Letter: It pays to be a trustee
To the Editors:
For those of you who are looking for a new career, or the opportunity for supplemental income, you can earn a significant annuity in your spare time by merely becoming a trustee. The Elizabeth Raymond Ambler Trust provides an excellent case example of trustees who were able to earn over $350,000, since 2001 by giving away somebody else’s money.
Wiltonian Betty (Elizabeth) Ambler was the last in the line of Amblers that dated back to the 179ts. She worked on her farm until 1998 when she passed away. She did not have any children or other heirs, so she left her significant assets to a trust which she hoped would provide scholarships for deserving local high school students and other local charitable organizations as determined by the trustees.
In 2001, the lawyer who was originally responsible for the trust selected two other individuals to also act as trustees. The trustees were paid approximately $11,000 per year. In the first year, the trustees approved grants for 58 student and charitable grantees.
In 2004, the original lawyer/trustee passed away, so another lawyer was chosen to fill the open trustee slot. In 2007, the fee paid to each trustee more than tripled to $36,000 a year. This is one of the beauties of the trustee career, you can set your own salary, even triple it, and nobody will complain.
Since 2007, the Elizabeth Ambler trustees continued earning $36,000 each year. In 2016, one of the three trustee slots became available. Remarkably, that slot was filled by the son of one of the trustees. Therefore, two of the three Elizabeth Ambler trustees are a father-son duo. Significantly, both have been involved in Wilton government.
If you happen to embark on a trustee career, here are two important things to remember:
Don’t distribute too much of the trust at one time or your annuity will run out.
Charity begins at home.
For those who like to dig into data, the following link will let you read the IRS 990s forms that were submitted for the Ambler trust: https://bit.ly/2G08QJf.
Good luck in your career.
Wilton, April 8