Tag Archives: Fiduciary

CLE on Selecting a Professional Fiduciary as a Successor Trustee

When it comes to nominating a successor trustee there are usually four main groups that people regularly turn to – family members, friends, corporate trustees – and more recently, professional fiduciaries. But what exactly does a professional fiduciary do?

Licensed Professional Fiduciary

A professional fiduciary serves the client’s best interest by acting as a trustee, agent under a durable power of attorney for health care, or agent under a durable power of attorney for finances.

In this CLE course, Marguerite Lorenze and Adam Sherry provide their insight and guidance on selecting a professional fiduciary as a successor trustee. The main points of discussion include: working with professional fiduciaries, doing your due diligence, interacting with the client and corporate trustees vs. private fiduciaries. To access the course please click here: Selecting a Professional Fiduciary as a Successor Trustee.

Additionally, Marguerite and Adam also cover:

  • Resources for attorneys
  • The power of attorney
  • Agent for health care
  • Meeting & communicating with the client
  • Advising clients
  • Trust provisions
  • Improving the client’s life
  • Focusing on the quality of life
  • Key provisions
  • The role of the corporate trustee
  • Putting the client’s interest first

Marguerite is a professional Trustee and Executor and frequent speaker on a variety of Estate Planning topics. Adam L. Sherry specializes in estate planning and probate and trust administration.

This CLE course is offered in the following states:

  • Alaska (AK)
  • Arizona (AZ)
  • California (CA)
  • Connecticut (CT)
  • District of Columbia (DC)
  • Illinois (IL)
  • Maryland (MD)
  • Massachusetts (MA)
  • Michigan (MI)
  • Missouri (MO)
  • New Hampshire (NH)
  • New Jersey (NJ)
  • New York (NY)
  • North Dakota (ND)
  • Pennsylvania (PA)
  • South Dakota (SD)

Attorney Credits offers CLE for attorneys in California and around the country. For more information about CLE in California please click the following link: CA CLE.

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New CLE: Estate Planning 101

Estate planning is a process – accepting one’s mortality, active listening and focusing on the needs of the trustor first are just a few of the most basic issues to consider. For effective estate planning, the lawyer serves by guiding the client to contemplate life’s challenges and then formulates decisions about serious topics like long term illness, conflicts of interest, wealth preservation and eventually death.

Estate Planning 101

This course is designed for attorneys who are new to estate administration or need a basic refresher.

To learn more about this important topic that we all must face join Marguerite Lorenz, a Professional Fiduciary, for a high-level overview of the main concerns and considerations when working with clients on crafting their estate plan. Marguerite mainly discusses considering quality of life, incapacity, basic vs. advanced estate planning concepts, charitable giving & benefits, transferring wealth, serving as trustee, updating the estate plan, administering estates with guns and pets. To access the course please click here: Estate Planning 101.

Marguerite will also cover:

  • Your client’s network of people
  • Key events
  • Control points
  • Powers of attorney & conservatorships
  • POLSTs (Physician Order for Life Sustaining Treatment)
  • Considering tax consequences
  • Pay on death accounts, trustees & recordkeeping
  • Cash flow projections
  • Gold & silver
  • Establishing the relationship

The principal at Lorenz Fiduciary Services, Inc., Marguerite C. Lorenz has been serving as Private Trustee and Executor since 2003. Marguerite is host for a comprehensive estate planning education program (www.EstatePlanning101.org) and President of the Estate Planning Group Network. She is a frequent presenter for various professional organizations and she co-authored “Ethics for Trustees” along with Jane Lorenz.

This CLE course is offered in the following states:

  • Alaska (AK)
  • Arizona (AZ)
  • California (CA)
  • Connecticut (CT)
  • District of Columbia (DC)
  • Illinois (IL)
  • Maryland (MD)
  • Massachusetts (MA)
  • Michigan (MI)
  • Missouri (MO)
  • New Hampshire (NH)
  • New Jersey (NJ)
  • New York (NY)
  • North Dakota (ND)
  • Pennsylvania (PA)
  • South Dakota (SD)

Attorney Credits offers CLE for attorneys in California and around the country. For more information about CLE in California please click the following link: CA CLE.

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New Digital Assets Law Coming to California???

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What happens to your Facebook account when you die… does it die too? What about your PayPal account, iTunes library and all your other valuable digital assets? States around the country have begun to pass legislation that allow individuals to access social media accounts and other digital accounts on behalf of a deceased individual.

To date, over 20 states have passed their own laws to protect digital assets and give the heirs/executor the right to access and manage online accounts after death. There have been tragic examples of people who have passed away and family members and loved ones were unable to access their social media and other electronic accounts due to terms of use and privacy policies.

California Digital Assets Law

An individual may “use an online tool to direct the custodian to disclose to a designated recipient or not disclose some or all of the user’s digital assets.”

California is the latest state to pass a digital assets bill. If it makes it out of the Assembly and is signed by governor Jerry Brown, the California Revised Uniform Fiduciary Access to Digital Assets Act will provide guidelines for how companies can share deceased individuals’ digital records such as emails and social media accounts following death. The law will grant the social media website or online company the right to grant full or partial access to a designated recipient.[1]

The California digital assets law is a sign of our new electronic times. It is also a reminder that attorneys must now recognize their client’s digital assets and identify how their clients want the assets to be accessed or distributed after their death. To access a CLE course on digital assets please click here: Digital Asset Landscape: Preparation for Changes in Legislation.

[1] The company must first receive a written request, a certified copy of the death certificate and/or a certified copy of the letter of appointment of the representative, along with authenticating information about the deceased user.

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CLE Course on Employer ERISA Fiduciary Liability

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Business owners and their attorneys now need to focus on their responsibilities for sponsoring and running retirement plans to avoid or minimize their liability from government examination or a participant lawsuit. This has been on the radar the last few years since the stock market crashed and has become a hot topic over the last few years. The government wants to ensure that people have adequate funds for retirement and participants have begun bringing class action lawsuits against employers over plan operations.

Employer sponsored retirement plans have recently come under scrutiny not only by the government but also by participants and their lawyers for plan operations. For those attorneys that represent business clients that sponsor retirement plans, this is a topic you now need to discuss with your clients.

In this CLE course, Steven Sokolic discusses recent trends in ERISA fiduciary liability for employers and the imminent changes that will soon be coming from Washington, D.C. The main topics discussed include recent trends in ERISA fiduciary litigation, the basics of ERISA & fiduciary liability, employer ERISA fiduciary responsibilities & liabilities, employer liability & penalties, other fiduciary due diligence issues and the future to the law. To access this course please click here: What Every Employer Needs to Know About ERISA Fiduciary Liability.

Further issues addressed in this CLE course include:

  • The definition of a fiduciary
  • The significance of being a fiduciary
  • Typical services provided to a qualified retirement plan
  • Hiring service providers
  • Nondiscrimination testing
  • Plan documentation
  • Disclosures
  • Notices
  • Participant-directed plans
  • The education policy
  • Investment policy statements
  • Providing general plan information
  • Information on fees
  • Other annual disclosure rules
  • Disclosure of actual fees & expenses
  • Assuring that plan participant data is available
  • Avoiding prohibited transactions

Steven Sokolic has been practicing law for over 30 years. After graduating from George Washington University Law School with High Honors in 1975, he began his legal career with the United States Department of Justice, Tax Division, in Washington, D.C. In 1977, Steve returned to Philadelphia, Pennsylvania, and continued his government service in the Office of the District Counsel, Internal Revenue Service. He now concentrates his practice in estate, business and retirement planning, counseling both individuals and businesses. Steve has represented multi-million dollar businesses, as well as many small businesses, professional practices and their owners.

This CLE course is offered in the following states:

  • Alaska (AK)
  • Arizona (AZ)
  • California (CA)
  • Connecticut (CT)
  • District of Columbia (DC)
  • Illinois (IL)
  • Maryland (MD)
  • Massachusetts (MA)
  • Michigan (MI)
  • New Hampshire (NH)
  • New Jersey (NJ)
  • New York (NY)
  • North Dakota (ND)
  • Pennsylvania (PA)
  • South Dakota (SD)

Attorney Credits offers continuing legal education (CLE) for attorneys in Illinois and around the country. For more information about CLE in Illinois please click the following link: IL CLE.

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CLE: Ethical Issues for Trustees & Fiduciaries

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A fiduciary is a person who assumes responsibility for a position of trust. Fiduciaries serve by court appointment as guardians, conservators and personal representatives of estates. They also serve by agreement as trustees, representative payees or as agents under powers of attorney. Many seniors choose to appoint a professional fiduciary in order to avoid burdening family members and to avoid creating conflict with siblings and other relatives.

Who needs a Professional Fiduciary?[1]

Many seniors with family choose to appoint a Professional Fiduciary to avoid burdening family members. Even the most capable adult child is frequently fully committed to work and home responsibilities and may not live conveniently nearby. And, of course, many family members would not be a good choice for fiduciary work due to the lack of appropriate skills or the potential for conflict with siblings or other relatives.

To learn more about the role of the professional fiduciary join Marguerite Lorenz as she delivers an excellent presentation on the ethical standards that guide trustees & fiduciaries and the common everyday scenarios where these ethical issues come into play in the estate planning and administration process. The main topics discussed in this CLE course include the people involved in the estate planning process, the fiduciary’s Duty of Loyalty, determining the entire estate, marshalling the assets and interviewing the fiduciary. This course has also been approved for California fiduciaries, both for pre-licensing and for continuing education credit. To access the course please click here: Ethical Issues for Trustees & Fiduciaries.

Additional subjects covered include:

  • The role of the fiduciary/trustee
  • Triggering events
  • Beneficiaries & trustees
  • Licensing
  • Determining who is the client
  • The overall goal
  • Gathering all the key documents
  • Timekeeping
  • Securing the assets
  • Communications
  • Records
  • Distributions
  • The Prudent Investor Act
  • The succession plan

Marguerite Lorenz is a professional Trustee and Executor and frequent speaker on a variety of Estate Planning topics. As Co-Author of “Ethics for Trustees – A Guide for All Who Serve as Trustee,” she continues to write for various periodicals. Marguerite has always been interested in efficient administration. From her first job as executive secretary for a well established service organization in Los Angeles, to her work in the Internal Audit Department of SunAmerica Financial, to her position in Business Development for a Student Tuition Financing company, Marguerite has continuously streamlined processes, improved the client experience and delivered results. Marguerite has served as Chairman, after being appointed by Governor Brown in 2012, of the Fiduciary Licensing Bureau Advisory Committee in Sacramento. She served as Co-Chair of the Professional Fiduciary Association of California’s 2012 Annual Conference in Anaheim, California.

This CLE course is currently offered in the following states:

  • Alaska (AK)
  • Arizona (AZ)
  • California (CA)
  • Connecticut (CT)
  • District of Columbia (DC)
  • Illinois (IL)
  • Maryland (MD)
  • Massachusetts (MA)
  • Michigan (MI)
  • New Jersey (NJ)
  • North Dakota (ND)
  • Pennsylvania (PA)
  • South Dakota (SD)

Attorney Credits offers continuing legal education (CLE) for attorneys in New York and around the country. For more information about CLE in New York please click the following link: NY CLE.

[1] What is a fiduciary?

http://www.pfac-pro.org/whatis.php

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