Tom and Lenore
Concerned that they might someday become unable to manage their estate, Tom and Lenore of Wenatchee established a trust to protect their assets. Regarding their planning, Lenore stated pragmatically, “If you don’t admit what is, you are foolish. As you get older, you are not as quick as you used to be.” Tom added that he wanted to be sure they could not be “conned out of their assets” in their later years.
Their good planning paid off sooner than anticipated and we received a phone call from their attorney asking if we would become their new trustee in order to assist them. The Armstrong's had sold a gas station and commercial rental properties to an individual who was on the verge of bankruptcy. Through a complicated financial transaction, they were also in danger of losing a vacation condo on beautiful Lake Chelan to the same person. These problems, along with the management of the rest of their estate, left them deeply worried when they should have been enjoying the fruits of a life time of labor. Their attorney realized that his clients needed a professional trustee with experience to help resolve the situation.
We worked closely with their attorney as he resolved the extensive debt problems of Tom's former partner. Eventually, we received the property free of debt and we sold it at fair market value. In addition, the Armstrongs owned a condominium on Lake Chelan that needed extensive repairs, which we successfully completed prior to the sale.
As we do in all of our trusts, we hired an investment advisor for the trust, created investment objectives to meet their financial requirements and made the appropriate investments. After the dust settled, the Armstrong’s estate was preserved and they were able to enjoy a cruise. Perhaps the best measure of their satisfaction is Lenore’s final observation: “Tom doesn’t lay awake at night worrying anymore.”