Here's how many key provisions of the Code work & what they mean. Published by the Illinois Bar Journal so lawyers can understand this new law effective January 1, 2020.
This detailed checklist covers many key trustee tasks under this law effective January 1, 2020. Published by the Illinois Bar Association Trust & Estate Newsletter for trust attorneys.
Some people don't understand how much pain, suffering and cost can be avoided by preparing their trustee to be ready to hit the ground running. Here are 12 things you can do NOW!
Choosing a trustee who is a bad fit for your trust and family can cost dearly in money, delays and family harmony. Here are 7 different facets many don't understand until it's too late.
A concise outline of the different factors which make choosing your trustee a key to the success of your trust. This is the introduction from Dan's eBook on Choosing Your Trustee.
Trust preparedness doesn't end with signing your trust document. Here are three simple guides to help make sure your trust works well when you need it to.
Dan's mission: It's about stepping up to the stewardship responsibility of guiding and facilitating the transition from one generation to the next ti achieve the highest service experience.
In 7 short paragraphs Dan outlines the philosophy behind his successful approach with trusts, settlors and beneficiaries combining expertise of trusts, law & people.
In his Forward to Dan's guide for trustees, family and wealth consultant Peter White details the effectiveness of Dan's trustee approach for trusts and for the families they serve.
These four points are direct and simple, though often not easy, requiring some technical and people management skills. Published by the Illinois Bar Association Trust & Estate Newsletter.
Proactively dealing with these known issues and their negative implications will ensure your successful seamless transition when you want your successor trustee to step in.
Insights on trustee selection, including trust companies, family members, & independent professional trustees. Published by the Planned Giving Design Center (free reg. req'd)
Parents wanting a seamless transition for their child's Special Needs Trust should benefit from these pointers on planning, personnel, and patient persistence.
Dan launched his series of articles on Keys to Successful Trust Administration with this inquiry of this new, break-through concept - and what it means for trusts and families.
Trustees ignore family dynamics risk trust failure; successful trusts tend to family culture and personalities. Second in the original series Keys to Successful Trust Administration.
How a trustee is brought in to the trust can make the difference between a successful trust - and a failure. Third in the original series Keys to Successful Trust Administration.
Continuing the exploration of what consitutes a successful trust, Dan shares how early collaboration with the beneficiary confirms alignment & avoids problems later.
Dan and Randy discuss the the impact of different types of trustees on success for the family as well as the charitable purpose. Published by the Planned Giving Design Center (free reg. req'd)
Dan and Randy outline a range of issues, including the value of total return and unitrust approaches for avoiding conflict. Published by the Planned Giving Design Center (free reg. req'd)
Dan and Randy review a common charitable giving scenario, including trust admin & selection issues. Published by the Planned Giving Design Center (free reg. req'd)
Thoughts, issues and questions about balancing transparency with prudence and other compelling considerations. Addressing these is an important key to successful trust administration.
Successfully distributing to a beneficiary with imperfect money behaviors starts with understanding, both unblinking and compassionate. The journey is often difficult and indirect.
Engaging with your successor trustee in advance of need is a powerful key to successful trust administration. Consider why this truism is overlooked – to the detriment of all concerned.
These qualities are foundational to successful trust administration. The article is a summary of interviews of Dan by Jeff Bechar, principal of ComforCare’s Aging Well in Chicago audio blog.
How to engage with a family’s black sheep is another key to successful trust administration. Knowing the song of the different drummer as well as of the family will help find the better path.
Declaring your independence from an ill-fitting trustee is a key to successful administration. Consider the spectrum of possibilities, including those to include in your trust document.
Spot the Troubled Trustee by all-too-common problems: work overload, time and complexity overwhelm, and a less than appreciative family. Solutions are available.
How to make your passing less tragic and expensive. Inspired by the GYST movement, there’s much more to address than a well-planned trust. The second best time to start is now.
How can a Trust Protector be engaged to help the family flourish? Summarizes the thoughts from a meeting of the Chicago Trustee Collaboratory with visiting expert John A. Warnick.
Trustee mis-steps can cost money, cause delays, undermine trust and create heartache. These are some of the lessons a trustee doesn’t have to learn from painful trial and error.
The reasons to create and implement a Distribution Policy Statement for a family trust include producing clarity and alignment -- just like its dependent sister, the Investment Policy Statement.
The benefits of a dry run explained. Michael Welbel, an Insurance broker for trust attorneys, shared the article with his clients, because field testing will reduce their trust failure rate.
A how-to guide. Michael Welbel, an Insurance broker for trust attorneys, shared the article with his clients, because field testing will reduce their trust failure rate.
A settlor, his successor trustee sisters and advisors role-play through what would happen at his disability and death. The good result: sisters’ roles are re-defined and he modifies his trust.
A quick, but deep look at the trustees' toolkit, including best practices. Summarizes a meeting of the Chicago Trustee Collaboratory with experts Gary Shunk and Harold Rice-Erso.
Applying the tools of Positive Psychology helps trusts and their families succeed. Learn how the PERMA model produces flourishing and well-being for family trusts.
Published in the Illinois Bar Journal in 2013 to explain to other lawyers what the law means and how it works, the article details the rules on trust protectors, investment & distribution advisors.
Lessons from this intense movie, published in The International Family Offices Journal. Spoiler: all ends well after an uncle is surprised by his appointment as trustee for his nephew.
The lens of "both/and" thinking helps a trustee do better a better job. Learn about this unique perspective and the important tool for navigating these dilemmas embedded in every trust.
Dualities live inside every trust. Here is a list of over twenty dualities, along with five different categories. Hint: the dilemma of Settlor intent AND Beneficiary wants is foundational.
A family can enjoy a successful trust by building Clarity, Consensus and Competence. Dan sums up the thought in this 2 minute clip from a meeting of the Chicago Trustee Collaboratory.
This report from the Chicago Trustee Collaboratory shows how trustees can get better results by asking their questions towards achieving positive outcomes.
The beneficiaries get so frustrated with their trustee they sue! Part 1: The court case & legal issues. Spoiler alert: the judge doesn’t give the family beneficiary anything he asked for.
The beneficiaries get so frustrated with their trustee they sue! Part 2: Family and the trust administration issues. Lessons learned: what could the beneficiary, trustee and the settlor done differently.
To prevent sinking and to make sure your trust makes it to where you want it to go, you may want to use care to select who captains your trust through these too-often rough waters.