The document discusses factors to consider when choosing between a personal trustee or a professional trustee to manage one's estate. A personal trustee may provide a personal connection but they may lack expertise in complex trust management. A professional trustee can provide expertise through staff but may treat clients impersonally. Whittier Trust is presented as offering benefits of both by taking a personalized approach while also providing experienced staff and flexibility.
The document discusses factors to consider when choosing between a personal trustee and a professional trustee to oversee an estate. It notes that while a personal trustee may provide a personal connection, they may lack experience in complex financial management. A professional trustee can provide impartial expertise but may treat clients impersonally. The document provides questions in each area to help evaluate which type of trustee would be a better fit based on the estate's needs, assets, beneficiaries, and duration.
Jersey Private Wealth Report 2018 by Gibson StrategyAmanda Overland
A report detailing the private wealth sector in Jersey.
Based on interviews of 82 Jersey based residents including private clients and private wealth professionals.
Northway Wealth Advisors provides fiduciary assistance and wealth management services to wealthy individuals, families, and foundations. They aim to serve as an independent, objective advisor to help navigate the challenges of great wealth. Their president, Daniel FitzPatrick, has over 30 years of experience in trust and estate management, private banking, and fiduciary roles. Northway offers services like wealth management assistance, trust and estate guidance, and generational planning to serve as an "Owner's Rep for the Wealthy."
US real estate equity builder Kansas City (usreeb) specialize in residential, commercial, and rural property sales as well as property management services
Proper estate planning through tools like wills, trusts, and life insurance can help protect a family's assets and save them money during their most vulnerable time. While estate planning can seem complicated, an experienced attorney can help craft customized solutions like wills and powers of attorney to meet a client's specific needs and save their heirs time and money. Creating a trust allows grantors more control over how and when heirs receive assets, which is especially important if they are too young to be responsible for the inheritance.
Wealth management involves managing investments for all types of investors to provide better returns and help achieve long-term financial goals such as buying a house, saving for a child's education, or retirement. While often associated with helping affluent individuals create wealth, wealth management in reality means growing one's money exponentially through any investor's investments over time.
This document provides information to recommend Marsh Private Client Services (Marsh PCS) as an insurance provider for high-net-worth clients. It outlines that Marsh PCS offers specialized expertise in assessing personal risk profiles and designing comprehensive insurance programs tailored to affluent individuals' complex lifestyles and unique risks. Marsh PCS also provides advocacy during the claims process and access to top specialty insurers catering to high-net-worth clients. The document recommends introducing Marsh PCS to clients and addressing common objections to encourage them to consider a complimentary risk analysis from Marsh PCS.
This document discusses how plan sponsors can evaluate whether their retirement plan advisor has sufficient expertise. It notes that less than 1% of financial advisors focus primarily on defined contribution plans. The document provides 8 questions plan sponsors should ask their advisor to assess the advisor's competency, including whether the advisor acts as a fiduciary, understands plan designs and fees, and implements robust processes for benchmarking and participant education. It encourages plan sponsors to contact the author if concerned about their current advisor's qualifications.
The document discusses factors to consider when choosing between a personal trustee and a professional trustee to oversee an estate. It notes that while a personal trustee may provide a personal connection, they may lack experience in complex financial management. A professional trustee can provide impartial expertise but may treat clients impersonally. The document provides questions in each area to help evaluate which type of trustee would be a better fit based on the estate's needs, assets, beneficiaries, and duration.
Jersey Private Wealth Report 2018 by Gibson StrategyAmanda Overland
A report detailing the private wealth sector in Jersey.
Based on interviews of 82 Jersey based residents including private clients and private wealth professionals.
Northway Wealth Advisors provides fiduciary assistance and wealth management services to wealthy individuals, families, and foundations. They aim to serve as an independent, objective advisor to help navigate the challenges of great wealth. Their president, Daniel FitzPatrick, has over 30 years of experience in trust and estate management, private banking, and fiduciary roles. Northway offers services like wealth management assistance, trust and estate guidance, and generational planning to serve as an "Owner's Rep for the Wealthy."
US real estate equity builder Kansas City (usreeb) specialize in residential, commercial, and rural property sales as well as property management services
Proper estate planning through tools like wills, trusts, and life insurance can help protect a family's assets and save them money during their most vulnerable time. While estate planning can seem complicated, an experienced attorney can help craft customized solutions like wills and powers of attorney to meet a client's specific needs and save their heirs time and money. Creating a trust allows grantors more control over how and when heirs receive assets, which is especially important if they are too young to be responsible for the inheritance.
Wealth management involves managing investments for all types of investors to provide better returns and help achieve long-term financial goals such as buying a house, saving for a child's education, or retirement. While often associated with helping affluent individuals create wealth, wealth management in reality means growing one's money exponentially through any investor's investments over time.
This document provides information to recommend Marsh Private Client Services (Marsh PCS) as an insurance provider for high-net-worth clients. It outlines that Marsh PCS offers specialized expertise in assessing personal risk profiles and designing comprehensive insurance programs tailored to affluent individuals' complex lifestyles and unique risks. Marsh PCS also provides advocacy during the claims process and access to top specialty insurers catering to high-net-worth clients. The document recommends introducing Marsh PCS to clients and addressing common objections to encourage them to consider a complimentary risk analysis from Marsh PCS.
This document discusses how plan sponsors can evaluate whether their retirement plan advisor has sufficient expertise. It notes that less than 1% of financial advisors focus primarily on defined contribution plans. The document provides 8 questions plan sponsors should ask their advisor to assess the advisor's competency, including whether the advisor acts as a fiduciary, understands plan designs and fees, and implements robust processes for benchmarking and participant education. It encourages plan sponsors to contact the author if concerned about their current advisor's qualifications.
This document provides an overview of advising business clients on assurance opportunities. It discusses various wealth altering events that can impact a business owner and their business. It also outlines different types of risks facing a business, such as third party creditor risk, unrecovered capital risk, and key person risk. The document then discusses solutions to these risks, including third party liability insurance, credit loan accounts, buy-sell agreements, and key person insurance. It stresses the importance of understanding the client's full business needs before developing solutions.
McKonly & Asbury’s October webinar is brought to you by Bridgeford Trust Company! Modern trust laws, including directed trust, trust protector, and the newly created family advisor, have revolutionized the trust industry in the United States. During this webinar, David Warren, Chairman of the Board/Co-Founder of Bridgeford Trust Company and President/CEO of Bridgeford Advisors, will highlight how these modern progressive trust laws, found only in a handful of states including South Dakota, have drastically changed how trusts are created and administered, delivering far more control and direction to settlors of trusts, beneficiaries, and their advisors than ever before.
Unless your relationship with your financial advisor includes Genuine Relations, Expert Guidance, and Fiduciary Stewardship, it's impossible to gain the Clarity, Trust and Outcomes necessary to gain Retirement Prosperity. Does this model work for you?
Refocussing: Financial Planning and DivorceShannon Boschy
Divorce has significant financial consequences that both parties need to consider when dividing assets such as pensions, savings plans, the home, and determining spousal and child support. It is important for both spouses to be aware of household finances and have a clear picture of their individual financial situations during the divorce process. Hiring trusted financial and legal advisors can help clarify finances and realign goals for after divorce.
Many Wealth Managers positioning themselves as a family office to wealthy investors. The term "family office" connotes sophistication, independence and objectivity.
The document discusses legacy planning, which involves conversations about family values, long-term care needs, inheritance, philanthropy, and financial preparedness for retirement. It addresses concerns about maintaining one's lifestyle, becoming a burden, and protecting a legacy. The team uses strategic risk and estate planning to create holistic financial plans that can help clients gain confidence and prepare for life's challenges. Items to be discussed include wishes for children and grandchildren after passing, whether the estate plan will resolve or cause family conflicts, and how one wants to be remembered.
This document provides information about purchasing a 3Com 0235A324 MSR20-20 ROUTER from Launch 3 Telecom. It includes details about payment methods, same-day shipping and tracking, warranty, and additional services offered like repairs. Launch 3 Telecom is an authorized reseller and service provider of 3Com and other telecom equipment.
LaravelSP - MySQL 5.7: introdução ao JSON Data TypeGabriela Ferrara
O documento apresenta uma introdução ao tipo de dados JSON no MySQL 5.7, descrevendo suas principais funcionalidades como validação automática, tipos de dados suportados, funções para criação, busca, modificação e retorno de atributos de dados JSON, e a possibilidade de criação de índices.
El documento contiene resúmenes de varias entrevistas realizadas sobre experiencias de viaje y actividades de ocio y turismo. Caty, de 36 años, disfruta viajando en familia y realizando actividades al aire libre como senderismo y descensos en canoa. Jesús, de 40 años, viaja mucho por trabajo pero prefiere pasar tiempo con su familia cuando está en casa. José, de 37 años, ha realizado varios viajes independientes y recomienda ofrecer guías locales y visitas a lugares poco comunes. Inmaculada, de 30
Greg Allan has over 30 years of experience in human resources, recruitment, and training roles. He has worked in leadership positions at McDonald's Restaurants Canada, Mac's Convenience Stores, Frito-Lay, and currently teaches at NorQuest College. Allan has a proven track record of developing recruitment programs, training employees, and managing teams. He maintains an extensive professional network and has served on several nonprofit boards.
Terrance Turner is seeking a full-time position as a licensed physical therapist. He has work experience in various roles, including as a caddie, cashier/cook, environmental attendant, and furniture assembler/stocker. He received his undergraduate degree in Exercise Science from Saginaw Valley State University. His objective, experience, education, awards, and references are included in his resume.
TW-EU-2013-35497 Viewpoints_Diversity and inclusion_LRGonzalo Shoobridge
The document discusses embracing diversity and inclusion in the workplace. It notes that diversity covers many personal characteristics and can boost business performance by increasing globalization, changing workforce values, and improving reputation. Embracing diversity requires analyzing workforce composition data to identify gaps and understand trends. While increasing inclusion often improves engagement, organizations must also create a truly inclusive culture to see benefits like higher productivity and profits. Senior leadership support is essential to building an engaged workforce and implementing diversity initiatives effectively.
This document contains the resume of Muhammad Musavir Sheikh. It summarizes his professional qualifications which include several Cisco and IBM certifications. It also outlines his work experience in network engineering and security roles at organizations like PSX, Softech Microsystems, Arwen Tech, IQRA University, and TeleCard Pvt Ltd. His skills include expertise in Cisco IOS, routing protocols, firewalls, switches, and security appliances. He is looking for a challenging position in a dynamic organization.
This document discusses how InfoTrack now provides an easy and efficient way to prepare and electronically sign Section 32 statements and contracts of sale for real estate transactions. Practitioners can order documents, searches, and certificates from InfoTrack online and have them electronically signed anywhere using SignIT. This streamlines the conveyancing process by eliminating the need for paper documents and signatures. The electronic signing process uses DocuSign and can be done from any device. InfoTrack aims to save practitioners time by automating document preparation and approval workflows for real estate transactions.
Модели медиапотребления. Что люди читают, почему, когда и как...Евгений Храмов
Вопросы, которые были изучены в рамках проведённого исследования:
— Сколько времени люди проводят за чтением медиа.
— Начало чтения: откуда пользователи приходят на статью.
— Как из всего потока информации люди выбирают, что открыть.
— Что люди читают, а что сканируют.
— Какие есть стратегии потребления информации
Support de cours pour la formation de Miage M2 Option Energie (https://sites.google.com/site/m2miageenergie/)
Cours de 3h qui a pour objet une réflexion sur les mutations actuelles du monde de l'énergie
El documento habla sobre la formulación de un plan de negocios. Explica que un plan de negocios incluye la misión, visión y estrategias de la empresa. También describe los componentes clave de un plan de negocios como el análisis de oportunidades de mercado, la viabilidad técnica y financiera del proyecto, y los procedimientos necesarios para convertir la idea en un proyecto empresarial concreto. Finalmente, destaca la importancia de crear una visión clara del negocio para establecer metas y guiar las acc
The document discusses the totally asymmetric simple exclusion process (TASEP), which is one of the simplest interacting particle systems. It introduces the TASEP model, which involves particles jumping to the right on a one-dimensional lattice at rate 1, with particles being injected into the first site at rate α. The main result establishes a large deviation principle for the empirical density of particles in the TASEP under its invariant measure. The proof uses a matrix product ansatz to represent the invariant measure and characterize the limiting cumulant generating function, allowing application of Gärtner-Ellis theorem to obtain the large deviation principle.
1) The document discusses InfoTrack's suite of products that aim to save professionals time by streamlining administrative tasks through digital tools and integration with other systems.
2) Key products mentioned include IDfy for electronic verification of identity checks, eCOS for electronic contracts of sale, and SignIT for electronic document signing.
3) The document also discusses InfoTrack's integration with property settlement platform PEXA, which allows users to create workspaces and manage settlements directly from InfoTrack.
This document provides an overview of advising business clients on assurance opportunities. It discusses various wealth altering events that can impact a business owner and their business. It also outlines different types of risks facing a business, such as third party creditor risk, unrecovered capital risk, and key person risk. The document then discusses solutions to these risks, including third party liability insurance, credit loan accounts, buy-sell agreements, and key person insurance. It stresses the importance of understanding the client's full business needs before developing solutions.
McKonly & Asbury’s October webinar is brought to you by Bridgeford Trust Company! Modern trust laws, including directed trust, trust protector, and the newly created family advisor, have revolutionized the trust industry in the United States. During this webinar, David Warren, Chairman of the Board/Co-Founder of Bridgeford Trust Company and President/CEO of Bridgeford Advisors, will highlight how these modern progressive trust laws, found only in a handful of states including South Dakota, have drastically changed how trusts are created and administered, delivering far more control and direction to settlors of trusts, beneficiaries, and their advisors than ever before.
Unless your relationship with your financial advisor includes Genuine Relations, Expert Guidance, and Fiduciary Stewardship, it's impossible to gain the Clarity, Trust and Outcomes necessary to gain Retirement Prosperity. Does this model work for you?
Refocussing: Financial Planning and DivorceShannon Boschy
Divorce has significant financial consequences that both parties need to consider when dividing assets such as pensions, savings plans, the home, and determining spousal and child support. It is important for both spouses to be aware of household finances and have a clear picture of their individual financial situations during the divorce process. Hiring trusted financial and legal advisors can help clarify finances and realign goals for after divorce.
Many Wealth Managers positioning themselves as a family office to wealthy investors. The term "family office" connotes sophistication, independence and objectivity.
The document discusses legacy planning, which involves conversations about family values, long-term care needs, inheritance, philanthropy, and financial preparedness for retirement. It addresses concerns about maintaining one's lifestyle, becoming a burden, and protecting a legacy. The team uses strategic risk and estate planning to create holistic financial plans that can help clients gain confidence and prepare for life's challenges. Items to be discussed include wishes for children and grandchildren after passing, whether the estate plan will resolve or cause family conflicts, and how one wants to be remembered.
This document provides information about purchasing a 3Com 0235A324 MSR20-20 ROUTER from Launch 3 Telecom. It includes details about payment methods, same-day shipping and tracking, warranty, and additional services offered like repairs. Launch 3 Telecom is an authorized reseller and service provider of 3Com and other telecom equipment.
LaravelSP - MySQL 5.7: introdução ao JSON Data TypeGabriela Ferrara
O documento apresenta uma introdução ao tipo de dados JSON no MySQL 5.7, descrevendo suas principais funcionalidades como validação automática, tipos de dados suportados, funções para criação, busca, modificação e retorno de atributos de dados JSON, e a possibilidade de criação de índices.
El documento contiene resúmenes de varias entrevistas realizadas sobre experiencias de viaje y actividades de ocio y turismo. Caty, de 36 años, disfruta viajando en familia y realizando actividades al aire libre como senderismo y descensos en canoa. Jesús, de 40 años, viaja mucho por trabajo pero prefiere pasar tiempo con su familia cuando está en casa. José, de 37 años, ha realizado varios viajes independientes y recomienda ofrecer guías locales y visitas a lugares poco comunes. Inmaculada, de 30
Greg Allan has over 30 years of experience in human resources, recruitment, and training roles. He has worked in leadership positions at McDonald's Restaurants Canada, Mac's Convenience Stores, Frito-Lay, and currently teaches at NorQuest College. Allan has a proven track record of developing recruitment programs, training employees, and managing teams. He maintains an extensive professional network and has served on several nonprofit boards.
Terrance Turner is seeking a full-time position as a licensed physical therapist. He has work experience in various roles, including as a caddie, cashier/cook, environmental attendant, and furniture assembler/stocker. He received his undergraduate degree in Exercise Science from Saginaw Valley State University. His objective, experience, education, awards, and references are included in his resume.
TW-EU-2013-35497 Viewpoints_Diversity and inclusion_LRGonzalo Shoobridge
The document discusses embracing diversity and inclusion in the workplace. It notes that diversity covers many personal characteristics and can boost business performance by increasing globalization, changing workforce values, and improving reputation. Embracing diversity requires analyzing workforce composition data to identify gaps and understand trends. While increasing inclusion often improves engagement, organizations must also create a truly inclusive culture to see benefits like higher productivity and profits. Senior leadership support is essential to building an engaged workforce and implementing diversity initiatives effectively.
This document contains the resume of Muhammad Musavir Sheikh. It summarizes his professional qualifications which include several Cisco and IBM certifications. It also outlines his work experience in network engineering and security roles at organizations like PSX, Softech Microsystems, Arwen Tech, IQRA University, and TeleCard Pvt Ltd. His skills include expertise in Cisco IOS, routing protocols, firewalls, switches, and security appliances. He is looking for a challenging position in a dynamic organization.
This document discusses how InfoTrack now provides an easy and efficient way to prepare and electronically sign Section 32 statements and contracts of sale for real estate transactions. Practitioners can order documents, searches, and certificates from InfoTrack online and have them electronically signed anywhere using SignIT. This streamlines the conveyancing process by eliminating the need for paper documents and signatures. The electronic signing process uses DocuSign and can be done from any device. InfoTrack aims to save practitioners time by automating document preparation and approval workflows for real estate transactions.
Модели медиапотребления. Что люди читают, почему, когда и как...Евгений Храмов
Вопросы, которые были изучены в рамках проведённого исследования:
— Сколько времени люди проводят за чтением медиа.
— Начало чтения: откуда пользователи приходят на статью.
— Как из всего потока информации люди выбирают, что открыть.
— Что люди читают, а что сканируют.
— Какие есть стратегии потребления информации
Support de cours pour la formation de Miage M2 Option Energie (https://sites.google.com/site/m2miageenergie/)
Cours de 3h qui a pour objet une réflexion sur les mutations actuelles du monde de l'énergie
El documento habla sobre la formulación de un plan de negocios. Explica que un plan de negocios incluye la misión, visión y estrategias de la empresa. También describe los componentes clave de un plan de negocios como el análisis de oportunidades de mercado, la viabilidad técnica y financiera del proyecto, y los procedimientos necesarios para convertir la idea en un proyecto empresarial concreto. Finalmente, destaca la importancia de crear una visión clara del negocio para establecer metas y guiar las acc
The document discusses the totally asymmetric simple exclusion process (TASEP), which is one of the simplest interacting particle systems. It introduces the TASEP model, which involves particles jumping to the right on a one-dimensional lattice at rate 1, with particles being injected into the first site at rate α. The main result establishes a large deviation principle for the empirical density of particles in the TASEP under its invariant measure. The proof uses a matrix product ansatz to represent the invariant measure and characterize the limiting cumulant generating function, allowing application of Gärtner-Ellis theorem to obtain the large deviation principle.
1) The document discusses InfoTrack's suite of products that aim to save professionals time by streamlining administrative tasks through digital tools and integration with other systems.
2) Key products mentioned include IDfy for electronic verification of identity checks, eCOS for electronic contracts of sale, and SignIT for electronic document signing.
3) The document also discusses InfoTrack's integration with property settlement platform PEXA, which allows users to create workspaces and manage settlements directly from InfoTrack.
The document provides an overview of several architectural projects that feature Ibstock bricks. It includes summaries of Elmfield Court, a residential development in London by CF Moller featuring Ibstock Bradgate Light Buff bricks; the Courtyard House in London by Dallas Pierce Quintero featuring vertically laid Ibstock Staffordshire Slate Blue bricks; and the Foundry, an industrial development in Salford by Sixtwo Architects featuring brick facades. It also mentions Ibstock brick successes at the 40th Brick Awards and profiles new shades of grey bricks introduced by Ibstock.
Joshua Squyres is seeking a position utilizing his over 20 years of experience as a millwright and supervisor maintaining industrial equipment such as compressors, turbines, pumps, and generators. He has extensive experience diagnosing and performing maintenance on rotating equipment across various industries. His resume demonstrates a proven track record of safety leadership, technical skills, and coordinating maintenance activities.
El documento describe el ambiente de trabajo de MS Excel, incluyendo las partes principales como columnas, filas, celdas, hojas de cálculo y la cinta de opciones. Proporciona detalles sobre cómo ingresar y editar datos en celdas individuales.
The document discusses factors to consider when choosing between a personal trustee (such as a family member or friend) versus a professional trustee (such as an organization) to manage one's estate and wealth through a trust. It notes that while a personal trustee provides a personal connection, they may lack expertise in complex fiduciary responsibilities and trust management. A professional trustee has staff with expertise but lacks a personal relationship. The document provides questions to help evaluate whether a personal or professional trustee is a better fit in each situation.
The trustee plays an important role in ensuring a trust meets its objectives. When selecting a trustee, the creator of the trust must consider appointing either a personal confidant, relative, or professional with the necessary expertise to impartially manage the trust. An individual trustee may have intimate knowledge of beneficiaries but lack skills, while professional trustees have expertise but less personal connections. The ideal trustee can provide loyalty, expertise in legal, tax, and investment matters, and make impartial decisions for the lifetime of the trust.
Understanding some basic information about trusts may help you decide if a trust could be a beneficial addition to your estate plan. Learn more about trust basics in this presentation.
It is imperative that you understand what each fiduciary role encompasses and what should be considered when making a decision about whom to appoint. Learn more about fiduciaries in this presentation
This document provides an overview of 10 reasons for meeting with the financial advisors to review one's financial plan. It discusses ensuring annual reviews are conducted, assessing risks that could impact one's family, reviewing retirement plans, long term healthcare needs, and encouraging positive values in children through a trust. The advisors aim to provide a comprehensive review of finances and bring all aspects like tax, insurance, estate planning into alignment. The overall message is the importance of regular financial reviews.
The document discusses the role and responsibilities of a personal representative, who is appointed to carry out the directions in a will and settle an estate according to the deceased person's wishes. As a fiduciary, the personal representative has numerous legal and financial duties, including notifying beneficiaries, collecting assets, paying debts and taxes, and distributing the remaining estate. It is important to carefully choose a personal representative who has the time, skills, trustworthiness and willingness to take on these responsibilities.
Behind Every Strong Man...A Family Of Strong Womenmhakerem
1) The document discusses establishing trusted advisory relationships to protect strong women from threats to their financial security when inheriting wealth over the coming decades.
2) It emphasizes the importance of finding an advisor that provides high-quality service, trust, and value through keeping clients' best interests first as a fiduciary.
3) The author recommends exploring resources to help choose an advisor that will advocate for families' unique needs and priorities over the long term.
The document discusses the importance of estate planning through tools like wills, mandates of incapacity, and trusts. It notes that most clients do not have up-to-date wills and discusses strategies to avoid or defer taxes upon death like leaving assets to a spouse. It also describes helping a client set up a family trust to provide for their disabled child after their passing while transferring assets in a tax-efficient structure. Finally, it emphasizes that estate planning is important to avoid high tax liability and ensure one's wishes are followed but that clients often delay or avoid it due to time, costs, or discomfort with the subject.
Max Whittier amassed wealth in California and established a tradition of philanthropy that has been carried on by subsequent generations through eight family foundations over 60 years. Whittier Trust has supported the Whittier family and over 300 other families and entities in their philanthropic activities since the 1950s. They provide customized services to minimize demands and maximize rewards for clients' philanthropic journeys, with a goal of carrying out clients' philanthropic missions.
This document summarizes the legal services offered by Else Law, including wills and probate, powers of attorney, inheritance tax planning, trusts, and estate administration. It provides an overview of each service, explaining why they are important and how the firm can help clients get their affairs in order to plan for the future and ensure their wishes are carried out. The firm aims to build long-term relationships and provide a personal service tailored to each client's needs.
Why Trusts may be of Value
Trusts have generally been used to help people who fall into two basic categories: people who need financial assistance and people who are unable to manage their own money properly. Hence, trusts have been used to benefit children, those over the age of majority who are immature and otherwise unable to manage large sums of money, those with disabilities who aren’t able to manage their own affairs, and those with substantial creditors.
Five Key Elements to protect your family and your legacy written by Lisa Detanna. Estate planning means ensuring that your assets will be applied to the objectives you choose, both now and in the future. Lisa Detanna collaborates with a diverse high net worth clientele that includes both individuals and organizations.
- It is critical to regularly review beneficiary designations for registered accounts and life insurance policies to ensure they match your current intentions, as situations like divorce and remarriage can cause outdated designations.
- Without proper beneficiary designations, assets may have to pass through probate instead of going directly to intended beneficiaries, causing delays and potential fees.
- Doctors should consider incorporating or using holding companies to potentially defer more tax through structures utilizing insurance policies and loans.
Duties of an Executor or Administrator in a Texas ProbateSteve P. Mendel
Understand the duties and responsibilities that come with the position of executor so you will know why considerable thought should go into deciding who to appoint to the position. Learn more about Texas probate in this presentation.
A financial plan addresses a client's accumulation, distribution, and preservation needs by developing strategies around cash flow, debt management, risk management, investments, retirement, education, charitable giving, estate planning, taxes, and more. The financial planner will analyze the client's current financial situation, identify goals, and recommend tailored strategies to meet those goals. Regular monitoring is needed as life changes occur to ensure the plan stays on track to meet the client's objectives. The financial planner aims to provide a comprehensive plan and ongoing management through their wealth management system to help the client organize their financial life.
This document discusses strategies for business owners transitioning from being an entrepreneur to an investor. It covers the key decisions of who will own the business next, when to transfer ownership, and how to structure the transfer. Some important points discussed include assessing the family's financial goals, building an expert advisory team, using valuation discounts and trusts to efficiently transfer assets and reduce taxes, and preparing family members to manage wealth after the business is sold or transferred. The overall goal is to thoughtfully plan the transition well in advance to achieve the family's objectives and ensure financial security going forward.
The document provides information about trust services offered by Proteam Consulting including international financial planning, incorporation services, company management, and advice on trusts. It defines what a trust is, describes the typical parties involved like the settlor and beneficiaries, and outlines different types of trusts such as discretionary trusts and accumulation and maintenance trusts.
Similar to WT_Professional Trustee_m_06.11.14 (20)
2. Your Wealth. | What does it mean to you? Your vision. Understood.
3. A family’s legacy. Secured.
The original track map for
Rancho Rodeo de las Aguas–
once an oil field failure–
known today as Beverly Hills.
Through hard work and good luck, Maine native Max Whittier participated in three of the 12
largest oil strikes in the continental United States. Even disappointments proved a success. An oil
field failure—Rancho de las Aguas—was transformed into a real estate investment known today
as Beverly Hills.
As the Whittier family expanded and its wealth grew, so did the complexities and challenges
of managing their needs and transitioning their wealth from one generation to the next. After
Mr. Whittier’s passing in 1925, his four children kept the Whittier family interests secure through
the creation of the Whittier family office. The family office simplified the day-to-day management of growing their
wealth and guided the sale of Belridge Oil Company, one of their most significant assets, to
Shell Oil Company in 1979. The sale of Belridge for $3.65 billion was the largest financial
transaction in history at that time.
In 1989, Whittier Trust was formed to more efficiently serve affluent clients. Today, we
continue to help our clients navigate the complexity of managing, enhancing and transitioning
their wealth. We can ensure that your vision and counsel for your loved ones is secure, even
when you are no longer there to provide it.
4. Be confident in your choice of trustee.
There comes a time when you need additional support and continuity to protect and transition your family’s wealth. Nearly a century
ago, the Whittier family recognized the complex needs of managing their estate. They chose to create a family office, that evolved
into Whittier Trust, to leverage additional expertise. If they had simply appointed a family friend 75 years ago to oversee
Max Whittier’s legacy, would their future be as secure as it is today?
When it comes to selecting a trustee, you have a choice. You can choose an individual, also known as a personal
trustee, who is often a close friend or relative with an understanding of your family. Yet that knowledge may not extend to
trust management which involves many fiduciary responsibilities such as balancing the needs of beneficiaries, prudently
managing investments, and providing required reports. A personal trustee may be an option if a trust isn’t expected to
have a long duration or if he or she possesses unique knowledge of the family’s assets or situation.
Invariably, one of the greatest challenges that will arise is a conflict between the trustee and family.
This places considerable stress on everyone when necessary business or distribution decisions need
to be made.
You may also choose an organization to act as your professional trustee.
Typically a professional trustee is staffed by experts in trust management
who are capable of addressing the complex duties associated with acting as
a fiduciary. A professional trustee can also provide greater transparency in
reporting and seamless distributions. However, some professional trustees
lack the dedicated personnel to provide quality service and may be viewed as
impersonal or even bureaucratic.
5. Personal connection. Is a personal trustee the right choice for you?
When choosing a personal trustee, consider the following:
Am I making this decision based on emotion?
When it comes to family, all decisions are framed by emotion. However, when choosing a trustee
that is right for you, it is important to maintain an impartial perspective and consider multiple
factors such as the trustee’s age, ability, resources, and availability.
How does the personal trustee’s experience translate to effective trust management?
If you are considering a personal trustee, it is important to find one with appropriate experience and capabilities. The personal trustee you
select should have a firm understanding of the complexity and responsibility of wealth management, recordkeeping and legal matters.
A personal trustee should have the knowledge of how to efficiently manage, protect, and grow wealth while ensuring your legacy.
Does the personal trustee have a clear understanding of their fiduciary responsibilities?
An individual who acts as trustee is responsible to perform those duties as prescribed by law. A trustee that fails to do so may be liable
for punitive damages claimed by one or more of the beneficiaries. Blood relations do not exempt the trustee from legal responsibilities
and it is not unusual for a beneficiary to sue a family member that they feel mismanaged the trust.
What happens if there is a conflict with the beneficiaries?
A personal trustee is often selected because you feel he or she will carry out decisions in a way that you would. Often, this trusted friend
or relative has close relationships with the family, which is important. However, these ties may become strained when decisions are made,
potentially leading to adversarial relationships with certain family members. Be sure there is a process in place to address possible family
conflict with the personal trustee.
Will a personal trustee save me money?
A common misperception is that a personal trustee will be more cost effective than a professional
trustee. In reality, in addition to the fiduciary fee charged by the personal trustee, he or she will often
hire subadvisors to manage assets, prepare tax returns, and provide legal counsel when necessary.
Bear in mind, the layering of fees may exceed those of the professional trustee.
Does the personal trustee have the time and expertise to steward my estate?
Trust management involves multiple needs including accounting, procuring insurance, managing
investments, bill paying, coordinating tax preparation, administering distributions, and much more. Will a
personal trustee have the knowledge, time, and resources to address these areas efficiently and effectively?
How long is the trust expected to last?
Often trusts are expected to last for many years—potentially for generations.The longer a trust is expected
to last, the less likely it is that an individual serving as a personal trustee will be living and able to serve.
There is comfort in knowing that your family’s fortune will be overseen
by someone with whom you have a relationship.
6. Professional perspective. Is a professional trustee the right choice for you?
A professional trustee can bring both an impartial and unbiased perspective to the
management of your estate, while also tapping into a deep bench of experts. In addition,
a professional trustee is regulated by governmental agencies ensuring transactions are
handled ethically. These trustees can also provide efficient infrastructure that relates to
recordkeeping and reporting.
When choosing a professional trustee, consider the following:
Am I a priority with the professional trustee?
Typically, your principal contact will be the trust administrator or relationship manager. This person’s account
load can vary widely—from less than 100 accounts to 300 or more. A good rule of thumb is the number of
accounts is inversely related to the amount of time that the trust administrator will have to devote to each
relationship. When it comes to you and your family, never settle for being just a number. Professional trustees
with attractive relationship ratios exist but may be difficult to find.
Will your investment options be limited?
Some professional trustees only work with proprietary products such as common trust funds or mutual funds.
These products typically have higher fees and can limit your investment options and tax advantages. In addition,
professional trustees that cater to the mass market may not have the expertise needed to properly manage assets
such as real estate and alternative investments. A better solution is to select a professional trustee that can manage
a customized portfolio of securities and provide expertise on a broad range of investment classes.
Are there restrictions to certain assets? Will your assets be liquidated?
Some professional trustees are not equipped to manage unique assets such as real estate, a closely held business, intellectual
property, partnership interests, royalties, yachts, aircraft, collections, art, antiques, and the like. A professional trustee with
a more institutional focus may automatically liquidate non-conforming assets such as these to simplify administration or to
comply with corporate policy. However, this can result in a loss of important holdings to the family and create significant
tax consequences. Seek a professional trustee with an extensive background in the assets that comprise your estate.
How quickly can decisions be made?
Generally, requests for trust distributions to a professional trustee must be in writing and provide sufficient information to
evaluate the merits of the request. Ask the professional trustee what the decision-making process involves and how long
it takes. Some trustees work by committee to approve requests. Some may only meet monthly or quarterly Be sure your
trustee keeps your best interests foremost and responds to your distribution request quickly.
Will there be a dedicated administrator assigned to my account? Who will respond when that person is unavailable?
The depth of staff assigned to your account is an important factor. Can your trust administrator be reached while traveling,
after normal business hours or on weekends? Does the administrator have a dedicated assistant? Will there be a dedicated
investment officer assigned to the account? If so, will the investment officer be available for questions? How often will there
be meetings in person to review the performance of the account?
What is the average number of years of experience of the company’s trust administrators?
Experience is important. The specific terms of your trust are set forth in the trust document. Administering the trust often
involves principal and income accounting principles, state trust laws, federal securities laws, income tax, estate tax, and
generation skipping transfer tax laws as well as an ability to address real estate, business, insurance, and other concerns. The
average number of years that the trust administrators have been in the trust business is a good indicator of how knowledgeable
a professional trustee is likely to be when it comes to your needs.
What is the average number of years that trust administrators have been with the company?
This question can indicate the likelihood that an account will be reassigned to a different administrator. If a professional
trustee has been successful at retaining its administrators, it speaks well for the company’s dedication to the working
environment. Good retention fosters a more stable, long-term relationship between the administrator and your family.
High levels of staff turnover should elicit caution when selecting a professional trustee.
7. Whittier Trust. A family office that brings you peace of mind.
Whittier Trust was founded on the principle of service under the leadership of its patriarch, Max Whittier.
We bring all the benefits of a professional trustee with the care and attention offered by a personal trustee.
Our roots as a family office enable us to deliver personalized solutions to your needs. Here’s how:
Personal attention.
• We take the time to get to know you, your values, your goals and your dreams.
• Our advisors are limited to a maximum of 20 families; the average for our advisors is 14.
• Our staffing is arranged in teams. Each relationship has a primary and secondary portfolio
manager, a client advisor, and a client advisor assistant. Together they will manage your
investments and perform the services you need.
Experience.
• Advanced degrees, combined with experience, make for a strong, strategic partner. Whittier
Trust’s professionals collectively hold legal, accounting and advanced business degrees. Our staff
maintains designations of Certified Trust and Financial Advisor, Chartered Financial Analyst,
Certified Financial Planner and Certified Public Accountant.
• The average Whittier Trust employee has been with the company for more than a decade.
• Our teams have extensive experience in dealing with the sophisticated issues of the high net worth
individual and family. We respect your privacy and address your needs with the greatest discretion.
8. Whittier Trust. A family office that brings you peace of mind.
Flexibility.
• Whittier Trust generally serves as a sole trustee; however, we are often co-trustee with personal trustees and are
comfortable serving as a directed trustee or with a trust protector who has authority over certain functions.
• Your portfolio will be constructed and managed according to the particular trust’s investment objective and risk tolerance.
• We provide internal investment management and also work well with outside investment managers. Whittier Trust
can manage or provide custody, or both, for most unique assets. Real estate, closely held businesses, private equities,
partnership interests and the like, need not be excluded from your trust or investment assets.
• Whittier Trust has designed its discretionary approval process to promptly evaluate and resolve requests for discretionary
distributions. In contrast to some other institutions, decisions are not confined to a set schedule. Our process is nimble,
flexible and unbureaucratic.
Be confident in your family’s future.
In the end, you can’t plan for every contingency no matter how hard you try. Planning a year in advance is
difficult enough—planning for multiple generations is daunting.
The choice of trustee is critical. Whittier Trust has years of experience in managing trusts for wealthy
individuals and families and in working with beneficiaries with all levels of financial and business
sophistication. Our structure has been built from the bottom up—with focus on our clients’ needs and desires.
The result is an organization devoted to providing excellent service and unparalleled personal attention.
At Whittier Trust we welcome the opportunity to work as trustee or co-trustee to help perpetuate,
enhance, and grow your wealth, from one generation to the next.