Chart

Family (send final)
vs
Accountants (draft-deed-howmuch)


I don't understand why the accountants would not fund the trust when Jean O'Connell told them to. I don't understand why the accountants created obstacles to funding the trust and made it appear as if the family were the source of the obstacles.

REVIEW FIRST PARAGRAPH. I don't understand why the final account for the estate of our Dad, H. A. O'Connell, who died on May 26, 1975, was not done years ago or why Joanne Barnes did not tell us that I, as a nominated trustee for the testamentary trust established in the Will, had to go through a procedure to qualify as Trustee. I do not understand why I, as nominated Trustee in his Will Joanne Barnes did not tell me, as nominated Trustee in his Will, or Jean O'Connell, the executor of his Will, that a final court account was required which would transfer the residual estate to the testamentary trust, and that I had to qualify at the court as Trustee. had to be done. The final estate account would transfer the residual estate to the trust, automatically closing the estate and funding the trust. Nothing else can do this such as an "Agreement"or "reciept". The final estate account is the only thing needed and the only thing asked for. I don't understand why the accountants delayed the final estate account for 14 months and made appear to my mother that I was the source of the delay. About 4 months into the delay the accountants surplant me and Philip Shalloway as co-ececutors of Jean O'Connell's will. They almost surplant me as Trustee. During this period the accountants gained control of Jean O'Connell's future estate and almost the trust.

The final estate account transfers the residual estate from the estate to the trust. It automatically closes the estate and funds the trust. The final estate account is the only thing needed from the accountant(s) and the only thing asked for (May 1985: "First thing is to have the final accounting based on same figures as in the 1st accting.  Send it to me- do I have to sign it"). I do not understand why the accountants withheld the final estate account for 14 months and created paper trails of confusion and conflict that make it appear as if the family was the problem.

When the trust is funded the accountants lose control of those assets unless they can supplant me as trustee.

In the chart below an asterisk* means the date is estimated.

  1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
1984  
Oct                                                              
Nov                                                              
Dec                                                                
 
1985  
Jan                                                                          
Feb                                                              
Mar                                                              
April                                                              
May                           20a* 20b*                                      
June                                                              
July                                                                    
Aug                               38                                
Sept                                                                
Oct                                             53           54    
Nov                                                              
Dec                                                                
 
1986  
Jan                                                     63        
Feb                                                                  
Mar                                                                
April                   77                             78              
May                                                              
June                                                     90          
July                                                              
Aug                                                              
Sept                                                                
Oct                                                              
Nov                                                              
Dec                                                              
  1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

 

Jean O'Connell's instructions to Joanne Barnes
vs
Joanne Barnes's instructions to Jean O'Connell


1985.05.14 (Estimated) (Jean OConnell's memo of her phone call to Joanne Barnes)
"So Kaiser-Hilton.  Joanne - 549-7800
 My son Tony called.  He said he wanted very much to be the full trustee with an agent to receive notices and processes from the court & commissioner as in the May 8th letter.  Would [Jean O'Connell] [4] " [4] First thing is to have the final accounting based on same figures as in the 1st accting.  Send it to me- do I have to si n it"
call- [Joanne Barnes] " [3] will do draft of final acting. [2] Deed to property-convey to court.  [1] Needs how much"

1988.09.06 (Jean OConnell to Anthony OConnell, in part)
"I also would like you to be at least courteous to my friends. They know you do not want them around so you may not see much of them. They are people who helped me when I was desperately in need of help and had no place to turn.  Joanne especially was helpful.  When Ed Prichard was going to charge me ¼ of your Dad's estate for his fee and Shalloway had a mental break down when he was going to work on the estate it was Joanne who helped me by explaining what I had to do.  She did not want to be a co-trustee but I begged her and she agreed reluctantly tho she had never done it for anyone else. I still think you owe her an apology and a box of candy or bouquet of flowers.
Better late than never.  And I would feel ever so much better. Please. Just treat my friends like you want me to treat yours."

Note: I did not know about any of the following letters until after Jean O'Connell's death on September 15, 1991. On August 29, 1995, Henry Mackall sent me a copy of Edward White's letter of October 29, 1985, to him. A wall of secrecy had been established between Jean O'Connell and Anthony O'Connell, and each of us had to depend on what the accountants were telling us. I was not aware of the accountant's draft-deed-howmuch agenda until each part was carried out.

 

(1)
How much

38 (how much)
1985.08.16   (Joanne Barnes to Jean O’Connell)
"RE: Estate of Harold M. O'Connell
Dear Mrs. O’Connell:
Your son requested that I furnish him copies of the Court Accountings that had been filed for the Estate.  I have sent them on to him today.  I am also enclosing a copy of the schedule which I believe reflects the fraction of the estate’s one-half interest in each property to which you and the Trust are entitled.   If the transfers are made in these percentages, you would then own 56.475% of each property (50% owned individually plus 12.95% of one-half interest in a property.  If you and the Trust chose at some time in the future to exchange all or part of an interest in a property,  I believe it should be done based on the then current fair market value of the properties.  In such case,  I would recommend that you have the properties appraised by a qualified real estate appraiser.  With regards to your request that I serve as co-trustee of the Trust with your son, I regret that I must decline to be either co-trustee or act as agent to receive notices and processes for him.   Please call me and we can discuss this further.
Very truly yours,
Joanne L. Barnes
Cc: Mr. Anthony M. O’Connell”

Enclosure: Computation of percentage interest in trust (See pdf)

54 (how much)
1985.10.29   (Edward White to Henry Mackall) (No copy to another) (I did not know of this letter until Henry Mackall sent me a copy on August 29, 1995)
"Enclosed is an Agreement along the lines of that discussed by us previously, which my client has signed.  Ms. Jo Ann Barnes, of Bruner, Kane & McCarthy Accountants, previously has furnished Mr. O'Connell with the numerical data which explains the derivation of the percentages reflected in the Agreement. 
If you have any additions or corrections to it, please let me know.
Sincerely, Edward J. White"

63 (how much)
1986.01.27   (Edward White to Jean O'Connell)
"At long last we have a signed Agreement concerning the funding of the Trust.  The Agreement is enclosed.
The only difference between this Agreement and the previous agreement which I had drafted is the change in the percentages of ownership between you and the Trusts.  Originally, Ms. Barnes had computed the ownership of the Trust at 43.525.  She and Mr. Mackall and I now agree that the figures should be 46.0994.  The Agreement also contains a provision in paragraph 5 that will be reimbursed for the principal of all real estate taxes on that property.      
Mr. O'Connell was unwilling to agree to pay interest on the real estate tax advancements.  While I am at a loss to understand his attitude, I am of the opinion that we would be best served by signing the Agreement as is.
Ms. Barnes has computed that through 1984 you paid taxes in the amount of $13,841.24.  
Please sign the Agreement and return it to me as soon as possible, and I will forward it to Mr. Mackall for the Co-Trustees signature and filling with the Commissioner of Accounts.  At that point the trust will then be funded and the responsibility for filing accounts and inventories will be that of the Trustees.  
We can then have Ms. Barnes complete the final accounting for the Estate and the matter will be closed.
Sincerely, Edward J. White"  

 

(2)
Deed = Agreement = receipt

53 (deed=agreement=receipt)
1985.10.23   (Edward White to Jean O'Connell) (No copy to another) (I did not know of this letter until I found it in my mother's papers after her death on September 15, 1991)
"Enclosed is the Agreement which Mr. Mackell and I discussed.  If it meets with your approval, I would appreciate your signing it and returning it to me so that I might forward it to him for the signatures of the Co-Trustees.  This document should serve both as the Agreement and as the receipt by the Trustees for the Trust property.
Sincerely, Edward J. White

54 (deed=agreement=receipt)
1985.10.29   (Edward White to Henry Mackall) (No copy to another) (I did not know of this letter until Henry Mackall sent me a copy on August 29, 1995)
"Enclosed is an Agreement along the lines of that discussed by us previously, which my client has signed.  Ms. Jo Ann Barnes, of Bruner, Kane & McCarthy Accountants, previously has furnished Mr. O'Connell with the numerical data which explains the derivation of the percentages reflected in the Agreement. 
If you have any additions or corrections to it, please let me know.
Sincerely, Edward J. White"

(3)
Draft

77 (draft)
1986.04.10   (Edward White to Joanne Barnes) (Copy to Jean O'Connell ) (I did not know of this letter until I found it in my mother's papers after her death on September 15, 1991)
"I have agreed with Anthony O'Connell's attorney that we will provide them with a draft of the final accounting in the Harold O'Connell Estate.  This, I think, will allay all of the suspicions that have arisen on the other side in this matter. 
If you could commence preparing that, I would appreciate it.   I am enclosing a copy of the nearly signed Agreement, by which the Trustees agree to take possession of the percentage interest of the property.  
Thank you.
Sincerely, Edward J. White"

78 (draft)
1986.04.25   (Edward White to Henry Mackall) (No copy to another) (I did not know of this letter until I found it in my mother's papers after her death on September 15, 1991)
"Enclosed is the draft by Ms. Barnes of the Final Accounting.  
I have taken the liberty of correcting a typographical error on the distributions to reflect 53.9006% vice 3.9006%.  
I would appreciate it if you would forward this to Mr. O'Connell and clarify with him his intention to qualify on May 1st.   
If he does not agree or requests further delaying tactics, I feel that I have no other recourse in serving my client than to seek to have him removed as a Trustee.  This matter is costing Mrs. O'Connell dearly with the delay.

 

(4)
Sign

90 (sign)
1986.06.26   (Edward White to Jean O'Connell) (No copy to another) (I did not know of this letter until I found it in my mother's papers after her death on September 15, 1991)
"At last, we are ready to file the final Accounting in this case. 
In order to spare you having to mail documents back and forth, I am notifying Jo Ann Barnes to begin the accounting and sending her a copy of the Agreement wherein your son and Mr. Higham acknowledge receipt of the Trust property. 
Miss Barnes will contact you at the time your signature is needed.
Sincerely, Edward J. White"

 

Comments

I did not know about any of the above letters until after Jean O'Connell's death on September 15, 1991, when I found them in her papers (With one exception; Henry Mackall sent me a copy of Edward White's letter of October 29, 1985, on October 29, 1995).

The accountant's had established a policy of secrecy including that between Jean O'Connell and Anthony O'Connell, so each of us had to depend on what the accountant's were telling us. Jean O'Connell was led to believe that Anthony O'Connell was the problem and Anthony O'Connell was led to believe that Jean O'Connell was the problem. Apparently I was the only person who was not aware of the accountant's draft-deed-howmuch agenda. I was surprised and frustrated as each part of it was presented to me. It never crossed my mind that the accountants would do something like this much less be able to get away with it.

The only thing our family did wrong was to trust the accountants. There is a pattern of the accountants shuting out qualified people such as the established advisers and fiduciaries and making it appear that it was the family's idea:

1988.09.06 (Jean OConnell to Anthony OConnell, in part)
"I also would like you to be at least courteous to my friends. They know you do not want them around so you may not see much of them. They are people who helped me when I was desperately in need of help and had no place to turn.  Joanne especially was helpful.  When Ed Prichard was going to charge me ¼ of your Dad's estate for his fee and Shalloway had a mental break down when he was going to work on the estate it was Joanne who helped me by explaining what I had to do.  She did not want to be a co-trustee but I begged her and she agreed reluctantly tho she had never done it for anyone else. I still think you owe her an apology and a box of candy or bouquet of flowers.
Better late than never.  And I would feel ever so much better. Please. Just treat my friends like you want me to treat yours."

Secrecy is fatal.