How to Choose the Right Type of Professional Trustee

In a prior podcast, we discussed how discussing the subject of Successor Trusteeship is one of the most important conversations you can have with your clients.

We also discussed how the “default’ selection of a family member trustee can lead to family disharmony, and even conflict.

It is important for you to know, however, that just because a client is considering a professional trustee, it doesn’t necessarily mean they must find a local bank trust department to help them.

In this podcast, listen as San Jose Estate Planning Attorney John Erik Fraker discusses the two types of professional trustees: (1) Corporate or Bank Trustees and (2) Professional Fiduciaries.



Family Member Trustee vs. Professional Trustee

In an earlier podcast, we discussed how talking with your clients about the issue of Successor Trusteeship for their family trust is a key to establishing long-term, profitable relationships.

In that podcast, we stated that many attorneys don’t think that family members make the best Trustees, and often will recommend that a client considers using a professional or corporate trustee.

Listen as Tax and Estate Attorney John Erik Fraker discusses the pros/cons of choosing a family member trustee vs. a professional.

The Single Most Important Question You Can Ask Your Clients

As a financial advisor, would you like to establish strong, profitable relationships not only with your clients, but with their children and grandchildren as well?

Of course you would!

Long-term relationships with clients and their families are some of the most profitable and rewarding relationships you can have.

Listen as Tax and Estate Attorney John Erik Fraker discusses the Single Most Important Question that you must ask your clients if you want to establish these multi-generational relationships.

Hedging a Charitable Remainder Trust with a Life Insurance Trust

So you’ve been patiently explaining all the benefits of a Charitable Remainder Trust to your clients.

You’ve demonstrated how a CRT will save them money over an outright sale and immediate payment of taxes.

You’ve successfully overcome the client’s objection that this is more than they planned on giving to charity when they die, by pointing out that they can receive more than double their original contribution (in some cases) through the lifetime payment of income.

You feel confident that you have answered all your client’s objections, when they hit you with one final question:

“What happens if I die in the first few years after contributing my assets to a CRT?  Won’t my family lose out on all the lifetime income benefits?”

Listen as Tax and Estate Attorney John Erik Fraker addresses these concerns of his client – and how the solution to this concern might involve a substantial life insurance policy.

Overcoming Client Objections – That’s More than I Planned on Giving to Charity

As a professional advisor, you will need to know how to overcome the more common objections that clients may have.

Let’s say you have been discussing the benefits of a Charitable Remainder Trust, when the client stops you and says: “That sounds great as a concept, but that’s more than I planned on giving to charity.”

Listen as Tax and Estate Attorney John Erik Fraker addresses this common objection.