Hope this is readable. Talks about Pat in conjunction with Diana and Berry starting the trust fund for the girls. By the time the girls came of age there was no money and no one knows what happened to it.
Attachment 21326
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Hope this is readable. Talks about Pat in conjunction with Diana and Berry starting the trust fund for the girls. By the time the girls came of age there was no money and no one knows what happened to it.
Attachment 21326
Well the Trustees had to sign to get $$$ out - but likely money was paid on a monthly basis to the guardian of the children until the youngest reached the age of majority and it could have been used up that way - rent, food etc.
But I doubt it would ever be publicized anyway - not in the normal course
There was. Video on YouTube of someone in the family opening the trust fund..
They had balloons and all like they won the lottery...
It was sad. They spent that money and left nothing for the girls.
I think Pat is the woman in the video opening the fund..she didn't start a fund for them, she opened it up to take the money out.
It sounds in the article like the intent was for the Trustees to be Pat and also someone from the Bank of the Commonwealth.Quote:
Originally Posted by daviddh
But just because the Trustees were legitimate doesn’t mean the money would last forever
I think the money was withdrawn for expenses for the girls, probably especially after Mrs. Ballard passed away.
In the book SUPREME EXIT, written with Nicole Chapman's input, There is a brief section called "Where Did the Money Go?" It says that there was a time or two when an uncle took some of the money and used it for his own benefit. The girls were too young to intervene and didn't know the details until after it happened. But Nicole felt he must have needed it and didn't think it was done maliciously.
This section also says that an aunt who had become their primary guardian used some of the money to buy a much-needed car, which the girls said she used to help get the girls and their grandmother around. The aunt had also given the girls $500 each out of the money to do whatever they chose. Nicole went on to say that this aunt had been very supportive of she and her sisters.
The section doesn't offer any more details.
This was definitely sad and I remember the girls on TV once saying there was no money and it was heartbreaking to hear that as if no trust fund existed. However, I was always curious as to if there ever were other donations from other Motown acts or fans contributing. It seems everyone was saying negative things about Diana but her name was the only one I heard setting up a fund for the girls.
This is the kind of thing that happens.Quote:
Originally Posted by reese
The Trustees, Pat and the bank, use their discretion in the distribution of funds - they give the guardian money for a car, a trip, rent, figure skating lessons etc. Sometimes the guardian gives some to a needy uncle because there’s nowhere else he can get money.
Generally, Florence’s children did not speak badly of Diana or Mary.
I remember reading that the few people coming out of Motown with money had to be very cautious about any publicity about them “giving money” because they could be inundated with requests.
I personally think the family stole that money from the kids.
I agree Rob but they and we as fans could have done so without their name being mentioned and I did so. However, when the girls were of age all he $$ were gone.Quote:
Originally Posted by jobeterob
You’re a true gentleman Captain
Yes once the money is given to the guardian of the children, it’s entirely possible some of it could have been misused
Who was the legal guardian of the children? It should have been her husband - were they together when Flo passed away? Was it her Mother or a Sister?
With what little information is provided, it's hard to determine exactly what happened to the trust. It's noted that Flo's sister was a Trustee. I would ASSUME another family was appointed as well. So they would have been the only individuals authorized to withdraw funds. So I don't buy "nobody knows where the money went". Someone knows.
How much did Diana put into the Trust? I thought I once read it was $10k for each daughter, so basically $30k. How long do you all think $30k lasts, raising 3 children? Who was raising them, Flo's Mom? What was her income like?
It wasn't $3M. So it's not a stretch to say that $30k was spent in 2 to 3 years.
To your point, and taking into account that $30K in 1976 dollars amounts to a little under $166K today, it was more than a drop in the bucket, but hardly a fortune.Quote:
Originally Posted by marybrewster
I notice in Will You Love Me Tomorrow, Benjaminson says Flo’s account at Motown had several hundred thousand dollars in it and the lawyer stole it. Maybe it was loose talk or maybe I read it too loosely - I know it caught my attention.
It should have been kept earning interest until the girls were of an age where it might be used to finance college etc.
Whoever heard of a trust fund being used to pay for food?
Trust funds are used for any expenses of the beneficiaries - I don’t know if the Ballard children had another source of income because wasn’t Florence on welfare? So yes, the funds could have been used for basic expenses.
It all depends how dire things were; if she was on welfare at times, they were likely pretty dire
Florence's attorney stole her settlement, she had received some funds from a lawsuit so she had a new residence. When she passed, she hardly had a large amount of funds. Mary was not in the best shape financially at the time and Diana may have had more but not what she thought. It was very generous of Diana to set aside a trust fund because when she left Motown she did not have a huge amount of money. I commend Miss Ross for her kindness and generosity to the children. I believe all of the children refer to them as Aunt Diana and Aunt Mary with affection.
The amount of 30k to take care of 3 children was not huge even for that time. It probably assisted in being able to care for them. It was very kind of Diana and she is always thinking of the children. Too bad Flo signed away rights to future royalties, as her daughters would have had a continuing cash flow to assist them.
All good points about where the money probably went. Remember, we don't know what the terms of the trust were. Mrs. Ballard was the girls' caretaker until she became ill and died. Flo's siblings were mostly married with their own families. Some were professionals. I think Pat and Linda were unmarried. I don't know if Pat had children. It's not a stretch to imagine that the money may have been eaten up by the expense of raising children.
Flo hired some of the worst lawyers when it came to getting out of Motown, that's for sure.
Well the lawyer she got for negotiations for her Motown exit was the one who stole from her. The lawyer who took on her case against Motown in 1971 killed himself and I think the case was given to someone else at the firm. The lawyer she got for her suit against the place where she broke her leg I'm guessing was good, as she got her settlement, a nice sum.