Funds tapped for fees, not for their needs; Lawyers, courts fall short on oversight
In 2006, close to $50,000 sat in a trust fund that was intended for Paul Riley.
But over 22 years, not a dime was ever spent on Riley. Instead, the account has been tapped to pay $17,000 in legal fees, annual investment management charges of nearly 2 percent of assets, and court fees.
For Riley and many of the 910 other mentally retarded adults for whom the trust funds were created, little of the estimated $30 million in the accounts is ever spent on their behalf. Instead, the money has been siphoned off for bank management charges and legal bills. And for fees charged by the Massachusetts Probate and Family Court system, which has long neglected its obligation to ensure the funds are expended for the benefit of some of the state's most helpless citizens.
A Globe investigation found serious failures at every level of the system. In most probate courts there has been scant oversight of the trust funds. The bank trustees, who manage investments for the funds, failed, in many cases, to file required financial reports for several years. And most of the personal trustees - the individuals who decide when to tap the trusts for people like Riley, and who almost always stand to inherit leftover funds - did not spend anything for their mentally retarded wards.
For years, probate judges had ample opportunity to step in on behalf of the trust beneficiaries, but did not. In Riley's case, for instance, judges three times appointed lawyers to review his trust's spending. Yet neither the attorneys nor judges who received their reports ever noted that Riley received no benefits from his trust fund.
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Trusts for mentally retarded neglected
In 2006, close to $50,000 sat in a trust fund that was intended for Paul Riley.
But over 22 years, not a dime was ever spent on Riley. Instead, the account has been tapped to pay $17,000 in legal fees, annual investment management charges of nearly 2 percent of assets, and court fees.
For Riley and many of the 910 other mentally retarded adults for whom the trust funds were created, little of the estimated $30 million in the accounts is ever spent on their behalf. Instead, the money has been siphoned off for bank management charges and legal bills. And for fees charged by the Massachusetts Probate and Family Court system, which has long neglected its obligation to ensure the funds are expended for the benefit of some of the state's most helpless citizens.
A Globe investigation found serious failures at every level of the system. In most probate courts there has been scant oversight of the trust funds. The bank trustees, who manage investments for the funds, failed, in many cases, to file required financial reports for several years. And most of the personal trustees - the individuals who decide when to tap the trusts for people like Riley, and who almost always stand to inherit leftover funds - did not spend anything for their mentally retarded wards.
For years, probate judges had ample opportunity to step in on behalf of the trust beneficiaries, but did not. In Riley's case, for instance, judges three times appointed lawyers to review his trust's spending. Yet neither the attorneys nor judges who received their reports ever noted that Riley received no benefits from his trust fund.
Full Article and Source:
Trusts for mentally retarded neglected
The original article was written by investigative journalism students. And they did a masterful job of investigation.
ReplyDeleteNow there's an idea! If the courts won't monitor their charges; maybe the law, accounting, social studies and med students should! And as soon as they see the slightest clue of anything wrong, they can turn it over to the journalism students!
It's the law, stupid! You have to follow it! Or maybe fix it?
Thank you for another prime example that proves what we have been saying: the probate system is a money racket; it is broken and ineffective; it is all about $$$$$ for the probate buddy club at the expense of the most vulnerable members of our society.
ReplyDeleteThis is shameful and disgusting; totally unacceptable and worse than that, against everything we the people believe; against all of our beliefs in good vs evil and right vs wrong; this is against our Constitution and should be labeled: un-American like conduct by persons in positions of trust.
I say throw all those crooks related to the Massachusetts Probate and Family Court system OUT INTO THE STEETS - post haste.
I vote that all probate responsibilities be taken away from all those related to these abuses and abuse of power, now.
I vote that all future authority be given to the students and reporters who were thoughtful and cared enough to dig deep to expose this racket in Massachusetts Probate court and exposed the corruption and neglect.
SHAME ON YOU!
This article proves once again that there is no low that they won't go to get the money.
ReplyDeleteAnyone who is vulnerable is a target. Age doesn't make a difference - vulnerability does.
These crooks are COWARDS!
ReplyDeleteThey wear masks and costumes to court while taking advantage of their positions of authority via probate court to profit, from each case, for themselves and their buddies.
I would rather take my chances for fairness in a dark Chicago alley with a street thug.