PAUL💪❤ that was great ! This is a huge problem for Americans... I would ONLY trust Vanguard IMO for this work... Fee-wise and integrty wise... Thank you for treatment of this perplexing issue ❗
Your videos have been invaluable to our family the last few years so thank you. I do have a question for you that may not have a short answer. An irrevocable trust was set up for my wife for estate planning purposes. She is the trustee. Upon her passing, it will become a corporate trustee instead of myself. This is against her wishes, and she’d rather have me oversee the trust for our children. Is it possible to amend this? The trust was set up by her father.
I am no lawyer, but I am thinking irrevocable means irrevocable especially if it was set up by her parents. Having said that, I am sure there are exceptions.
Excellent topic. I conducted a lot of research before deciding to make VNTC the Corporate Trustee. Their costs were most competitive and a bargain considering the responsibilities involved. Also, since my entire portfolio consists of all Vanguard ETFs and Index Funds, the cost model and portfolio performance were far superior than competitors in my opinion.
The other problem with Barney, is he's about the same age as Fred. So may not be around much longer than Fred. I would want, but don't have, someone of closer age to Pebbles, so they can serve for a longer period. And yeah, I too am more receptive to a Corporate Trustee after seeing this. Thanks.
FLAT FEE trustee services - The "percentage of assets" fee structure is a disgusting insult to smart people since a service like this should be based on the amount of work done like nearly every other service, not a percentage of assets. There are several flat fee based trustee services to choose from such as one in Nevada that charges $3k or $5k depending on the type of trust. Unless I'm missing something, shouldn't this fact be mentioned in any trustee service related video?
If you had a trustee ( a family member or friend) could the trustee still hire a corporate trustee but still have the ability to make decisions when it comes to disbursing to the heirs? ( I am trying to find out if the trustee is giving up and decision powers to the corporate trustee)
An important topic! I view this as quite a burden to “saddle” poor Barney as a Trustee. YES - the learning curve is a key factor as is the emotional burden of making decisions as Trustee. I served as Trustee on a small, well organized Trust and it was Easy Peasy to complete because this was settling the estate of a deceased relative. I appreciate your presentation on recommending a professional team to handle fiduciary responsibilities. Well done!
Paul. Our assets are managed by Merrill Lynch and Bank of America. BOC will not provide a Corporate Trustee because 1/3 of our assets are an annuity by AIG. I am searching a way to find a corporate trustee because none of our family members are suitable to manage our accounts. Our age is 83 and our total assets are above 2 M. Any advise is welcome.
Enjoy as much of your hard-earned money as possible to minimize free handouts to those who didn't work for it. Especially those who can't manage money.
Great info. And from personal experience let me suggest - If someone asks you to be their trustee, just say no. And if it's going to be a multi-year commitment of the type described here, make that a double NO.
The Vanguard fee seems pretty reasonable to me. I was thinking it would be closer to 1%. Choosing Barney could be fraught with problems. Later on, Barney could be in a fight with Pebbles as she seeks more money to help her new friend launch a restaurant or social media company. The lawyers fees will be way more the the .05% Vanguard is charging.
Question - if I use a corporate trustee, can I suggest or decide what to invest for the money in the trust? Down to which stock and when to buy and when to sell? Thanks.
Excellent video topic and presentation, Paul. Besides cost, the other big fear of using a corporate trustee is that they are incented to NOT distribute the trust income and principle to the beneficiaries. Vanguard (and Fidelity and most corporate trustees) are paid based on a percentage of assets in the trust. The more they distribute the less they make, or so goes the fear. Perhaps a follow-on video could be sharing your experience with the behavior of corporate and personal trustees.
What happens if a trust is set up but the assets haven't been retitled to the name of the trust but in the meantime the assets have been sold and the proceeds of the sale of the assets are in transit at the time of the trustee's death?
@@Paulohlsson7 Hi! Doing good! My husband had cancer surgery Thursday, thank you for checking in, been missing the your channel and live chat! Keep us in prayers ! 🤗🥰🙏🏻
PAUL💪❤ that was great ! This is a huge problem for Americans... I would ONLY trust Vanguard IMO for this work... Fee-wise and integrty wise... Thank you for treatment of this perplexing issue ❗
Your videos have been invaluable to our family the last few years so thank you. I do have a question for you that may not have a short answer. An irrevocable trust was set up for my wife for estate planning purposes. She is the trustee. Upon her passing, it will become a corporate trustee instead of myself. This is against her wishes, and she’d rather have me oversee the trust for our children. Is it possible to amend this? The trust was set up by her father.
I am no lawyer, but I am thinking irrevocable means irrevocable especially if it was set up by her parents. Having said that, I am sure there are exceptions.
Excellent topic. I conducted a lot of research before deciding to make VNTC the Corporate Trustee. Their costs were most competitive and a bargain considering the responsibilities involved. Also, since my entire portfolio consists of all Vanguard ETFs and Index Funds, the cost model and portfolio performance were far superior than competitors in my opinion.
The other problem with Barney, is he's about the same age as Fred. So may not be around much longer than Fred. I would want, but don't have, someone of closer age to Pebbles, so they can serve for a longer period. And yeah, I too am more receptive to a Corporate Trustee after seeing this. Thanks.
Excellent point!
Great comparison for fees of corporate trust vs financial planner fees!
Very useful information Paul. Thank you for sharing this with us. Larry, Central Valley, Ca.
Thanks so much for making this video. I asked this same question in one of your videos several weeks ago. Very good information.
FLAT FEE trustee services - The "percentage of assets" fee structure is a disgusting insult to smart people since a service like this should be based on the amount of work done like nearly every other service, not a percentage of assets. There are several flat fee based trustee services to choose from such as one in Nevada that charges $3k or $5k depending on the type of trust. Unless I'm missing something, shouldn't this fact be mentioned in any trustee service related video?
Paul Getty had this big time problem. So did many others. Marlon Brando too.
Any chance AEPL might be entertaining offering this service?
If you had a trustee ( a family member or friend) could the trustee still hire a corporate trustee but still have the ability to make decisions when it comes to disbursing to the heirs? ( I am trying to find out if the trustee is giving up and decision powers to the corporate trustee)
We were just talking about this as we update our will. Are there never any instances of abuse of power with corporate trustees?
Thank you again. I thought about corporate trustees as you described. You opened my eyes to at least think about it
Thank you for sharing. For the first time, I’m considering a corporate trustee
Best of luck!
An important topic! I view this as quite a burden to “saddle” poor Barney as a Trustee. YES - the learning curve is a key factor as is the emotional burden of making decisions as Trustee. I served as Trustee on a small, well organized Trust and it was Easy Peasy to complete because this was settling the estate of a deceased relative. I appreciate your presentation on recommending a professional team to handle fiduciary responsibilities. Well done!
Paul. Our assets are managed by Merrill Lynch and Bank of America. BOC will not provide a Corporate Trustee because 1/3 of our assets are an annuity by AIG. I am searching a way to find a corporate trustee because none of our family members are suitable to manage our accounts. Our age is 83 and our total assets are above 2 M. Any advise is welcome.
Enjoy as much of your hard-earned money as possible to minimize free handouts to those who didn't work for it. Especially those who can't manage money.
Great info. And from personal experience let me suggest - If someone asks you to be their trustee, just say no.
And if it's going to be a multi-year commitment of the type described here, make that a double NO.
LOL, lots of responsibility and little respect from beneficiaries is often the case.
The Vanguard fee seems pretty reasonable to me. I was thinking it would be closer to 1%.
Choosing Barney could be fraught with problems.
Later on, Barney could be in a fight with Pebbles as she seeks more money to help her new friend launch a restaurant or social media company.
The lawyers fees will be way more the the .05% Vanguard is charging.
Question - if I use a corporate trustee, can I suggest or decide what to invest for the money in the trust? Down to which stock and when to buy and when to sell? Thanks.
You lost me when you said "Vanguard".
I hope you are found soon.
Excellent video topic and presentation, Paul. Besides cost, the other big fear of using a corporate trustee is that they are incented to NOT distribute the trust income and principle to the beneficiaries. Vanguard (and Fidelity and most corporate trustees) are paid based on a percentage of assets in the trust. The more they distribute the less they make, or so goes the fear. Perhaps a follow-on video could be sharing your experience with the behavior of corporate and personal trustees.
I am thinking that not distributing is more myth than reality. Urban legends, they live.
What happens if a trust is set up but the assets haven't been retitled to the name of the trust but in the meantime the assets have been sold and the proceeds of the sale of the assets are in transit at the time of the trustee's death?
Hi Stacey, how's your day going with you?
Good info to know... Thank you!
Hi! I had a family member passed away, I tried to catch up! Missing everyone! Keep us in prayers and thoughts! 🤗🥰🙏🏻
Hi Ann, how's your day going with you?
@@Paulohlsson7 Hi! Doing good! My husband had cancer surgery Thursday, thank you for checking in, been missing the your channel and live chat! Keep us in prayers ! 🤗🥰🙏🏻
@@litrealred6840 very sorry about that, my prayers are with you. How are you spending your spare time?
@@litrealred6840 hope you're doing great?