trust administration: avoiding problems and beneficiary conflicts after death
Post on 13-Apr-2017
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Trust Administration
Avoiding Problems and Beneficiary Conflicts
After Death
AD&R ANDERSON, DORN & RADER, LTD.
Legacy and Wealth Planning Attorneys
Bryce L. Rader, Esq. BA in Foreign Languages U.N.R. 1996
Juris Doctor - St. Louis University 2000
Master of Health Administration 2000
Joined Anderson, Dorn & Rader in 2003, Shareholder since 2007
Academy of Special Needs Planners™
Washoe County Probate Bar Association
Lecturer on numerous estate planning, special needs planning and estate administration topics
Fellow of American Academy of Estate Planning Attorneys™
AV Rated with Martindale-Hubbell (Rated top 5% among local attorneys and judges)
Most Common Avoidable Problems
Top 10 List:
• Failure to properly implement and update your plan
• Inadequately preparing your trustees and beneficiaries
1. Proper Trustee Selection
• Family dynamics, i.e. mistrust, blended families
• Spendthrift or addiction problems
• Financial or legal problems
Options………………..
2. Share your estate plan • Exclusion or preference of an heir
• Medical emergency or death
• Keep your Trustee’s and beneficiaries notified of updates and changes
3. Designate your household items
• Estate Planning Letter
– Ask your beneficiaries what they would like
– Especially important for blended families
4. Update property schedules
• Helps ensure that assets are properly funded
• Beginning inventory for your successor Trustee
• Notify your trustee of safe deposit boxes, safe combinations, and hidden assets
Schedule A
Schedule B
Schedule C
5. Update tax provisions
• A/B trust and disclaimer provisions
– Nontax reasons for A/B Trust
– Discuss irrevocablity of B Trust
• Planning with portability (DSUEA)
6. Include Trust Protector provisions
• Authority may include:
– Power to amend
– Make tax elections
– Mediate disputes
7. Transfer wealth in trust
• Advantages of Access or Sentry Trusts:
– Asset protection
– Tax savings
– Incentive planning
– Spendthrift protection
8. Special Needs Beneficiary
• The disinheritance mistake
• Special Needs requires special planning
9. Consider a Retirement Plan Trust
• Preserve the stretch
• Protect the assets
10. Prepare your beneficiaries
• Effective family communication
• Pre-inheritance experiences
• Effective transfer of family leadership
“60 percent of generational wealth loss is caused not just by lack of planning, but instead by a lack of communication and/or trust within the family.”
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