Early termination of Trust
Terminating the trust would give the accountants control of the trust assets. Edward White's instructions to innocent Jean Nader on April 22, 1992, say, in part:
1992.04.22 Edward White to innocent Jean Nader
"In order to file that return and the subsequent Fiduciary Income tax return we will need an accounting from Tony from the date of his last accounting to the date of death. If he does not want to prepare it, I will not agree to any preliminary disbursal to him at all, and will seek your approval to file suit against him to compel the accounting, plus damages to the estate for his delay. Since that trust terminated on your mother's death, his final accounting is due now and not in October. There will be no further explanations or written entreaties to him as far as I am concerned. He has the duty and he will perform it under a court order if necessary."
Edward White, as Trustee on the deed of trust, would gain control of Note 1 that is in the Trust u/w of H. A. O'Connell. He has control of Note 2 in the estate of Jean O'Connell?
The estate has nothing to do with the trust. The trust is like any other entity that pays interest to the estate, such as a bank. The estate's accounting is not dependent on the trust's accounting any more than it is to a bank's accounting. To put Edward White's advice to innocent and fear driven Jean Nader in perspective, substitute "bank" for "trust". The trust, like the estate, is terminated when the paperwork is done. I don't understand why Joanne Barnes who is doing the accounting for the estate and the trust is silence on this. Can we get Joanne Barnes position on this?
If Edward White's instructions were followed the trust's assets would be transferred from the Trustee to where? Note 2 in the Trust would come under the control of Edward White because in 1988 he wrote himself and someone I don't know in as Trustee for the Deed of Trust that contains Note 1 and Note 2. The other major trust asset is 46.0994% of Accotink. Please look at Edward White's correspondence over Accotink and judge for yourself who would take control of the 46.0994%. Wouldn't terminating the trust before the paperwork is done be the equivalent of removing me as trustee and the accountants taking over the trust's assets?
Lucky the buyer deciding to pay off both notes 1 and 2 in full on April 21, 1992, after being told, if the buyer were told the same thing that I was told by innocent Jean Nader over the phone, that the April 21, 1992, payment should be for an amount that was different from what it should be. But the early payoff and the accountants refusal to coordinate with me led to unnecessary large taxes for the individuals. See page 269 in the 1997 book.