by Joseph Manfredi MBA Chief Operating Officer / Senior Portfolio Manager
You use bwfa for professional financial planning, investment management, and or tax services- Why not include professional trust services to your important financial advisory services?
When would you consider trust services?
• Has there been a death of a spouse?
• Do you have children?
• Has a key family member become ill or unable to manage their own affairs?
• Do you own a business or are you buying or selling a business?
• Do you have charitable intentions?
• Are there issues with financial irresponsibility of the family member/ beneficiary or the beneficiary’s spouse?
• Is there risk of litigation?
• Are there any additional inheritances for the beneficiaries of your estate?
A BWFA client is the “grantor” of the assets to establish a trust, with assets such as traditional investments, real estate, and other unique assets like family business assets, land and art/collectibles all titled in the name of the trust. These are among the popular assets to fund a trust, which can be managed for you and then for your heirs upon your death. These heirs or “beneficiaries” of the trust will have their needs met by a “directed trust advisor” coordinated through your BWFA advisor. Our custodial relationship with TD Ameritrade Institutional allows us to utilize “ Advisors Private Wealth Trust (APWT)” to act as the professional trust administrator, solely or in conjunction with a co-trustee, while BWFA can act as the independent investment advisor and relationship manager, for the trust and its beneficiaries.
Why include professional trustee administration services as part of your professional financial services at BWFA?
A trustee provides a client:
• Longevity and continuity of services for the beneficiaries of the estate or trust
• Engagement with professionals with knowledge of investments and trust administration working in a coordinated way according to your wishes, with your BWFA advisor providing your family or other heirs with personalized advice and service
• A professional, impartial fiduciary allowing family or other personal relationships, as beneficiaries and or individual trustees, to completely avoid the administrative burdens and potential litigation from unhappy beneficiaries
• Trust administrators that can help eliminate the possibility of family disharmony
A trustee will perform the following:
• Safe keep assets
• Prepare and execute future tax returns
• Prepare trust statements • Distribute trust funds as directed • Assess beneficiaries’ needs and assets to approve distributions according to trust rules
• Maintain administrative documents
• Handle various administrative transactions as required
• Take receipt of contributions
• Follow direction from beneficiaries where appropriate
• Keep accurate and detailed records
• Obtain asset appraisals as needed
• Treat beneficiaries equitably and impartially
• Invest and dispose of assets, pay bills and make distributions in a prudent manner
What are the next steps?
Make an appointment with your advisor at BWFA to explore the possibilities and benefits of a professional trustee relationship either now or in the future when your family needs dictate. We can assist with answering questions you have to ensure your intentions are attended to, and your wishes are carried out in a consistent and professional manner.