Crimson (6 page)

Adam continued, “And there is one other thing: the vorce rate is rapidly increasing. There is now one divorce to every three marriages in Britain, and I believe the rate is even higher in America. Of course, we all hope that they will both stay happily married, but Clare’s husband has been married twice before, and as a lawyer, I can tell you that it is a rare husband who will put his wife’s financial interests before his own in the event of … such a sad event.” He paused briefly to let Elinor consider.

“Clare and Annabel are both charming and delightful young women, but are you completely confident that they have the financial acumen to handle a fortune especially as they have no training or experience in such matters?-In particular, do you think that Annabel would be willing … or capable?” Annabel was everybody’s favourite sister, but she was also known as the family scatterbrain a not-too bright beauty with a sunny temperament.

After a few moments of silence, Adam added, “And I can’t help wondering, should Annabel ever be on her own, whether she would not be easy prey for fraudsters or … the sort of men who, frankly, stalk women with money.” Elinor spoke in a whisper.

“Please tell me what to do, Adam. You always know best.” So Adam explained the advantages of setting up a family trust, concluding, “Of

course, a main advantage would be that the trustees men of impeccable reputation would relieve the girls of all responsibility, make all business decisions, and operate the trust smoothly, to your satisfaction, before … during your lifetime.”

After a thoughtful silence, Elinor whispered, “A very sensible idea. The Dove Trust. Why didn’t you suggest it before now, Ada niT “You preferred me not to discuss your … these matters,” Adam reminded her.

“Whom would you appoint as trustee sT Elinor asked.

Briskly Adam replied, “I do not advise a bank, no matter how respectable. They are in business to make money for themselves.” He knew that the aim of a bank would be to get as much money as was possible and legal out of the trust account. This might well erode the money a small percentage here, another there by as much as five per cent a year; if so, within twenty years, Elinor’s fortune would belong to the bank. Adam cautioned especially against Swiss banks.

“They are the best publicists and the worst extortionists. That’s why they put up such an impressive facade of you-can-trust-us reassurance, with expensive writing paper and oldfashioned business offices meant to look as if they have been doing respectable and reliable business for hundreds of years.”

“Then whom do you advise?” “You need reliable, responsible professionals whom you can confidently expect to keep a careful eye on all the affairs of the Dove Trust. The trust will hold all your major assets, although, of course, you will also need to make a will for minor things, such as the disposal of personal effects.

“The trust will then administer the estate,” Adam went on, “and annually consider whether to apportion any of the trust income to the beneficiaries named by you, and if so, how much.” 4”H40W much does a trust cost to runT Elinor whispered.

in’s well-intentioned warnings had enervated her. r “The cost of setting it up would be about a thousand pounds, perhaps a little more, if property, such as the chaRteau, is involved. The yearly charge might be half a per cent of the trust value. The trustees could continue to work with your present bank, stockbroker, and other advisers.”

“Would STG’continue to be my lawyer sT “Of course. In fact, should you wish, our firm could act as trustees.” Buzz’s head appeared around the door.

“Two minutes more, Adam.” Then she saw Elinor’s pale face and said, “No, you’d better leave now.”

“Two more minutes.” Adam smiled gravely at. Buzz, who hesitated, nodded, then shut the door.

Adam looked at Elinor thoughtfully over the top of his horn-rimmed spectacles.

“That reminds me. In my judgement, it would be best not to include Buzz in the trust. She pan be looked after by them exactly as you wish, in the same way as the girls but for many reasons, in our experience the experience of Swithin, Timmins and Grant, it is simplest to confine a family trust to family members only. And there are other legal reasons that I won’t bother you with.”

“Are you sure Buzz will be properly looked after?” Elinor inquired anxiously.

“I’m absolutely certain of that.” Adam shuffled his papers into order and stood up.

“How long does it take to set up?” Immediately Adam understood the implications of “Elinor’s question. He said reassuringly, “It could be done in two weeks, but in an emergency overnight.”

“Better do it as fast as possible,” Elinor murmured, ding, “I’d like you to explain everything to Buzz and the as soon as possible.”

“I’m here to do whatever you wish,” Adam reassured her.

“I’m happy to explain your wishes to Buzz and the girls … but only when your doctor allows such a meeting. We mustn’t tire you, Elinor.” That afternoon, all of them sitting on prim Directoire chairs arranged around Elinor’s sumptuous bed, Adam could see that the girls felt uneasy, as if they had suddenly realized that this was a formal occasion; something important was about to happen.

Buzz clucked a bit to ease the atmosphere.

“Them shorts you’re wearing don’t leave much to the imagination,” she said to Clare, who wore white tennis clothes.

“Why didn’t you put on something pretty for your gran, like Anna belT Annabel had changed from her swimsuit into a bluebell silk dress.

“Don’t nag, Buzz.” Miranda, in pink slacks and matching blouse, knew that she had passed the decency test.

“Let’s start this meeting, Adam.” Gravely Adam said, “Your grandmother has decided to establish a family trust, for the benefit of you, her granddaughters.” In a carefully neutral voice, he then explained Elinor’s plan and stated the amount of money involved.

“Just under nine million pounds!” Miranda gasped.

Annabel’s mouth stayed half open.

“Heavens, that’s … that’s about twenty-seven million dollarsP Clare spoke hesitantly.

“That’s much too much money for just one person … or one family.” Detecting a certain frostiness from her grandmother’s direction, she added, “I mean nobody should have such a huge sum when half the world is starving.”

Adam saw that Clare was behaving exactly as he had expected: ever the romantic idealist and liberal. Priding herself on her honesty, she would end up a loser. Starting now.

“S How does a trust work?” Buzz asked warily. It a bit like setting up a company, but one run by instead of directors,” Adam explained.

“To check that the trustees do their job properly, a trust protector is appointed, to act as a sort of policeman. The trust is funded by the person who sets it up in this case, Elinor and will be run for the benefit of the beneficiaries named by Elinor in this case, her descendants. In case,” Adam added, “at some future point, there should be no descendants, a final beneficiary should be named, although that might not be relevant for a couple of hundred years.” Elinor liked the idea of her trust continuing for hundreds of years, producing yearly dividends.

“But if Elinor isn’t a beneficiary, will she have any future control over the trust possession sT Clare asked.

“What about Buzz? She isn’t a descendant of Elinor O’Dare,” Annabel said.

Adam ignored that for the moment and said, “The trust will always consider Elinor’s wishes in every respect. She can put all her requests in writing to the trust.”

“And must the trustees obey her?” Miranda asked.

“The trustees use their own judgement, as do a board of directors, and should always act in the best interest of the beneficiaries.”

“Sounds a bit complicated a bit unusual ain’ tiff Buzz said suspiciously.

“A trust situation is not unusual among the wealthy,” Adam explained.

“To avoid death duties and bad money management, Lord X makes over his fortune to his children, on the understanding that they will provide for him until he dies.”

“What if the kids don’t see it that way?” Buzz asked.

“What if the kids change their minds, after Lord X has signed over all his worldly wealth?” “If the children aren’t trustworthy, then of

course you wouldn’t consider such a trust.” Adam’s voice was carefully civil.

Buzz said, “If Elinor gives everything she owns to this here trust, then what does she live on?” “The trust can provide Elinor with a salary for the work she does, which will provide ample money, after tax, for her to live on.” Miranda concealed her exasperation. Couldn’t Buzz see that the reason for a trust was that Elinor was almost certainly dying? “And who will these all-powerful trustees beT Clare asked.

“Elinor’s lawyers have been asked to provide trustees,” Adam said.

“Elinor knows that STG are capable and reliable, and she doesn’t want to deal with people she doesn’t know. So I propose to ask our Bermuda office to set it up. Offshore trusts are not liable to alteration by changing laws.”

“You mentioned a protector. Who will that beT Miranda inquired.

“Probably Paul Littlejohn, who now works in our Bermuda office” He is familiar with Elinor’s affairs.” Buzz frowned, looked at Elinor’s white face, bit her lip, started to speak, then clearly thought better of it and stayed silent.

Relieved that the meeting seemed to be finished, Elinor asked in a shaky voice, “So it’s settled then?” Clare said uncertainly, “Can we talk a little more? Because I don’t like this idea. If Gran wants to leave us some money, why can’t she just do that? Why complicate the situation?” “Adam knows best,” Elinor told her firmly..

“Don’t be difficult, Clare.”

“I think I’m old enough to be in charge of my own financial affairs,” Clare protested.

OWL, “there’s no proof of that,” Miranda said sharply.

“You’veer had any business experience.”

“I’m confident that I can manage my own.” Clare was indignant now.

“I’m a married woman with a child. Surely that’s proof of my responsibility. Why do I need to be nannied by lawyer sT Elinor said faintly, “Adam has gone to a great deal of trouble to organize this, and Adam knows what’s best for us, darling.”

“Why does Adam know what’s best for me?” Clare asked in an exasperated tone.

“Because Adam’s a professional man,” Elinor whispered.

“He’s a qualified lawyer with years of legal experience. That’s why.; “Gran, all my life you’ve told me that some man in a ar suit knows best,” Clare said.

“It started when we were little girls, with Daddy Billy. “Daddy knows best” was what you always said. But we all knew even then that he didn’t. I don’t want to find myself in another nursery situation, being told that Daddy knows best only this time Daddy is some lawyer that I’ve never met, some faceless man who’s sitting in the middle of the Atlantic.”

“Now, Clare, no criticism of Daddy Billy,” Buzz warned. She hated this name Billy O’Dare had given himself, she suspected because he couldn’t bear to think of himself as old enough to be a grandfather.

“Sorry. I didn’t mean to criticize Daddy Billy,” Clare said quickly, but she knew that this was an important conversation with her grandmother, so she leaned towards Elinor and said, “I’m only trying to be truthful, Gran. I don’t like ‘this ideaf “Adam’s gone to all this trouble Elinor repeated faintly.

“But why didn’t you discuss the idea with us beforehand, if w6’re to be the beneficiaries?” Clare protested.

“I told you. Because Adam knows best, dear. He’s an expert. I pay him to think about these things carefully and decide, and it would be foolish not to take his advice.”

“Miranda doesn’t treat Adam with such deference,” Clare pointed out. She couldn’t understand why her grandmother had never had confidence in her own decision-making, had never trusted her own instincts and judgement.

“Clare,” Elinor said, “please show a little more respect for Adam! I am so sorry, Adam”

“I wish you’d stop treating us like children,” Clare cried.

“You sound just like you did when we were little. Whenever we questioned some decision, you always said, “Because Daddy knows best”I It wasn’t a logical answer then, and it still isn’t. Can’t you see that, Gran? Why do you always say, “Because Adam knows best’T “Because he does,” Elinor said firmly.

“You’ve always taken some man’s advice, and you’ve always managed to produce some good reason for doing so.” Clare wondered whether this was her grandmother’s way of trying to avoid final responsibility for her actions.

“Now, now, Clare,” Buzz said reprovingly.

“You ain’t writing Wuthering Heights.” This was a gentle family joke, used when Elinor became over dramatic

Equally anxious to defuse the situation, Annabel the family peacemaker-spoke up. “I’d also like to ask a question. Could this trust set up awards, burs aries things like that Annabel, who remembered Elinor’s beaming pride when the University of Minneapolis asked her to donate her manuscripts to their library, continued.

“For instance, could the trust use some of this money to set up an annual Elinor Dove prize a literary award on a popular level a really big award that couldn’t be ignored by reviewers who sneer at popular fiction? And how about an Elinor Dove travelling scholarship for the most promising first novel of the year, and a few more similar things that would impress the literary world?” Clare burst out, “You can’t be serious, Annabel! Anything like that would make the literary world see Gran as an even bigger” Buzz stood up.

“That’s enough, Clare! If you can’t behave, you’d better leave.”

“Am I being told to leave the room like a disobedient child?” Clare retorted.

“That’s about it,” Buzz said levelly. Clare’s the one that’s most like Elinor, she thought to herself. Got that same” passionate, extra stubborn, extra strong, and wilful nature.

Nobody spoke. Everyone watched Elinor. In the stormy silence, Elinor croaked, “If you are so dismissive of my work, my money, my advisers, and their plan for the future, then perhaps you would prefer not to participate in it, Clare. You need not be named as a trust beneficiary.”

“That’s okay by ineP Clare’s lips trembled. She was damned if she was going to be manipulated like this. And she certainly wasn’t going to cry in front of Adam.