Tom and Lenore
Concerned that they might someday become unable to manage their estate, Tom and Lenore of Wenatchee established a trust to protect their assets. Regarding their planning, Lenore stated pragmatically, “If you don’t admit what is, you are foolish. As you get older, you are not as quick as you used to be.” Tom added that he wanted to be sure they could not be “conned out of their assets” in their later years.
Their good planning paid off sooner than anticipated and we received a phone call from their attorney asking if we would become their new trustee in order to assist them. The Armstrong's had sold a gas station and commercial rental properties to an individual who was on the verge of bankruptcy. Through a complicated financial transaction, they were also in danger of losing a vacation condo on beautiful Lake Chelan to the same person. These problems, along with the management of the rest of their estate, left them deeply worried when they should have been enjoying the fruits of a life time of labor. Their attorney recognized the complex and difficult legal battles that faced them and recommended that they name us as trustee to handle it for them. Tom agreed with his attorney’s recommendation, saying he wanted to “hire it done” so he and Lenore could enjoy retirement and travel.
Northwest Trustee & Management Services successfully resolved their complicated real estate and business situations. Along with legal agreements regarding bankruptcy and debt settlement, the trustee negotiated the resale of the real property. The latter involved factors such as the declining apple-based economy of Wenatchee and gas station competition, as well as condominium repairs and dealing with a condominium association on shoddy roof repairs. We also hired an investment advisor for the trust, created investment objectives to meet their financial requirements and made the appropriate investments. After the dust settled, the Armstrong’s estate was preserved and they were able to enjoy a cruise. Perhaps the best measure of their satisfaction is Lenore’s final observation: “Tom doesn’t lay awake at night worrying anymore.”