After Anna(22)

‘Excellent.’ James opened a manila folder on his desk, thick with correspondence. ‘Now let me explain something about the trust. A trust is simply a fund. I can continue to make expenditures from the fund, or trust, on Anna’s behalf until she’s eighteen. I don’t think you need to retain a different lawyer in Pennsylvania. I can do that from here, easily. Continuity of representation benefits Anna, and she would like me to remain with her after she moves.’

‘Okay, I’m fine with you staying as the trustee.’

‘Thank you. I will copy and send you these documents.’ James gestured at the folder. ‘The trust will support Anna in the future, even when she lives at your home. Her trust pays for her expenses or ones that you incur on her behalf. Food, clothing, books, mani and pedi, hair, gym membership, or if she buys a car, which she didn’t need here. She wants one, she’s mentioned that to me already. She has a valid driver’s license here because Congreve has driver’s ed. You’ll have to check the driving laws in Pennsylvania.’

‘Okay,’ Maggie said, not having thought that far ahead.

‘Anna will go to college, and Pennsylvania law is unsettled as to a parent’s obligation to pay her tuition. Not a problem in her case. There’s more than enough money in the trust to cover her tuition and related expenses.’

‘How much money is in the trust?’

‘Florian started the trust, but over time, the investment manager we hired, Dave Cummings at Kennebunk Investors, has invested it in curated blue-chip stocks. The trust is probably worth three mil, which Anna may withdraw at eighteen, but we need to discuss that.’

‘Three million dollars?’ Maggie had thought it would be a lot, but that was higher than she thought.

‘In addition, more money will be added to the trust because of her father’s passing. I’ve been on the phone back and forth with the French lawyers over the past month or so. Anna is her father’s only heir, but I think it’s very unwise for her to receive the full amount so young.’

‘Oh, right.’ Maggie should’ve thought of it before. Florian had sold his business for $30 million, way back when.

‘Anna stands to inherit a great deal of money from her father. According to the French lawyers, his estate is worth almost $50 million after taxes and expenses.’

‘What?’ Maggie gasped. ‘Are you telling me she’s going to get $50 million when she turns eighteen?’

‘Yes, and that’s bad news, believe it or not.’ James’s expression soured, his jowls draping around a downturned mouth. ‘I tried to tell Florian that, but it was difficult to get him to return my calls or emails.’

‘But $50 million? That’s a fortune!’

‘You seem surprised.’

‘I am.’ Maggie felt nonplussed. ‘This is news to me.’

‘But you had to know that your ex-husband would provide for her in his will, didn’t you?’ James raised his palm. ‘Please, don’t be offended. I’m not accusing you of an ulterior motive, by the way. Your intentions are demonstrably good.’

‘Thanks, I just didn’t think that far ahead. I was so excited about reuniting with her, and I didn’t know she’d want to come live with me, so her money was academic. I hadn’t thought about it.’

‘So we’re clear, Anna is a wealthy young girl, and her money is hers, not yours or your husband’s.’

‘Of course I understand that.’ Maggie tried to process the information. Anna had way more money than she and Noah, which seemed topsy-turvy.

‘By the way, I had nothing to do with the drafting of the will or the trust. It’s completely valid here, however.’

‘Okay.’ Maggie collected her thoughts. ‘So what happens to that money now? It stays somewhere?’

‘Yes, it does, and it will take months until we transfer it into the trust. But I would not have provided for Anna to receive the entire sum at eighteen. It’s like winning the lottery, too young. Or let’s say she meets a boy and he finds out she’s coming into money. She could be taken advantage of. I’ve seen it happen.’ James shuddered. ‘When I set up an estate, I provide that the first disbursement isn’t until age twenty-five and amounts are transferred every five years, spreading them out as much as possible.’

‘Can we do it that way now?’ Maggie was trying to think ahead.

‘Yes, but not yet. We have no right to change the terms of the trust unless the trust says so, which it does not. But when Anna turns eighteen, she has the legal ability to create a trust for herself and she can change the terms of her trust. I have already advised her to do so, so that the disbursements begin when she is twenty-five and occur at the intervals I suggest.’

‘What did she say when you suggested that to her?’

‘She agreed. She usually does. She’s prudent with money. I had already begun to set up a schedule for disbursements and draft the appropriate papers. She doesn’t turn eighteen until next March, so we have time to sort this out, and probate takes ages for an estate this size, especially one that’s international.’

‘That’s good.’

‘I’ll work in connection with her and you, going forward. So you and I will be in good touch.’ James rose, smoothing down his tie.