When you open up a trust account at Devon Bank, they liquidate all your assets into cash. If you have a gold coin collection, jewelry, stock portfolio, bonds, annuities (or planned well for your retirement and are living off the interest of your investment portfolio), the trustees will sell everything then invest your money into bank stocks. (I'm looking at all their clients and they're not making them any money.)
What do they get out of this? Why are they investing money into Washington Mutual, Bank of India, Federal National Mortgage, etc.? The client makes nothing on interest so why do they even bother?
If you have personal property (like jewelry, coins, a car, etc.) that have sentimental value, too bad for you. The trustees at Devon Bank liquidate all your assets whether you like it or not. (I'm sure Rick Block and Sally Griffin wouldn't like it if their personal property was being sold, they're thanking their lucky stars they don't have themselves as Guardians of their Estate).
I don't understand it? My college education is accounting (and their accounting mistakes alone give me nightmares) and I can't figure out what they're getting out of liquidating someone's portfolio only to invest in bank stocks that yeild nothing in return for the investment? (1-4% in interest, really.) What am I missing?
I'll publish a list of banks that Devon Bank invests their clients money into next week when I have more time.
Showing posts with label Cook County. Show all posts
Showing posts with label Cook County. Show all posts
Saturday, March 5, 2011
Wednesday, March 2, 2011
New GAO Report - Elder Justice
http://www.gao.gov/new.items/d11208.pdf
ELDER JUSTICE
Stronger Federal Leadership Could Enhance National Response to Elder Abuse
What GAO Found
The most recent study of the extent of elder abuse estimated that 14.1 percent of noninstitutionalized older adults had experienced physical, psychological, or sexual abuse; neglect; or financial exploitation in the past year. This study and three other key studies GAO identified likely underestimate the full extent of elder abuse, however. Most did not ask about all types of abuse or include all types of older adults living in the community, such as those with cognitive impairments. In addition, studies in this area cannot be used to track changes in extent over time because they have not measured elder abuse consistently.
Based on existing research, various factors appear to place older adults at greater risk of abuse. Physical and cognitive impairments, mental problems, and low social support among victims have been associated with an increased likelihood of elder abuse. Elder abuse has also been associated with negative effects on victims’ health and longevity.
Although state APS programs vary in their organization and eligibility criteria, they face many of the same challenges. According to program officials, elder abuse caseloads are growing nationwide and cases are increasingly complex and difficult to resolve. However, according to GAO’s survey, APS program resources are not keeping pace with these changes. As a result, program officials noted that it is difficult to maintain adequate staffing levels and training. In addition, states indicated they have limited access to information on interventions and practices on how to resolve elder abuse cases, and may struggle to respond to abuse cases appropriately. Many APS programs also face challenges in collecting, maintaining, and reporting statewide case-level administrative data, thereby hampering their ability to track outcomes and assess the effectiveness of services provided.
Federal elder justice activities have addressed some APS challenges, but leadership in this area is lacking. Seven agencies within the Departments of Health and Human Services (HHS) and Justice devoted a total of $11.9 million in grants for elder justice activities in fiscal year 2009. These activities have promoted collaboration among APS and its partners, such as law enforcement, but have not offered APS the support it says it needs for resolving elder abuse cases and standardizing the information it reports. Although the Older Americans Act of 1965 has called attention to the importance of federal leadership in the elder justice area, no national policy priorities currently exist. The Administration on Aging in HHS is charged with providing such leadership, but its efforts to do so have been limited. The Elder Justice Act of 2009 authorizes grants to states for their APS programs and provides a vehicle for establishing and implementing national priorities in this area, but does not address national elder abuse incidence studies.
ELDER JUSTICE
Stronger Federal Leadership Could Enhance National Response to Elder Abuse
What GAO Found
The most recent study of the extent of elder abuse estimated that 14.1 percent of noninstitutionalized older adults had experienced physical, psychological, or sexual abuse; neglect; or financial exploitation in the past year. This study and three other key studies GAO identified likely underestimate the full extent of elder abuse, however. Most did not ask about all types of abuse or include all types of older adults living in the community, such as those with cognitive impairments. In addition, studies in this area cannot be used to track changes in extent over time because they have not measured elder abuse consistently.
Based on existing research, various factors appear to place older adults at greater risk of abuse. Physical and cognitive impairments, mental problems, and low social support among victims have been associated with an increased likelihood of elder abuse. Elder abuse has also been associated with negative effects on victims’ health and longevity.
Although state APS programs vary in their organization and eligibility criteria, they face many of the same challenges. According to program officials, elder abuse caseloads are growing nationwide and cases are increasingly complex and difficult to resolve. However, according to GAO’s survey, APS program resources are not keeping pace with these changes. As a result, program officials noted that it is difficult to maintain adequate staffing levels and training. In addition, states indicated they have limited access to information on interventions and practices on how to resolve elder abuse cases, and may struggle to respond to abuse cases appropriately. Many APS programs also face challenges in collecting, maintaining, and reporting statewide case-level administrative data, thereby hampering their ability to track outcomes and assess the effectiveness of services provided.
Federal elder justice activities have addressed some APS challenges, but leadership in this area is lacking. Seven agencies within the Departments of Health and Human Services (HHS) and Justice devoted a total of $11.9 million in grants for elder justice activities in fiscal year 2009. These activities have promoted collaboration among APS and its partners, such as law enforcement, but have not offered APS the support it says it needs for resolving elder abuse cases and standardizing the information it reports. Although the Older Americans Act of 1965 has called attention to the importance of federal leadership in the elder justice area, no national policy priorities currently exist. The Administration on Aging in HHS is charged with providing such leadership, but its efforts to do so have been limited. The Elder Justice Act of 2009 authorizes grants to states for their APS programs and provides a vehicle for establishing and implementing national priorities in this area, but does not address national elder abuse incidence studies.
*******
Friday, February 11, 2011
Devon Bank Trust Department - Schedule of Fees
Sally Griffin lied to me and Ludwig again. (I know that doesn't shock anyone.) I found this schedule of fees when I was copying all their court files downtown (which makes it public record). I'm taking it upon myself to tell you the truth since that bank isn't very forthcoming with their clients.
When Ludwig and I met Sally the first time, I asked her how much Devon Bank would charge Ludwig to manage his estate. She whispered, 'Less than one percent of the first $500,000 and even less if the amount is more than that.' Then she whispered, 'We don't really like to talk about this.' I said, 'Is that all?' She said yes.
Obviously, that was ANOTHER lie.
Devon Bank misrepresented themselves to Ludwig and I hope they're not charging him that 'base fee.' Just because Sally thinks he's a nitwit that's hard of hearing, doesn't make it true. He heard her and we discussed the fees after she left.
The “extraordinary services” that are “outside Devon Bank’s scope” are tax preparation and reviewing tax documents. You’ll be charged $650 to file taxes every year, $400 if they read a letter sent by the IRS. Around $2500 when they notify the IRS after they force you into guardianship. Personally, I think it would be easier if they just walked those documents over to H&R Block where those services are inside their scope and performed every day. The letter reading might even be a free service that H&R Block provides for their clients who get their taxes done. (Of course, if they did walk those documents over to a tax preparer, I'm sure a Senior Officer would take them and walk really slow.)
I have reviewed other banks trust accounts and so far, I haven’t found one that charges a “letter reading fee” but I’ll keep you posted. The fees for filing taxes are around $200 for other banks (names withheld to protect the innocent).
I found another fee. After Devon Bank hires the most expensive caregiving agency in the city to "care" for you, they're going to run out of money and have to research putting a reverse mortgage on your property held in a Land Trust. This proves to be quite costly. Then, after their client passes away, the property looked like it went straight into foreclosure, honestly. Wouldn't it be easier just to cut expenses and stop throwing all the money out the door? (I'll tell you later why they don't do this.)
When Ludwig and I met Sally the first time, I asked her how much Devon Bank would charge Ludwig to manage his estate. She whispered, 'Less than one percent of the first $500,000 and even less if the amount is more than that.' Then she whispered, 'We don't really like to talk about this.' I said, 'Is that all?' She said yes.
Obviously, that was ANOTHER lie.
The “extraordinary services” that are “outside Devon Bank’s scope” are tax preparation and reviewing tax documents. You’ll be charged $650 to file taxes every year, $400 if they read a letter sent by the IRS. Around $2500 when they notify the IRS after they force you into guardianship. Personally, I think it would be easier if they just walked those documents over to H&R Block where those services are inside their scope and performed every day. The letter reading might even be a free service that H&R Block provides for their clients who get their taxes done. (Of course, if they did walk those documents over to a tax preparer, I'm sure a Senior Officer would take them and walk really slow.)
I have reviewed other banks trust accounts and so far, I haven’t found one that charges a “letter reading fee” but I’ll keep you posted. The fees for filing taxes are around $200 for other banks (names withheld to protect the innocent).
*****
I found another fee. After Devon Bank hires the most expensive caregiving agency in the city to "care" for you, they're going to run out of money and have to research putting a reverse mortgage on your property held in a Land Trust. This proves to be quite costly. Then, after their client passes away, the property looked like it went straight into foreclosure, honestly. Wouldn't it be easier just to cut expenses and stop throwing all the money out the door? (I'll tell you later why they don't do this.)
*****
$375 to remove your gun out of your house and get it appraised. They say this has to be done by a Senior Officer which is understandable. They didn't do this when they found Ludwig's gun though.
So, you can kiss your entire estate good-bye compliments of Devon Bank.
I think I have discovered why the Texas Ratio is so important http://josephludwigziarnik.blogspot.com/2011/01/devon-bank-complaint-department.html
The lower the ratio, the higher the bank fees. Also, if a bank has a low ratio then they can't offer a competitive salary to their employees.
*****
I think I have discovered why the Texas Ratio is so important http://josephludwigziarnik.blogspot.com/2011/01/devon-bank-complaint-department.html
The lower the ratio, the higher the bank fees. Also, if a bank has a low ratio then they can't offer a competitive salary to their employees.
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