In this session, we give an overview of the entire trust administration process. Every trust is different, and every client’s situation is different, but there are basic steps that must be taken in every case. We will cover the advisor’s important role in gathering information, helping with valuations, establishing new accounts, and setting up ongoing trusts. We also dive into a discussion on asset decision-making, such as what to keep, what to sell and when, how to pay obligations and taxes, how to allocate among beneficiaries or ongoing trusts, that require analysis and involvement of the financial advisor.

This section will focus on planning for married couples. There are various ways for married couples to plan to take advantage of the unlimited marital deduction to eliminate or defer estate tax while providing for each other and their children. Understanding how each type plays out after death is, of course, important for advisors of widowed clients. It is also important for advising married couples during the estate planning process because advisors are uniquely positioned to understand how their clients’ particular asset mix will be affected by their chosen marital deduction plan.

In this presentation, Margaret will provide an overview of the data that must be gathered and presented to the IRS in an estate tax return. For example, assets must be reported (in many cases discovered!), their values must be determined in a particular way, and expenses must be tracked and reported. The advisor’s clients need assistance with these tasks, and thoughtful planning and management prior to death will help simplify the process. This session will also review the widely misunderstood rules concerning when a 706 is required to help clients avoid making a costly mistake.

We will hear from trust administration expert Karen Fisher, about common mistakes made during after-death administration and lifetime planning and management. We will cover the practical steps advisors can take and help their clients take throughout their lives to minimize expense and hassle after a death.