A local girl was injured, and the ensuing lawsuit resulted in a trust fund being set up for her. I was contacted by the case manager of her trust fund to submit a bid on some handicap accessilibility modifications to her home. They tell me that my bid will then be reviewed by the bank which has the money.
This is all new to me, and seems kind of convoluted, as there are three parties involved – the homeowner, the case manager, and the bank. Anyone run into this before? Who do I actually make the contract with? How can I be sure they are authorized to contract for work on this particular property?
View Image “Good work costs much more than poor imitation or factory product†– Charles Greene
CaliforniaRemodelingContractor.com
CaliforniaRemodelingContractor.com
Replies
The case manager probably works in the Trust Dept of the bank holding the money. the contract will be with the HO, but the bank controls the funds to ensure it is paid for authorized purposes. The trust probably says the money can only be paid for the health and welfare of the child. So by having the case office control it, the HO can't buy a big screen tv.
"Put your creed in your deed." Emerson
"When asked if you can do something, tell'em "Why certainly I can", then get busy and find a way to do it." T. Roosevelt
as a guess I'd make the contract with the property owner so a lien (if ever required) would work for you. but just a guess.
I agree with Ed. The funds are probably set up out of reach till the younster is of legal age to control her own money.
It sounds like an excellent lead.
Bob's next test date: 12/10/07
Thanks (to all) for the insights, I gotta better understanding of the picture now. Gotta go fax my bid in! View Image “Good work costs much more than poor imitation or factory product†– Charles GreeneCaliforniaRemodelingContractor.com
Id like to announce at this time Id like to be the trustee.
Tim
Tim, I'd trust you with my money anytime. You gotta guarantee you gonna keep the ticker going though...I don't want to have to fight your DW for my money! Bob's next test date: 12/10/07
The trust officer is officially a "fiduciary" for the girl. You should include both in the lien, the homeowner, and the trust. The improvements are being made for the benefit of the girl, and the trust is specifically responsible for her well-being. This not unusual for institutional trustees. I have both installed modifications for wheelchair access and managed money for said trusts!!
"The nearest thing to eternal life we will ever see on this earth is a governmental program" -Ronald Reagan