My sister and I unsuccessfully tried to get a guardianship for our
mother Beverly. She did end up with a
Harvard lawyer with power-of-attorney that refuses all our requests and suggestions.
We get quarterly statements from our mother’s lawyer, Ladd Leavins, with
her checking and Morgan Stanley accounts.
Mr. Leavins eliminated copies of the checks from the last round of
statements after we made an issue of our mother having been taken for $1500 by
an employee of the Sunrise retirement facility.
Even with reduced information, there are gaping holes in the quality of
service he is providing our mother.
My sister works as a contract programmer on business databases. She has an MBA and is a CPA. She was the intellectual and moral lead on
our efforts to safeguard our mother’s health and investments. Her is her most recent email to Mr. Leavins:
Hi Ladd,
I previously asked you to have Beverly’s funds
put in a no-load S&P index fund. You refused to do so. Instead, you and
Robert Zorich decided that Mr Zorich should actively manage the account and
take aout 2% in commissions.
I informed you that Mr Zorich would not be able
to out-perform the market. You ignored this.
So had did Mr Zorich do in 2013 with Beverly’s
money? Morgan Stanley commissions were $13,508.21. To my surprise, there was a
positive return of $34,661.23 or 5.17%.
The S&P 500 had its best year in 16 years
with a return of 32.39%. Had Beverly’s funds been invested in a fund with a 1%
expense ratio, she would have seen a return of $199,395.20. I checked on
several major no-load S&P funds and their return rates for 2013 were just
over 32%.
Beverly would have earned $164,733.97
more had you done as I asked. I have attached the detailed information.
You make a big deal out of working for Beverly
for free. Beverly did not pay you in 2013, but you and Mr Zorich cost her about
$165K. And due to the compounding rate of return in investments, the cost would
increase as years go by, because she can’t earn money on the $165K.
This is disgraceful. Shame on you Ladd for
costing an elderly woman with dementia $165K. How would you feel if it were
your mother?
I am
grateful for my sister’s continued advocacy for our mother’s financial
interests. Mr. Leavins is 65 years
old. Hopefully he will retire soon and
stop providing our mother with free legal advice costing her hundreds of
thousands of dollars.