Estate Managers Accused of Making Negligent Transfers

Case Overview

This claim involves alleged misconduct by various individuals who were employed by financial institutions based in Washington to oversee the donor advised fund of a wealthy couple. The donors, a married couple of advanced age, suffered from dementia. The husband had a host of medical complications and was permanently blind. The children of the donors and the executors to the family’s estate claim that the brokers sought high fees for transactions, rather than exercising prudence and caution in administering the fund. The entirety of the fund – which amounted to tens of millions of dollars – was depleted in 4 years in several significant transactions. It appears that the brokers working with the couple were not adequately supervised and failed to follow necessary precautions to ensure that these transfers were valid and didn’t require further supervision or approvals.