mom passed in 2020. Non-farm Brother worked with remaining survivor of the trust (father) and trust company. Dad (97 at the time) called me many times saying he’s so tired from signing all these papers. He said he had no idea what he was signing. Non-farm assets were setup in a new subset trust. Farm setup in a separate subset trust. Father (98 now) passed 6 months later (May). Have never received documents of trust from brother or trust company. So found trust company in an email and called them today. From conversation, I believe I’m a Trustee for the non-farm trust, although no documentation. Brother says I’m a trustee. Trust company will not verify my trusteeship in non-farm trust. I can’t even look up the Schwab monthly statements. Then I brought up farm asset trust. Was told I’m not a trustee, but I may be a beneficiary of farm trust, but trust company would not confirm. I asked to have trust company go over the farm asset trust and said they couldn’t because it was setup between my brother and father because I was not their client. I asked who was their client and they said my brother.
Prior to this day, I said I’m retiring from farming thinking all was good. I lined up new tenants, and finalizing rental agreement. Hired tile guys to fix some sink holes. Working with county to put in 2 new field entrances for tenants. Getting late in season so told new tenants to put on NH3 if they want. They did the NH3. No tile fixed yet and no field entrances put in yet.
Some red flags started appearing with my brother saying all rental payments go to him, not the trust. That was puzzling. Shouldn’t the rental payments go to the owning trust? (I posted this several days ago).
I guess I’m at a loss. How does this affect my standing with the farm that I’ve run and managed for 44 seasons. What standing do I have with the new tenants, the tile repairs, the field entrances? I was even going to pay for the tile and entrances myself since I thought I was a trustee, but learned at 5:00 this afternoon I’m not.
Wow, today was a shocker! Any ideas and help would be appreciated.
I’ll be the only guy on here to tell you to call your brother and ask him what is going on. You get a pen and paper and write down everything he says. You can call the NAT approved trust lawyer immediately after.
But, you are speculating as to what all this means and NAT is shepherding you into the “your brother is evil” corner. You can make that “judgement” after that call with him. You are asking for him to spend 1 hour explaining what all these trusts and trustees mean. If your brother declines or tells you to F off, then you know where “you two” stand….. |
What a day! Parents had a trust for all assets…,
