Definitive Guide on Picking a Trustee

Definitive Guide on Picking a Trustee

In this blog post you learn how to pick a trustee. I will walk you through the process step by step with a few little surprises to make it less boring.

Picking a trustee gets less attention than choosing your new smartphone.  In the first place, it is not a fun moment.  You and/or maybe your spouse are sitting with your estate planning lawyer.  You are planning what happens when you pass away.    For engineers and math people this is a logical emotional process.  For everyone else it is a winding road of emotions and what-ifs.  To sum up, in your Will or separate trusts you have to pick a few positions.  In your Will you need to pick an Executor, Guardian (if you have kids), Beneficiary and a Trustee.  If you have a revocable or irrevocable trust you will need to pick a Trustee and Beneficiary. 

TAKE CONTROL OF PICKING A TRUSTEE ON YOUR TERMS. KEEP READING….

Tax Reform – Who pays more?

Tax Reform proposal, introduced yesterday, has both some pretty big winners and losers.  In the first place the bill’s name – Tax Cuts and Jobs Act.  Kinda funny. At 429 pages the bill is surprisingly lean.  Of course, this kicks off the negotiations with both sides of the aisle and special interest groups.

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Are Millennials the best and toughest clients?

Millennials will challenge you.  This is a good thing.  If you don’t adapt to different generations, wants and needs, you have a fuzzy problem.  Traditional companies have a hard time marketing to Millennials and Gen Zers.  In our opinion, we believe corporate America generally misses the mark on how to market and to service these two generations.   We admit our corporate trustee services are boring, though important.  Despite this, we are enjoying the process of adapting to the most engaging way to service these younger generations.

Some find it challenging to adapt.  Frankly, that is the fun part of the business.

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South Dakota, the new Switzerland: A Privacy & Tax Haven

The best packages come in unassuming wrapping paper.  South Dakota trust laws have the benefits of sealed privacy laws for trusts, no state income tax, no estate tax, asset protection and dynastic trusts features.  Quick and to the point article of how the trust statutes of South Dakota.

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Nomination – 3 for 3 Years – Best Trust Company in America

The Private Asset Management Awards, PAM Awards, recognize and reward those firms working in the financial industry who have successfully serviced high-net-worth individuals in an increasingly complex economic environment. Wealth Advisors Trust Company is the only trust company to be named a finalist for Best Trust Company in America for the past three years. In 2013, Wealth Advisors Trust Company was awarded a Highly Commended which amounts to a 2nd place. PAM 2014 Award Winner

Are Your Clients Happy?

 

Are your clients happy?

We all like to think we are the biggest and brightest stars in the wealth management universe, but, truth is, there is a lot of competition out there. Much focus is given to adding new clients, however, it is equally important to keep those hard won accounts. So, how happy are your clients? It is a hard metric to measure with most clients either too afraid or too kind to give true opinions, especially when directly asked by you. According to a 2014 Morningstar study, 55% of investors that were studied considered firing their advisor. If that statistic didn’t wake you up, it should! So how do you retain your practice’s most prized possessions? Here are a few tips from a Spectrum Group Study, which surveyed over 1,500 affluent households. (more…)

Adviser Friendly Trust Company

Winner declared in South Dakota best trust company face off

Citi, Guggenheim are not “Too Big To Fail” after an independent trust company beats giants in the ranking of best client trustee service in South Dakota.  Wealth Advisors Trust Company ranked #1 in trustee client service per a recent poll.

Money center banks and blue-ribbon wealth management complexes are out of favor as investment advisors and family offices seek partners in the trust haven state of South Dakota they can count on to keep their clients’ interests in mind. And Wealth Advisors Trust Company is the homegrown South Dakota trust company that leads the way. (more…)

SmartIRA allows Wealth Advisors Trust Company to step ahead

Wealth Advisors Trust Company was recognized by its peers and an independent magazine, PAM, as not only a leader in providing client focused trust services (e.g. SmartIRA) but also claiming the runner position as the second best trust company provider.   See the attached article: http://thetrustadvisor.com/tag/smart-ira

The Secret Your Estate Planning Attorney Won’t Tell You

An interesting blog post was written from acclaimed writer Dan Solin in  the Huffington Post.  He discusses how attorney’s do not always give clients and financial advisers information that they have choices on corporate trustee selection.  It is an easy and efficient read.

http://www.huffingtonpost.com/dan-solin/the-secret-your-estate-pl_b_642539.html

Trusteed IRA SOCTUS Answers re: Clark v Rameker

The Trusteed IRA rules and applications have not been clear. In June 2014 Scotus, fancy way of saying, US Supreme Court, provided a decision on the case Clark v. Rameker.  Financial advisors, estate attorneys and IRA owners have not known how to use this easy estate planning tool.  Prior to Clark v. Rameker many unanswered questions hung frustratingly about. Nobody had considered a simple approach like an advisor friendly trustee IRA which we call the SmartIRA.  The US Supreme Court via it’s decision around Clark v. Rameker now lays out the process for all advisors and clients.  The Trusteed IRA can be a natural and easy solution. (more…)

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