Movie "I Care A Lot" - question about accuracy (No spoilers)

[Amethyst]

The well-off targets of the guardian scams are more likely to have someone. I'm thinking of, say, the attorney who prepared their wills and associated legal documents.

More often than not, people just don't have "their lawyers". I for one, don't have one. Neither a "your travel agent", and not even a "your doctor", or "your tax accountant" etc etc .

 

[Calico]

There is an existing thread about this program already.

 

[braumeister]

Threads merged.

 

[JoeWras]

Thanks. That sounds very reasonable. I have no idea what is considered "reasonable" in the trust area, but I've heard that 4 1/2% would not be out of line - even though I have no idea how that could be. As nearly as I could tell, the trust placed the kids money in fairly conservative investments - that would make sense because it would be assumed they would need the money relatively soon. BUT, since the trust company was only (essentially) forwarding us the quarterly statements, I wonder on what (moral) basis they could justify their fees. I guess we'll never know as that was many years ago - though I'm still helping the last kid pay off her student loans! YMMV

Is that 4 1/2% per year?

This is why I ask. DW and I have a trust company handling our estate should we both pass. That's the rate we agreed to: 4 1/2%. It is a flat rate to settle the estate, but there is also no year's long trust to grandchildren in the estate.

It is OUR choice to pay that rate. Perhaps it was the grandparents' choice too.

Here's the thing: by having a trust company handle it, we don't have siblings and heirs arguing over the mess. Nor have we burdened our heirs with being executors. We're more than happy to give up almost 5% to unburden our heirs with all the minutia of settling an estate.

I'm sorry if our heirs will object to OUR choice to pay these fees. I'm hoping instead they are grateful for being named in the estate and get an inheritance.

 

[Dtail]

We take care of my brother who lives with us. I have full control of all his assets, not to mention my parents' assets.
Good thing I am truly honest. lol

 

[firemediceric]

DW and I have a trust company handling our estate should we both pass. That's the rate we agreed to: 4 1/2%. It is a flat rate to settle the estate, but there is also no year's long trust to grandchildren in the estate..

It is not uncommon for me to serve as executor/personal representative on the estate when a Ward dies. For that my hourly guardian fee ceases. I charge 3% of the estate assets. The attorney representing me on the estate also charges 3% for a total hit of 6% to the assets in the estate.

I have never served as a trustee beyond a trustee of Qualified Income Trusts used for Medicaid issues.
I know of many attorneys however who serve as trustee as part of the estate planning services they provide. I don’t know if their fees are based on a percentage or an hourly rate.

 

[Golden sunsets]

Rosamond Pike(the actress who played the guardian in the movie) won the Golden Globe for Best Actress in the appropriate category last night.

 

[FIREd]

When I heard of the movie, I thought that it was based on the story of former Nevada guardian April Parks, who was sentenced up to 40 years in prison for stealing from hundreds of vulnerable people in her "care".

Of course, vulnerable people can also be taken to the cleaners by their own relatives. I've seen it happen often enough. Personally, I plan to enjoy my money to the fullest before someone else does it for me.

 

[Gotadimple]

I know of many attorneys however who serve as trustee as part of the estate planning services they provide. I don’t know if their fees are based on a percentage or an hourly rate.

I asked the estate attorney who prepared my documents about acting as executor and he said in Washington state is was specifically disallowed by state law - for him and for his firm. He then recommended a trust firm to research, but had no specific knowledge of them.

- Rita

 

[Amethyst]

It was, indeed. The writers then gave it a rather unlikely twist, so that the captive-old-lady part recedes into the background.

I doubt there ever comes a time when we are ready to give up enjoying what we enjoy, so that someone else can "do a better job" than we can of caring for ourselves. I want to be sure that time can't arrive before I actually need it....

When I heard of the movie, I thought that it was based on the story of former Nevada guardian April Parks, who was sentenced up to 40 years in prison for stealing from hundreds of vulnerable people in her "care".

.

 

[cyber888]

It had a morally justified ending .. karma.

 

[smihaila]

It had a morally justified ending .. karma.

A perfect ending, indeed.

 

[JustCurious]

The evil guardian shows up at a rich old woman's door with a court order. The old woman questions this, so the guardian shows her some police officers and a squad car with lights flashing.

I have never heard of this movie and I have not seen it, so I am not spoiling anything, but I am going to guess that the alleged police officers and squad car were imposters. If I'm right, then that would partially answer your question...in the real world the police don't show up to someone's house to drag them away under these circumstances.

 

[Gotadimple]

I have never heard of this movie and I have not seen it, so I am not spoiling anything, but I am going to guess that the alleged police officers and squad car were imposters. If I'm right, then that would partially answer your question...in the real world the police don't show up to someone's house to drag them away under these circumstances.

But then, it IS a movie. It is a reasonably entertaining one if you remember it is a movie.

 

[Koolau]

Is that 4 1/2% per year?

This is why I ask. DW and I have a trust company handling our estate should we both pass. That's the rate we agreed to: 4 1/2%. It is a flat rate to settle the estate, but there is also no year's long trust to grandchildren in the estate.

It is OUR choice to pay that rate. Perhaps it was the grandparents' choice too.

Here's the thing: by having a trust company handle it, we don't have siblings and heirs arguing over the mess. Nor have we burdened our heirs with being executors. We're more than happy to give up almost 5% to unburden our heirs with all the minutia of settling an estate.

I'm sorry if our heirs will object to OUR choice to pay these fees. I'm hoping instead they are grateful for being named in the estate and get an inheritance.

The 4 1/2% was to manage the funds in the estate. It was Per Year. Right off the top, 4 1/2% of the kids money was taken to keep (IIRC) about half a dozen cookie-cutter funds moping along. They did send quarterly reports of the funds "progress" - so there's that. The funds slowly lost value due to the 4 1/2% drain. I'm sure the grandparents DID agree to it, but that doesn't make it "right" or "moral" to do so little for such a huge fee. Most money managers will charge 1% or maybe as much as 1 1/2% to manage your money IIRC. YMMV

 

[JoeWras]

The 4 1/2% was to manage the funds in the estate. It was Per Year. Right off the top, 4 1/2% of the kids money was taken to keep (IIRC) about half a dozen cookie-cutter funds moping along. They did send quarterly reports of the funds "progress" - so there's that. The funds slowly lost value due to the 4 1/2% drain. I'm sure the grandparents DID agree to it, but that doesn't make it "right" or "moral" to do so little for such a huge fee. Most money managers will charge 1% or maybe as much as 1 1/2% to manage your money IIRC. YMMV

Thanks! I see.

The lesson here is if you set up a trust for minors, you better know your agreement with the trust company. 20 years of 4+% in this environment is murder. Might as well give it to charity first year because after 20 years, the kids may not have much.

For our charitable bequest, we're giving it to our donor advised fund, which has a legacy option to create a years-long endowment of sorts. The fee for this per year is less than 1%.

 

[HawkOwl]

Would placing one’s assets in a trust deter scammers? A trust that spells out who (not an opportunistic passer by) controls the assets in the event that the trustee becomes incapacitated?

 

[Gotadimple]

Would placing one’s assets in a trust deter scammers? A trust that spells out who (not an opportunistic passer by) controls the assets in the event that the trustee becomes incapacitated?

Or a Financial Power of Attorney instead.

 

[Amethyst]

Yes, if you have a trustworthy person who'll take it on.

I wonder if all guardianship hearings do the "due diligence" to find out if the prospective [-]victim[/-] ward has a trust. This will create a surprise for the guardian when she tries to get into the assets, and finds they are in trust.

Would placing one’s assets in a trust deter scammers? A trust that spells out who (not an opportunistic passer by) controls the assets in the event that the trustee becomes incapacitated?

 

[firemediceric]

Yes, if you have a trustworthy person who'll take it on.

I wonder if all guardianship hearings do the "due diligence" to find out if the prospective [-]victim[/-] ward has a trust. This will create a surprise for the guardian when she tries to get into the assets, and finds they are in trust.

A lot depends on how the AIP/Ward comes to the attention of the Court and Guardian. In some cases an obviously incapacitated person has been prompted by an unscrupulous acquaintance to change their trust. In some cases the trustee or attorney has seen a red flag and started the legal wheels turning to protect their client from making changes.

A lot of times I have been reliant on simply having the mail forwarded to me and waiting on statements, 1099‘s or other correspondence. I can also get with the IRS to get previous years tax returns which shed light on various investments and accounts. That also allows me to get with the tax preparer from previous years for further insight. If that leads to an estate planning attorney the person used, all the better.

Of course if I can go into a filing cabinet and everything is laid out for me, that is ideal. Ideal seldom happens.

 

[Qs Laptop]

That is a good movie to watch if you need to know how to make a bad movie.
That is a good movie to watch for examples of actors and actresses trying their best to improve a bad movie. At times they succeed!
That is a good movie to watch for an example of how annoying and bad a sound track can be.
I could go on, but there would be spoilers.

I'm a little late to the party as I just watched the movie last night and remembered there was a thread on it here. Agree with what you have said. Also...

It is a movie to watch if you want to see the most unrealistic court scenes since Perry Mason.

It is a movie to watch if you want to see the most incompetent gangsters you will ever see with the most unlikeliest mafia boss in the history of cinema.

It is a movie to watch if you like stories about indestructible women, like Supergirl.

Still, I was entertained.

As to the worst courtroom scenes, and to answer the OP's question about accuracy [very slight spoilers]

There is a scene where a lawyer representing the elderly woman who had been forced into assisted living presents an affidavit to the court. The affidavit is from an employee of the doctor that signed the order stating the woman has dementia and needed a legal guardian. Basically, the affidavit states the doctor is part of a long con game bilking elderly people out of their property. The legal guardian (Rosamund Pike's character, acting as her own attorney) objects to the affidavit by saying the employee was fired by the doctor for incompetence and for being "worthless". The judge says he knows this ex-employee and that she is indeed, "worthless." The affidavit is not allowed.

I'm having a hard time coming up with a better definition of hearsay than that exchange.

The title, "I Care A Lot" is something no one has ever said in the history of the world about any of the characters in this movie.

 

[bolt]

AFAIK that "Netflix" series has pulled a couple of the series mentioned here.

https://www.milforddailynews.com/st...guardians-inc-which-has-massachuset/42697355/

I'd seen it when it was on Netflix, but its not in the series "Dirty Money" anymore. It used to be series 1 episode #7, it is no longer.

I know nothing about the OPs "I care Alot" inquiry.

Good luck & Best wishes.......