Digicel Launches $2.7 Billion Junk-Debt Offering for Refinancing
The mobile operator, whose business is mainly focused in the Caribbean and Central America, launched a nearly $2 billion two-part bond offering on Wednesday, as well as a $750 million term loan, according to people with knowledge of the matter, who weren't authorized to speak publicly.
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‘Absolutely no one pays attention': I could steal from my children's trust fund without them having a clue
I don't believe the young person writing to your column this week is conflating their disappointment in their mother with financial mismanagement. It would be exceptionally easy to do if one were so inclined. My husband died about 18 months ago when our boys were in their early 20s. I handled all of the paperwork and transfers of accounts after he passed, and I could have been taking money out of the boys' trust for myself without them having a clue. Homeowners rush to refinance as mortgage-rate plunge opens window of opportunity I'm a senior who barely survives on $1,300 a month. No way could I live on $1,000. Is the time-honored 15% tip for restaurant service becoming the norm again? What 20-year-old boy knows anything about such things? If I hadn't told them about the trust, they wouldn't even know it existed. I am on the paperwork as the guardian of the trust, and if I filed the IRS paperwork every year, who's to know where the disbursements go? Absolutely no one pays attention, and while our lawyer set it all up for my husband and me, she was not involved at all after his death. To be clear, I am managing all of it for my boys, not touching a penny. Before my husband passed away, our lawyer suggested changing me to the beneficiary of the trust in question, and I said no. I continue to manage it for our boys. I hope you will consider this scenario going forward. Widow & Mother Related: My brother's 'good daughter' siphoned $70,000 from her father's accounts. Should she still get an inheritance? Don't miss: 'Things are getting tougher': I'm struggling with $145,000 in debt. Should I refinance my 3.5% mortgage? The beneficiary of a trust or bank account can become vulnerable to bad actors, and, yes, that bad actor could be the remaining parent who decides to help themselves to the money or pay themselves exorbitant fees. You are correct about that. The daughter in the letter you mentioned was 20 at the time of her father's passing and, in the eyes of the law, was of age to control her own bank account if she was listed as a beneficiary. The financial institution has a fiduciary duty to pass that account along. If there was a will, as the daughter suggested, that will would be made public. She could contact the probate court in the county where her father lived to access a public copy of any will in existence. More likely, from her retelling, her mother inherited most of her husband's estate. But inheritance theft is real — and the pages of this column are rife with sordid tales of missing money and skullduggery. Such malfeasance could include forged amendments to wills or trusts, missing or destroyed documents, emptied safe-deposit boxes, and/or gifts becoming 'loans.' The best way to prevent this is to choose a trustworthy trustee and, even better, choose two trustees who they can keep an eye on each other. As you point out in your letter, transparency and full disclosure of an estate plan would keep everyone in the loop. When beneficiaries and heirs are kept abreast of the contents of an estate and who is named as a beneficiary, it is much harder to fritter away money without the knowledge of those parties. The more you disclose, the harder it is to hide criminal behavior in plain sight. 'Trustees are responsible for managing a trust in a way that avoids conflicts of interest and ensures it is administered in the best interest of the beneficiaries,' according to J.P. Morgan Wealth Management. Otherwise, they could face civil and criminal penalties. 'The trustee should not use the trust assets for the trustees' own profit and must avoid any adverse interests that conflict with those of the beneficiaries,' it adds. In some cases, it's wiser to appoint a professional rather than a family member who may be tempted to self-deal. 'Consider a scenario where a family business is owned by the trusts and a key executive who runs the business is also a potential trustee,' J.P. Morgan says. 'If that person is selected as a trustee while also running the business, it could lead to a conflict of interest.' Unfortunately, even if a couple has an agreement to pass assets down to the next generation, the surviving spouse can renege on that deal if the estate plan is not airtight. This can be particularly painful and common in blended families with second spouses. Managing a trust requires balance: Trustees can also be held liable if they act recklessly. Most states have adopted the 'Prudent Investor Act' where a trustee is required to invest trust assets under a program of diversification to provide income and/or growth of principal. The prior historical rule, known as the 'Prudent Man Rule,' focused more on the need to preserve assets, leading to conservative investments that may have provided income and did not allow for growth of the trust principal. 'No one can perfectly predict the outcome of every investment decision, but a trustee must apply the prudent investor rule when making investment decisions based on the information available at the time,' according to a guide from Fidelity. 'Whether the outcome is good or bad is not a factor if the trustee followed the principles of the prudent investor rule,' it adds. 'The nature and level of the investment risk should be compatible with the aims of the trust and its beneficiaries.' Not every trust will have the same goals, which should be set out by the grantor. 'Trustees are expected to analyze and make sound decisions that are compatible with portfolio distribution requirements, the level of risk tolerance and other factors,' Fidelity adds. A beneficiary who suspects dodgy dealings can take action. In most jurisdictions, the legal right exists to compel a trustee to provide a report of their activities, including financial information; if they refuse, they can compel the trustee to do so via a court petition. Under Federal Deposit Insurance Corp. rules: 'A trustee must keep and render accurate accounts. The accountings should reflect receipts and disbursements, gains and losses on investments, and other transactions affecting the account.' 'Such records are also necessary for completion of tax returns. Usually, the state law requirements apply to testamentary trusts or court-appointments and call for accountings to the court at specific intervals.' It's difficult to steal money from a trust outright, which is why we hear the phrases 'embezzlement' or 'misappropriation of funds' where a trustee diverts funds for their own use. That could involve something as simple as paying themselves extortionate fees. Your boys are fortunate to have a mother who is looking out for their interests. We may never know for sure whether the daughter in the previous letter was right to suspect her mother of mismanaging funds from the family trust. The good news: When beneficiaries do suspect foul play, there's a lot they can do. Don't miss: My late husband's employer is forcing me to take 10% 401(k) distributions. Help! Previous columns by Quentin Fottrell: 'I have a great mortgage rate': I need $80K to buy my husband out of our home. Do I raid my $180K Roth IRA? 'I'm tired of corporate America': My wife and I have $1.65 million. I'm 61. Can I retire already? 'This scam stuff is going to get worse': A man approached me in my car — he had a crazy story An economic reset is underway which will drive the S&P 500 to 7,500 next spring, one strategist says These Eli Lilly executives have been scooping up stock after its big drop Why a jumbo Fed rate cut in September would 'come across as panicky' Sign in to access your portfolio
