Join us for this comprehensive presentation regarding trusts and the duties and responsibilities of successor trustees during a trustmaker’s incapacity and upon a trustmaker’s death. We will cover:
• Overview of Trusts – What is a trust? The roles of the trustee, grantor & beneficiaries;
• Trustee Duties and Responsibilities – Fiduciary duty, loyalty, prudence and impartiality;
• Trust Administration Basics – Inventorying and securing assets, paying debts and taxes, managing investments, making distributions to beneficiaries;
• Working with Professionals – Trustee compensation, delegable responsibilities, and hiring professionals;
• Legal Compliance & Tax Issues – Federal income tax matters, managing homestead property, and dealing with creditors;
• Common Scenarios and Pitfalls – Dealing with conflict, handling trusts for minors and incapacitated beneficiaries;
• Record Keeping and Communication – Keeping good records, beneficiary notices, accountings, and transparency;
• Warnings for Trustees – Personal liability for breach of duty, don’t wing it; consult a professional, trust is not a personal piggy bank;
• Understanding Principal and Income; and more!
This presentation is free, but seating is limited. Please RSVP your seat prior to the event! Thank you.
Workshop Location:
Morgan & Getzan, PLLC
234 E Duval Street
Lake City, Florida 32055
