UnThreaded | Threaded | Whole Thread (1) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: trmccoy Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75531  
Subject: Trustee Responsibilities Date: 4/9/1997 8:12 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
I have very recently embarked on my career as a trustee of two trusts, triggered by the death of my father. I too have failed to find much readily avialable literatrue aimed at the amateur trustee. (There are $95.00 text books listed in Amazon.com but they are aimed at bank or insurance company officers.)

According to my lawyer (in all of 5 minutes) the basic rule of thumb is to manage in the interest of the trustor or beneficiaries. In my case, my mother is still alive so I manage both trusts with her needs in mind. However eventually the trusts will be closed out with the priciple passing on to my sister and me in equal shares. So I am thinking towards longer term growth strategies as long as my mother's needs (and anything else she wants) are well covered from safe income producing assets.

Since each parent can pass along $600K without estate tax another strategy is to have the surviving parent gift out money to grandchildern or to you and your siblings at the rate of $10,000 per person per year.

Finally ask yourself "Who is going to sue me if I screw up as a trustee?" If it's only an aging parent or a sibling (on good terms) then you're probalby safe regardless of what you do. As far as I can tell there is no trustee report card when you are managing affairs for your aging parents or family members.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (1) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Post of the Day:
Macro Economics

U.S. Stable, Europe Stalling
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement