Most people take for granted their ability to manage their own affairs. But for those who can’t, and who don’t have a family member  willing or able to help, a Profession Fiduciary can step in to oversee both daily and/ or long-term health-care and  protect financial assets.

Working on behalf of individuals of advanced age,  those with special needs who  have  sustained debilitating illness or injury, or settling the estate of a person who has passed away is Marlene Dennis, MBA, CLPF, NCG, founder of Dennis Advisory Services, Inc. She explained how there is great satisfaction in being able to help people, which is one of the primary reasons most fiduciaries initially choose the profession.

“You don’t define success in this business the way you would a typical business – while fiduciaries are paid for our work,  profitability t is not our measure of success,” Dennis said.  My success comes from helping people.”

Dennis, like many fiduciaries, entered the industry in mid-life as a second career, noting that having life experience is a benefit, almost a requirement, to being able to truly help people in the capacity of fiduciary. After spending years in human resources management, today Dennis specializes in conservatorships, trust administration, powers of attorney and estate administration.

The majority of a fiduciary’s clients come from trust and estate attorneys. “If someone dies without naming an executor and  the will needs to be probated;  if a trust  needs to be administered but no one is named as successor trustee  or the person named is not willing to serve;  if someone  needs help managing their day-to-day financial and/or healthcare issues in a Conservatorship, then a Professional Fiduciary can fill those roles,” she said, listing some of the main circumstances for which she may be called upon to act as fiduciary. Fiduciaries serve under court supervision or privately depending on the role they are filling. In California they are licensed and regulated by the Department of Consumer Affairs  They undergo background checks and are required to take continuing education courses to maintain their license.

Another area in which Dennis takes pride, is being able to help U.S. armed forces veterans. “The VA will determine medically if the person really shouldn’t be handling their own money, but they need to receive their funds and those funds need to be spent for their care. They will typically look at the family first, but if no one is willing to serve then they have a panel of fiduciaries, and I’m on that panel,” she said, adding that although she receives a nominal fee for the work, the main reason she serves on the panel is because it’s a way to be of service to those who have served their country.

Another type of trust is designed to help disabled individuals who recieve public benefits. They are commonly referred to as Special Needs Trusts. This type of trust is typically set up by a family member or can be established by court order as a result of an injury judgment. The purpose is to provide goods and services in a manner that does not jeopardize the beneficiaries eligibility for benefits such as Medi-caid. Each state regulates these trusts differently.

Marlene is a California Licensed Professional Fiduciary, a National Certificed Guardian and holds an M.B.A. from UCLA. She is also a member of the Professional Fiduciary Association of California.

Dennis takes her role as fiduciary seriously. It’s a good faith duty she has sworn to uphold.

For more information visit: www.fiduciaryLA.com