Trust Administration Workshop

1
Trust AdministrationWorkshop

• Dymond Reagor Colville, LLP

Use Page Down and Page Up to View Presentation
2
Conditions of Use

• This presentation is posted under the concept of
  shareware.
• If after viewing the presentation you decide you
  want to use it, go ahead but, please pay for it.
• Cost 75
• Send toDymond Reagor Colville, LLP8400 E.
  Prentice Ave., Suite 1040Greenwood Village, CO
  80111 [phone]
• mail_at_drc-law.com

3
What is a Trust?

• a fiduciary relationship with respect to
  property, subjecting the person by whom the title
  to the property is held to equitable duties to
  deal with the property for the benefit of another
  person, which arises as a result of a
  manifestation of an intention to create it.
• Restatement Second of Trust 2

4
What is a Trust?

• Trustmaker
• Settlor
• Trustor
• Grantor
• Trustee(s)
• Beneficiary(ies)

5
What is a Trust?

• Living
• Testamentary
• Revocable
• Irrevocable

6
Whats in a Trust?

• Lifetime Transfers
• Retitle Assets
• Acquire Assets
• Transfers by Agent
• Postmortem Transfers
• Beneficiary Designations
• Pour Over Will

7
Why in a Trust?

• It plans for your disability

• It plans for your loved ones
• Contains your loving instructions
• Its private and confidential
• Reflects your hopes, fears, dreams and values
• Its good in every state

8
Why in a Trust?

• Outright

• no protection

• In Trust

• creditor protection
• predator protection
• self protection
• estate tax protection

9
Trust Administration

• Trustees management of the trust assets
• For the benefit of the beneficiary(ies)
• Pursuant to the Trustmakers instructions

10
Trust Administration

• Alive and well
• Alive and not so well
• Upon my death

11
Trust Administration

• Alive and well

• Article Four
• Article Fifteen (married)Article Twelve (single)
• W9 - Taxpayer Identification Number

12
Trust Administration

• Alive and well

• ORGANIZATION
• ORGANIZATION
• ORGANIZATION

13
Trust Administration

• Article Four
• Article Fifteen (married)Article Twelve (single)
• W9 - Taxpayer Identification Number

• Alive and not so well

14
Trust Administration

• Alive and not so well
• Ensure quality care in a health environment
• Look for guidelines
• Carryout wishes and best interests of the
  individual

15
Trust Administration

• Alive and not so well
• Locate important documents
• Living Trust
• Power of Attorney
• Healthcare Power of Attorney
• Living Will
• Asset Information

• Alive and not so well

16
Trust Administration

• Alive and not so well
• Establish and Use a Team of Advisors
• CPA
• Financial Advisor
• Beneficiaries
• Trusted Friends
• Healthcare Advisors
• Attorney

• Alive and not so well

17
Trust Administration

• Alive and not so well
• Determine Coverage andApply for Benefits
• Health Insurance
• Long term health coverage
• Medicare - Medicaid
• Social Security

18
Trust Administration

• Alive and not so well
• Establish and Use a Record Keeping System
• Inventory Assets
• Income
• Expenses
• Insurance Claims
• Medical Costs
• Consider using a CPA to help establish

• Alive and not so well

19
Trust Administration

• Alive and not so well

• ORGANIZATION
• ORGANIZATION
• ORGANIZATION

20
Trust Administration

• Alive and not so well
• Consider appointing a Professional Cotrustee
• Article Sixteen or Thirteen
• Administration is too Burdensome

• Alive and not so well

21
Trust Administration

• Postmortem Administration

• Complete Funeral Arrangements
• May be paid from trust assets
• Best not to pay from own assets
• Do not immediately accept benefits
• Consider use of disclaimers
• Possible Estate Tax benefits

22
Trust Administration

• Postmortem Administration
• Locate important documents
• Living Trust
• Asset Information
• Insurance Policies
• Retirement Plan Information

• Postmortem Administration

23
Trust Administration

• Postmortem Administration
• Establish and Use a Team of Advisors
• Attorney
• CPA
• Financial Advisor
• Beneficiaries
• Trusted Friends

24
Trust Administration

• Postmortem Administration
• The Administrative Trust

• Article Six
• Trust Registration
• SS4 - EIN Application
• Prepare Inventory
• Tax Planning and Elections
• Apply for and Collect Benefits
• Investment Planning

25
Trust Administration

• Postmortem Administration
• The Administrative Trust
• Establish accounting system

• Pay final expenses and bills
• Pay taxes - income and estate
• Prepare Final Accounting
• Distribute Assets
• Personal Property
• Outright
• In Testamentary Trusts

26
Trust Administration

• Postmortem Administration
• The Administrative Trust

• ORGANIZATION
• ORGANIZATION
• ORGANIZATION

27
Trust Administration

• Postmortem Administration
• The Administrative Trust
• Consider appointing aProfessional Cotrustee
• Article Sixteen or Thirteen
• Administration too Burdensome

28
Trust Administration

• Testamentary Trusts

• Creditor Protection
• Predator Protection
• Self Protection
• Estate Tax Protection

29
Trust Administration

• Testamentary Trusts

• Providing for SurvivingSpouse
• Family Trust
• Marital Trust

30
Trust Administration

• Testamentary Trusts
• Providing for Beneficiaries

• Common Trust
• Special Needs Trust
• General Needs Trust
• Convenience Trust

31
Trust Administration

• Testamentary Trusts
• Establish and use a Teamof Advisors

• Attorney
• CPA
• Financial Advisor
• Beneficiaries
• Trusted Friends

32
Trust Administration

• Testamentary Trusts
• Establish and Use a Record Keeping System

• Consider using CPA
• SS4 - EIN Application
• Inventory Assets
• Income
• Expenses
• Disbursements
• Periodic Reports

33
Trust Administration

• Testamentary Trusts

• ORGANIZATION
• ORGANIZATION
• ORGANIZATION

34
Trust Administration

• Testamentary Trusts
• Consider appointing aProfessional Cotrustee
• Article Sixteen or Thirteen
• Administration too Burdensome
• Too much pressure from beneficiaries

35
Trustee Responsibilities

• Comply with terms of the trust
• Comply with terms of the law relating to trusts
• Be fair in dealings with the beneficiaries
• Comply with tax requirements
• Segregate, preserve and invest trust assets
• Keep and render a full and accurate record and
  accounting of trusteeship