COURSE DESCRIPTION
There are many more small trusts than large trusts and they pose special challenges for trust planners and administrators. The fees paid to trustees and to investment professionals, together with ongoing reporting and fiduciary income tax compliance costs, can consume a substantial portion of the trust’s liquid assets or income. There are also the challenges in the types of assets commonly held by small trusts. In other instances, trusts may cease to be practically and financially viable, and may need to be restructured or even terminated. This program will provide you with a practical guide to drafting, structuring and administering small trusts – and what to do when they cease to be viable entities.
- Economics of small trusts – trustee compensation, reimbursement of expenses, investment fees
- Challenges of trust management of operating businesses and real estate
- Restructuring or terminating trusts that are no longer economically viable
- Custodial accounts and other alternatives to small trusts
- Choosing a trustee for a small trust versus a larger trust
Speaker:
Victoria Bowling is an Associate at Midgett Preti Olansen concentrating in the areas of estate planning and administration. Ms. Bowling has experience crafting uniquely tailored estate plans for her clients and guiding them through the administration process. Ms. Bowling especially enjoys the educational aspect of estate planning, so her clients truly understand their documents and the estate administration process. She is admitted to practice law in Virginia and a member of the Virginia State Bar. Before attending law school, Ms. Bowling was a Deputy Clerk in the Virginia Beach Circuit Court and worked as a paralegal for a local family lawyer.