Managing Family Trusts: Taking Control of Inherited Wealth (Wiley Financial Advisor) Book

The amount of money held in family trusts is staggering-by most estimates, three trillion dollars. Equally surprising is the fact that much of this money is being seriously mismanaged. Most large, impersonal financial institutions that administer these trusts leave beneficiaries feeling angry, frustrated, and powerless. It is therefore no surprise that beneficiaries are now turning to professional financial advisors to help them regain control of their trusts. Managing Family Trusts is an uncompromising, nuts-and-bolts guide to the world of family trusts. Written by a seasoned expert with many years of firsthand experience in the field, it describes how financial professionals can help beneficiaries loosen the grip of unresponsive trustees, assert their rights as inheritors, and assume greater responsibility for their own financial lives. Managing Family Trusts presents a rare insider's view of how this world operates and details its unique challenges and rewards. Covering every major aspect of the family trust business, Managing Family Trusts includes invaluable information on: * The background of the trust business-The current regulatory environment, the potential market, fee schedules, the role of specialists, and expectations and rewards; * Entering the trust business-Establishing trusts, trust terminology, developing a bond between advisor and client, the psychology of people with inherited wealth, finding and fully serving high-net worth individuals; * How trust business is done-The major players, trust mismatches, why more beneficiaries don't move their trusts, finding and hiring the right trustee; * The mechanics of trust busting-Evaluating the current trustee, building a trust-busting case, basic techniques and strategies for trust busting; * Is the trust business for you?-Determining whether trust business should be part of your practice, marketing trust services, providing first-rate client service, and much more. Packed with real-world examples and written in a clear, straightforward style, Managing Family Trusts offers financial advisors, inheritors, beneficiaries, planners, accountants, and attorneys a unique opportunity to reap greater benefits from family trusts.Read More