Best Practices for Trusts, Trustees & Beneficiaries

/Best Practices for Trusts, Trustees & Beneficiaries

What is the Best Kind of Legacy to Transfer to Your Children and Grandchildren? Why Do 90% Mess It Up?

Unintended Consequences! No one likes negative surprises, especially after planning carefully and perhaps paying thousands of dollars to avoid them. Merely sounding the alarm on the hidden dangers of inherited wealth does little to solve the problems.  And sometimes the greatest risks aren’t foreseen. How are these risks being missed? In this session, we explore 14 elements of successful wealth transfers. 

How to Give Powers to Trust Beneficiaries

Being named a trust beneficiary brings the prospect of receiving wealth.  Nevertheless, beneficiaries may feel resentment — not at being beneficiaries, but at lacking control over the trust. While some limitations on the powers of beneficiaries may have been imposed for good reasons, other restrictions may not be necessary. By including beneficiaries in a trust’s governance, one can also improve the long-term financial stewardship. Thus, when designing trusts, estate planners should explore with clients what powers can appropriately be given to beneficiaries. Two case studies are discussed where powers were given to beneficiaries.

By | 2017-12-28T17:54:11+00:00 September 25th, 2017|Best Practices for Trusts, Trustees & Beneficiaries|

The Beneficiary Controlled/Directed Trust (AKA Inheritor’s Trust) Through the Lens of Purposeful Planning

Date: December 20, 2016 Speaker: John A. Warnick, Esq., Founder, Purposeful Planning Institute This call will be a helpful overview of the positive ways in which we can involve adult children in the planning process to give them an opportunity to create what the Oshins (Dick and his son Steve) and Noel Ice have copyrighted in 2006 as the Inheritor's Trust. We'll be discussing creative ways to describe features of a Purposeful Beneficiary-Controlled/Directed Trust such as the "My Trust Becomes Your Trust" concept, the Friendly Trustee (also referred to as Independent Trustees and Generative Trustees), the "Two Key" System for Total Control and Flexibility and the importance of thoughtfully creating a discretionary distribution model.

Creating Legacies of Significance

Date: December 6, 2016 Guest Speaker: Michael G. Stuart, JD, CPA, Attorney & Counselor at Law, The Stuart Legacy Alliance, LLC In this program we discuss a different paradigm for the transfer of wealth that seeks to enhance family relationships. Traditional wealth planners, accountants, attorneys and others have ‘taught’ us the ‘proper’ methods of planning. This new and informative presentation suggests that by changing the paradigm of how we look at planning, we can move the discussion forward. By helping clients capture their values and goals, it provides a unique and holistic way to address the issues of the family so that transition is something to be cherished and celebrated. The focus shifts from strategies and tactics to a collaborative, value driven model that allows families to accumulate and enjoy the wealth without destroying relationships and still maintain integrity and the ability to make a meaningful impact on the family and community.