Family Trusts E-Book

Hartley Goldstone

• Herausgeber: John Wiley & Sons
• Kategorie: Fachliteratur
• Serie: Bloomberg
• Sprache: Englisch

Seitenzahl: 378

Veröffentlichungsjahr: 2015

Beschreibung

An insightful and practical guide to family trusts

Family Trusts is a step-by-step guide for anyone involved in family trusts: trust creators, trustees, beneficiaries, and advisors. It will help families create and administer a culture that recognizes trusts as a gift of love.

Marrying the practical and emotional aspects of family wealth, this book provides a hands-on primer that focuses on fostering positive relationships, and structuring the trust appropriately for the situation and the people involved. It tackles difficult topics with frank and honest discussion, from the first beneficiary meeting to working with addictions, and more. Written by a team of experts in family wealth, this information is becoming increasingly crucial to the successful execution of a trust; you'll learn what type of person makes the best trustee, how to be an excellent beneficiary, and the technical aspects that help you build a better trust from the very beginning.

There's been a staggering increase in trustee/beneficiary litigation and hostility, but that doesn't mean it's inevitable. Plenty of trusts are running smoothly, with positive experiences on all sides. This book shows you how to set up your trust to succeed from the start, with step-by-step guidance and expert insight.

• Express clear and thoughtful intent for the trust
• Create a healthy and supportive culture
• Select the right trustee, trust protector, and trust advisor
• Take the time to prepare before initially meeting the beneficiary
• Conduct a productive first meeting to set a tone for the relationship

Historically, there has been little consideration given to the culture of trusts, and this oversight may be a key driver of the behavior that's becoming more prevalent. Family Trusts explores the nature of these relationships, and shows you how to build a trust that retains the nature and spirit with which it was intended.

Leseprobe

CONTENTS

Cover

Additional Praise for Family Trusts

Title Page

Copyright

Dedication

Acknowledgments

Foreword

Preface

What Can This Guide Do for You?

From Positive Stories to Action Steps

Note

Introduction

Principles

Notes

Part One: Introducing the Trustscape

Chapter 1: Navigation Works Better When You Have a Destination in Mind

Beyond the Thought Experiment

Questions for Reflection

Note

Chapter 2: The Trustscape

Introducing Your Trustscape

A Dynamic Tableau

A Closing Exercise

Note

Chapter 3: Some Key Terms

Chapter 4: Know Your Narratives

Depends Where You're Sitting

A Thirst for Education

Note

Part Two: The Players

Chapter 5: The Trust

A Short Description of a Long History

A Closing Exercise

Notes

Chapter 6: The Trustee

The Trustee

Choices

Chapter 7: Beneficiaries and Trust Creators

Beneficiaries

Trust Creators

Notes

Chapter 8: The Trust Protector and the Trust Adviser

Trust Advisers

Trust Protectors

Choices

Part Three: Building Great Relationships

Chapter 9: Considerations Prior to Accepting Appointment as Trustee

So—You've Been Asked to Serve as Trustee

Now for Some Homework

If You Are New to the Trustscape

Understanding the Technical Side

Almost There

A Final Step

Note

Chapter 10: Creating Preambles

Preambles and Purpose

“But My Trust Was Drafted 20 Years Ago!”

Themes and Schemes

Preambles Created by Trustees and Beneficiaries

Revisit the Preamble

As You Begin to Create Your Preamble

Note

Chapter 11: Action Steps Prior to the First Trustee-Beneficiary Meeting

If You Are a Trustee

If You Are a Beneficiary

Note

Chapter 12: Positive Events, Supportive Responses

Matching Mind-set to Task

Supportive Responses to Positive Events3

Play to Your Strengths

Notes

Chapter 13: Trustee-Beneficiary Meetings

Premeeting Checklists

If This Is the First Meeting

A Sampling of Agenda Items

An “Appreciative” Exercise

Note

Chapter 14: Requests for Distribution

“This Worked because I Knew Susan…”

The Request Process

Analysis of a Request

About Enhancement

Note

Chapter 15: Working with Addictions

Chapter 16: Trusts and Marriage

Prenuptials

Within Marriage

Second Marriages and Beyond

Notes

Chapter 17: Transitions

Solomon's Ring

This Too Shall Pass

Changing the Trust

Changing the Players

Coming to an End

Note

Part Four: A Comprehensive Model for a Humane Trustscape

Chapter 18: A Promise and a Challenge for Trust Creators

A Trust Creator's Challenge

First, an Exercise for Trust Creators

Note

Chapter 19: The Highest Duty of the Trustee and the Corresponding Responsibility of the Beneficiary

I Wrote These Great Docs, but My Clients Won't Sign…

The Highest Duty of the Trustee and the Corresponding Responsibility of the Beneficiary

Support for the Trustee

Support for the Beneficiary

Chapter 20: The Distribution Committee and the Office of the Beneficiary

Distribution Committee

The Office of the Beneficiary

Conclusion

Chapter 21: The Trustee and the Trust Protector Revisited

Which Cap's on Top?

A Different Approach

Reconsidering the Institutional Trustee

Note

Appendices

Appendix 1: Sample Legacy Letter

Appendix 2: Sample Language Regarding Addiction

Appendix 3: The Distribution Committee

The Core Concept

Committee Members

Drafting Points

Appendix 4: Private Trust Companies

Definitions

PTCs versus Individual Trustees

Governance

Best Practices

Appendix 5: Family Trust Review

Purpose

Content

Process

Why Commission a Family Trust Review?

Opportunities for Commissioning a Family Trust Review

Note

Appendix 6: Reflections on the Often Unexpected Consequences of the Creation of a Perpetual Trust

Notes

About the Authors

Index

End User License Agreement

List of Illustrations

Figure 7.1

Figure 19.1

Figure 19.2

Figure 19.3

Figure 20.1

Figure 20.2

Figure 20.3

Figure 20.4

Figure 21.1

Figure 21.2

Figure 21.3

Guide

Cover

Table of Contents

Begin Reading

Part 1

Chapter 1

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Additional Praise for Family Trusts

“In Chap. 1 of Loring and Rounds: A Trustee's Handbook, the authors remind its readers that the Anglo-American trust is an ancient principles-based regime that will survive into the 21st century only so long as it is administered by persons of principle. As a practical matter, what does that mean? Family Trusts does an admirable job of answering that question, and in prose that will be readily understandable not only to the trust professional but also to the family member new to the ‘trustscape.’”

—Charles E. Rounds, Jr., Professor of Law, Suffolk University Law School

“At long last—a clear and concise guidebook for those who don't understand the complexities of family trusts! The three authors offer practical strategies and sample documents for many trust challenges—why to set up a trust, how to select a good trustee, and how to be a good trustee or beneficiary. Start with the chapter that applies to your case, and you will be compelled to read the other related chapters. And grantors need to read it all, before they sign or revise their estate plans.”

—Sara Hamilton, Founder and CEO, Family Office Exchange

“A trust is a powerful tool that too often turns beneficiaries into trust-fund babies, creates resentments and rifts among family members, and ultimately deforms many a family's legacy. Family Trusts helps wealthy families and their advisors avoid those outcomes by building what they call a ‘comprehensive model for a humane trustscape.’ No grantor should plan their estate, no beneficiary should accept their next check, and no advisor should meet with their next client without first reading this book.”

—Angelo Robles, Founder & Chairman, Family Office Association

“The authors tell us that 80% of beneficiaries view trusts as a burden, yet over 90% of private wealth is tied-up in some form of trust by the time of the third generation. Hence these trusts become ‘arranged marriages’ between the beneficiaries and the trustees. This insightful guide walks one through how to best prepare for that ‘meteor moment’ by focusing on the creating the best culture for these new arrangements to not only survive, but flourish.”

—Thomas R. Livergood, Founder & CEO, The Family Wealth Alliance

“Jay has outdone himself once again! Family Trusts combines his and his co-authors' many years of trust wisdom with a practical and theoretical guide to both creating and administering trusts with an important emphasis on family values. Hartley, Jay, and Keith's eminent qualifications to author such a book are powerfully displayed throughout. The book is a must read for all trust professionals!”

—Al King III, Co-CEO, South Dakota Trust Company LLC

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Family Trusts

A Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators

Hartley Goldstone

James E. Hughes Jr.

Keith Whitaker

Cover Images: Detail from The Creation of Adam, 1511 © Michelangelo Buonarroti/GettyImages; Texture paper © Malsveta/iStockphoto

Cover Design: Wiley

Copyright © 2016 by Hartley Goldstone, James E. Hughes Jr., and Keith Whitaker.

All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

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