Trust Administration

Avoiding Problems and Beneficiary Conflicts

After Death

AD&R ANDERSON, DORN & RADER, LTD.

Legacy and Wealth Planning Attorneys

Bryce L. Rader, Esq. BA in Foreign Languages U.N.R. 1996

Juris Doctor - St. Louis University 2000

Master of Health Administration 2000

Joined Anderson, Dorn & Rader in 2003, Shareholder since 2007

Academy of Special Needs Planners™

Washoe County Probate Bar Association

Lecturer on numerous estate planning, special needs planning and estate administration topics

Fellow of American Academy of Estate Planning Attorneys™

AV Rated with Martindale-Hubbell (Rated top 5% among local attorneys and judges)

Most Common Avoidable Problems

Top 10 List:

• Failure to properly implement and update your plan

• Inadequately preparing your trustees and beneficiaries

1. Proper Trustee Selection

• Family dynamics, i.e. mistrust, blended families

• Spendthrift or addiction problems

• Financial or legal problems

Options………………..

2. Share your estate plan • Exclusion or preference of an heir

• Medical emergency or death

• Keep your Trustee’s and beneficiaries notified of updates and changes

3. Designate your household items

• Estate Planning Letter

– Ask your beneficiaries what they would like

– Especially important for blended families

4. Update property schedules

• Helps ensure that assets are properly funded

• Beginning inventory for your successor Trustee

• Notify your trustee of safe deposit boxes, safe combinations, and hidden assets

Schedule A

Schedule B

Schedule C

5. Update tax provisions

• A/B trust and disclaimer provisions

– Nontax reasons for A/B Trust

– Discuss irrevocablity of B Trust

• Planning with portability (DSUEA)

6. Include Trust Protector provisions

• Authority may include:

– Power to amend

– Make tax elections

– Mediate disputes

7. Transfer wealth in trust

• Advantages of Access or Sentry Trusts:

– Asset protection

– Tax savings

– Incentive planning

– Spendthrift protection

8. Special Needs Beneficiary

• The disinheritance mistake

• Special Needs requires special planning

9. Consider a Retirement Plan Trust

• Preserve the stretch

• Protect the assets

10. Prepare your beneficiaries

• Effective family communication

• Pre-inheritance experiences

• Effective transfer of family leadership

“60 percent of generational wealth loss is caused not just by lack of planning, but instead by a lack of communication and/or trust within the family.”