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Message
re: Support mounting for Tarsha Clark-Amar (EBRCOA)
Posted on 4/4/17 at 11:25 am to Will Cover
Posted on 4/4/17 at 11:25 am to Will Cover
I checked the numbers and they are about what one would expect a corporate trust would cost at that amount.
If a trust wasn't written, then maybe paying $2,000 for a trust attorney to write the trust would be all the upfront cost. Then on the wealth management side you would pay maybe 1% a year on the amount in the trust, paid quarterly. That's about $3,000 year. Half of what she is paying herself. But, she is also the trustee so that would pay another 1%. That's another $3,000 year. Exactly what she is paying herself.
The getting paid monthly is unusual. The money not being managed by a professional is highly skeptical. And the fact she is in charge of COA and makes herself a trustee is extremely unethical.
I am in no way defending her, but if this woman went to an attorney to get a trust written, then paid a corporate trustee, say a bank, to act as the trust administrator and wealth manager, then these costs seem to be competitive.
If a trust wasn't written, then maybe paying $2,000 for a trust attorney to write the trust would be all the upfront cost. Then on the wealth management side you would pay maybe 1% a year on the amount in the trust, paid quarterly. That's about $3,000 year. Half of what she is paying herself. But, she is also the trustee so that would pay another 1%. That's another $3,000 year. Exactly what she is paying herself.
The getting paid monthly is unusual. The money not being managed by a professional is highly skeptical. And the fact she is in charge of COA and makes herself a trustee is extremely unethical.
I am in no way defending her, but if this woman went to an attorney to get a trust written, then paid a corporate trustee, say a bank, to act as the trust administrator and wealth manager, then these costs seem to be competitive.
2
Posted on 4/4/17 at 11:26 am to YouAre8Up
quote:
You would think that Gravy would be on the side of the people whom were stolen and ripped off from.
Gravy stands to get a greater payday sticking to TCA by helping gain support and divert attention away from her crooked arse. 
Posted on 4/4/17 at 11:35 am to Mung
quote:
If she wants to resolve this situation, just handle the trust for no compensation
That still doesn't resolve the situation. It would simply be a way to do damage control and try to get the story swept under the rug to avoid any further scrutiny TCA and COA business. If the story doesn't die, there could be a whole lot more dirt come out if outside auditors are brought in.
Posted on 4/4/17 at 11:45 am to Trauma14
quote:
Then on the wealth management side you would pay maybe 1% a year on the amount in the trust, paid quarterly.
Paid to the wealth management group directly out of the money they manage, not indirectly to the executrix
quote:
But, she is also the trustee so that would pay another 1%. That's another $3,000 year. Exactly what she is paying herself.
Additionally, the trustee would not be paid 1% per year, the general structure is 1% of the total trust value up-front, then only minimal fees over time if there are legal issues. The only recurring fee should be from the wealth management, not the executrix
This post was edited on 4/4/17 at 11:50 am
Posted on 4/4/17 at 11:46 am to Tiger Prawn
quote:
It would simply be a way to do damage control and try to get the story swept under the rug to avoid any further scrutiny TCA and COA business
This is the point.
Would you entrust the COA with the care of your loved one if you thought they might be preying on them to sign over control of their estate to the head of the COA without your knowledge?
Posted on 4/4/17 at 11:58 am to Upperdecker
quote:
Paid to the wealth management group directly out of the money they manage, not indirectly to the executrix
Understood.
quote:
Additionally, the trustee would not be paid 1% per year, the general structure is 1% of the total trust value up-front, then only minimal fees over time if there are legal issues. The only recurring fee should be from the wealth management, not the executrix
A corporate trustee that one would hire at maybe State Bank would have set fees for managing the distributions of the trust assets.
Again, I don't know the in/outs of this particular case. I don't even know if there is a trust. I simply ran the math on the cost for managing both assets and distribution of a $300,000 irrevocable trust for a minor.
If she was simply to distribute assets as a will executrix and no funds were being invested and no trust was established, then absolutely those numbers she is paying herself are way off.
This post was edited on 4/4/17 at 11:59 am
Posted on 4/4/17 at 12:12 pm to Upperdecker
If TCA was such a good person she wouldn't have charged the estate a "management" fee in the first place. Good family friends who manage trusts generally do not charge fees.
Posted on 4/4/17 at 12:42 pm to Trauma14
500.00 a month or 6k a year is a low enough amount to not get hit by taxes. I'm not 100% on this, but can this be along the same lines as a structured settlement which will allow her to borrow money against it whenever she wants?
Ultimately at the end of the day this was dirty as shite, and she knows it. I would bet money this isn't the 1st time she and COA have done this.
Ultimately at the end of the day this was dirty as shite, and she knows it. I would bet money this isn't the 1st time she and COA have done this.
Posted on 4/4/17 at 12:44 pm to Jim Smith
quote:
If TCA was such a good person she wouldn't have charged the estate a "management" fee in the first place. Good family friends who manage trusts generally do not charge fees
This is what gets me. She and her supporters are all saying that she hasn't profited from this deal yet she's got a legal document that says she's owed $120,000 by the estate.
Posted on 4/4/17 at 12:46 pm to upgrayedd
It is an absolute joke and a travesty that they NBR political power is trying to turn Clark-Amar into some kind of civil rights victim in this.
This post was edited on 4/4/17 at 12:49 pm
Posted on 4/4/17 at 12:49 pm to LSUTigersVCURams
quote:
It is an absolute joke and a travesty that they NBR political power is trying to turn Clark-Amar into some kind of civil rights victim in this. Makes me sick.
The moral of the story is white people are evil.
Black woman possibly steals money from black family. Black family contacts press about the incident. Two white councilmen are upset that black woman is potentially stealing from black family. Carry the 1. Racism.
Posted on 4/4/17 at 1:02 pm to Will Cover
So let me get this straight..their motto is "Do good, Seek Justice", but not in this instance....you would think MM and Fat Gravy would want to seek justice for the old black people that were taken advantage of.
Posted on 4/4/17 at 1:13 pm to tgrbaitn08
quote:
So let me get this straight..their motto is "Do good, Seek Justice", but not in this instance....you would think MM and Fat Gravy would want to seek justice for the old black people that were taken advantage of.
You have to remember that these people view themselves as infallible moral arbiters of all they survey. They also view themselves as soldiers who's job it is to stamp out what they deem as evil. To them, their causes are morally justified no matter if they are openly defying the very mantra that they preach. In this case, do good and seek justice means that they must malign the family that's calling for an investigation and further demonize any councilperson, public official, or private citizen that objects to the actions of a member of their inner circle. They just got an $80 million millage to fund their program. You think they're going to put that in jeopardy by admitting wrongdoing? What they don't realize, due to their "we did nothing wrong" stubborn attitude, is that if TCA stepped down or relinquished control of the estate, this would likely go away. But, they're going to hold strong and take this to the mat. If they want to see how this is going to end, they should peek across the river and see what happened to Deedy Slaughter.
Posted on 4/4/17 at 1:30 pm to Will Cover
Before the tax was on the ballot I did not know we even had a council of aging.
My sister runs a program similar to this up North in a larger city.
She maybe lucky to make $60k a year.
She has certain standards her agency has to live up to such a helping to find jobs for senior people who still want to work, providing meals for seniors who need it, helping them connect to social workers, and if the people do not have family go through the legal process to find an agency that provides these services for these people.
She told me as a rule they do not get involved in estate matters. They send those people who need it to a govt service that would provide that advice.
A lot of areas may even pay one employee to oversea an agency that feeds elderly people.
The rest of the staff is mostly volunteer. She said these smaller agencies may help pay car mileage for meals on wheels type program. Having paid employees is rare for this type of agency in a city our size.
My sister runs a program similar to this up North in a larger city.
She maybe lucky to make $60k a year.
She has certain standards her agency has to live up to such a helping to find jobs for senior people who still want to work, providing meals for seniors who need it, helping them connect to social workers, and if the people do not have family go through the legal process to find an agency that provides these services for these people.
She told me as a rule they do not get involved in estate matters. They send those people who need it to a govt service that would provide that advice.
A lot of areas may even pay one employee to oversea an agency that feeds elderly people.
The rest of the staff is mostly volunteer. She said these smaller agencies may help pay car mileage for meals on wheels type program. Having paid employees is rare for this type of agency in a city our size.
This post was edited on 4/4/17 at 1:50 pm
Posted on 4/4/17 at 1:49 pm to tgrbaitn08
Wait, so Gary Chambers takes bible verses and attributes them to himself?
Posted on 4/4/17 at 1:54 pm to ProjectP2294
"Do Good and Seek Justice - Gary Chambers"
-The Bible
-The Bible
Posted on 4/4/17 at 1:58 pm to biohzrd
quote:
500.00 a month or 6k a year is a low enough amount to not get hit by taxes. I'm not 100% on this, but can this be along the same lines as a structured settlement which will allow her to borrow money against it whenever she wants?
executor fees are taxable income, if she's not declaring it, the IRS could get involved!!!!
Posted on 4/4/17 at 2:01 pm to ell_13
So Gravy doesn't want to "help the oppressed"? Not surprising considering the side he took on this
Posted on 4/4/17 at 2:09 pm to Upperdecker
quote:
So Gravy doesn't want to "help the oppressed"? Not surprising considering the side he took on this
Like I said earlier, it's a simple risk/reward. Gary has nothing to gain by defending the family because it alienates a potential future ally. If he can help her weather the storm and she comes out on top, he has an ally with an $8 million/year budget that can buy serious influence in BR.
Posted on 4/4/17 at 2:11 pm to tgrbaitn08
quote:
So let me get this straight..their motto is "Do good, Seek Justice", but not in this instance....you would think MM and Fat Gravy would want to seek justice for the old black people that were taken advantage of.
Apparently the people that are in the process of being stolen from are not lining Gravy's pockets.
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