Alberta Public Trustee (warning) - Page 2

honda450 · #31 02-21-2011, 11:21 AM

Hehe I don't trust my son with the money. When my father passed away he left my son with a chunk of cash. So I put it into a Education fund. Ya know where the gov't matches it or something. And there it sits today.

Otherwise it would be the latest 4 x 4, sports car or motorcycle. But I have control. So if he don't go to school he don't get that cash till I feel he is ready to settle down merry and buy a house or something.

Don't think he even knows bout it and thats fine with me. He could contest it in court , but I know he won't do that or I will kick his ass. hehe

He gets it all when I kick the bucket anyhow. He is far from being in poverty, cause he is a spoiled brat. hehe Ya bet I love him.

GeoTrekr · #32 02-21-2011, 11:22 AM

An article with some more info and some background:

http://findarticles.com/p/articles/m...g=content;col1

Dacotensis · #33 02-21-2011, 12:19 PM

Fm,
You can have a say in what investments the $ goes into, as well; if the child needs something in the interm to help with an aid to living/learning then you can access funds to do so.
When the $ is finally handed over at the stoke of midnight at the age of majority, you will see a bill from the Gov department with a "nominal" charge.
Then you will wonder who comes up with the defenition of a nominal charge.
It sucks. Everyone has their hands in the jar,

Gramps.257 · #34 02-21-2011, 03:39 PM

When my BIL was 13 he was in a bad car accident that took the life of his grandmother.He recieved a settlement that was put in his mothers trust until 25.When he turned 25 he came to my wife and i with a plan to buy a house with the money.Only problem was his mother had spent the money years earlier.This law would have protected him from his mother and saved that side of the family alot of grief,court time and legal costs.

Gileas · #35 02-23-2011, 01:17 PM

FishingMOM's right on this one. Having been through the 'protective' experience with a public trustee, I can honestly say I wouldn't wish it on my worst enemy. (Mom had mental problems, public trustee stepped in to protect her assets... kids, what kids, Dad had it worse than being a single parent, and still had to run a business that Mom shared ownership. That business payed the bills.. using money generated by Mom's assets..) Public trustees are akin to Govt Tax Auditors, accountable to no-one, and they can do stuff that is intended to 'enhance' their resume by saving those in need of saving. Watch some W5 type tv shows on the Govt Auditor fiascos and you might get an idea of what can happen... these people have amazing power. In our case, their focus was on Mom's assets, not Mom, not the kids, not the family... maybe you get my drift.. Dad couldn't but toilet paper without the Trustees' approval. FishingMOM probably couldn't get access to the funds to put bracess on the kids teeth or put glasses on his eyes if she needed to. Effectively, the kid doesn't exist until he is 18, but his assets exist and 'must be protected'.. My sympathies FishingMOM. Obviously there are horror stories for the other side, but a Public Trustee is not a 'protective' experience. Sign me BTDT.

solocam3 · #36 02-23-2011, 04:40 PM

None of our business but what sort of Rate of Return are they giving you. Are they at least making interest on it which is the highest taxable item you can get. Does the return cover the costs associated with them manageing the money.

FishingMOM · #37 02-23-2011, 05:26 PM

Quote:

Originally Posted by solocam3

None of our business but what sort of Rate of Return are they giving you. Are they at least making interest on it which is the highest taxable item you can get. Does the return cover the costs associated with them manageing the money.

3%

Sneeze · #38 02-23-2011, 10:31 PM

Quote:

Originally Posted by FishingMOM

3%

Well, seeing how the principal is basically guaranteed by the Province, paying a rate approximately 2.6% greater then the most recent 10 Year Canada savings bond... I think your getting a reasonable deal for a 100% safe investment (assuming the management fee's are not obscene).

horsetrader · #39 02-23-2011, 11:17 PM

You wont get much better even on a 5 year GIC

midgetwaiter · #40 02-24-2011, 01:02 AM

Quote:

Originally Posted by FishingMOM

Unfortunately the process to seperate the public trustee from the funds is near impossible. I had consulted a number of lawyers in this regard.
Again the bottom line to me is the Government of Alberta Public Trustee Department are thieves. Nothing anyone can do or say will change my mind.

Get a better lawyer. My Mom was setup as trustee for the money my brother and I got when my dad died, that worked out okay.