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80% of seniors who are financially exploited are victimized by family members, not strangers. In this episode of Asset Protection Today, elder law attorney Bill Alexander breaks down "self-dealing": what happens when an executor, personal representative, or trustee abuses their position of trust for personal gain, and how it can devastate a family's inheritance.
Bill explains the difference between an executor, administrator, and trustee, and the legal duties every fiduciary owes to an estate's beneficiaries and creditors, including the strict order in which debts must be paid. He walks through real examples of self-dealing, from borrowing estate funds and using them for personal expenses to selling estate property to themselves below market value, and shares a real case where he served as an expert witness: an out-of-state uncle serving as trustee for his nephew's multi-million-dollar inheritance who stole over $1 million before being criminally prosecuted.
If you're serving as an executor or trustee, or worried about a family member's handling of an estate, this episode offers essential guidance on protecting beneficiaries, and protecting yourself, from one of North Carolina's most respected elder law attorneys.
Want to learn more? W.G. Alexander & Associates hosts free educational webinars on asset protection, trust planning, and long-term care. Sign up at https://wgalaw.com/seminars/
(1:30) Introducing Self-Dealing & Fiduciary Fraud Risks (3:10) Fiduciary Litigation & Mariah McKinney (4:55) Executor/Administrator Roles & Terminology (7:52) Executor's Legal Duties to Estate, Beneficiaries & Creditors (10:22) Defining Self-Dealing (11:57) Examples of Self-Dealing (Borrowing, Personal Use, Bad Investments) (14:38) Commingling Assets & Consequences of Self-Dealing (16:40) Case Study: Uncle/Trustee Fraud Case (19:30) Protecting Yourself: Transparency & Communication (21:10) Closing & Contact Information
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