Rights and Responsibilities of Charitable Beneficiaries in Death-Related Administration of Estates and Trusts

Transcription

1 WEALTH MANAGEMENT Rights and Responsibilities of Charitable Beneficiaries in Death-Related Administration of Estates and Trusts May 24-15, 2018 Fredrick B Weber Sr. Vice President Estate Settlement Services Practice Lead fw14@ntrs.com (312)

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4 If only it were this simple 4

5 This is more like it 5

6 Notice 6

7 Finding and Collecting Assets 7

8 Types of Assets 8

9 Asset Valuation 9

10 Dissemination of Information 10

11 Transparency 11

12 Assessing Liabilities 12

13 Paying Expenses 13

14 Income and Estate Tax 14

15 Wills vs. Trusts 15

16 Types of Gifts: Specific, Pecuniary and Residuary 16

17 Beneficiary s Right to Information 17

18 Charitable Gifts 18

19 Timing of Distributions 19

20 Charitable Beneficiaries and Corporate Fiduciaries 20

21 Charitable Beneficiaries and Corporate Fiduciaries 21

22 Northern Trust 800 Connecticut Ave, NW Suite 200 Washington, DC

23 NORTHERN TRUST WEALTH MANAGEMENT Banking Banking Investment Management Investment Management Deposit and loan solutions Private equity and premium finance Art, aircraft and yacht lending Working capital and corporate loans Margin and stock option lending Attorney Goals Driven Wealth Management Investment capabilities Portfolio management Broad menu of outside managers Brokerage Trust & Estate Services Personal trust services Estate settlement Trust & Estate Services Insurance Advisor Client Other Advisors Wealth Planning Wealth Planning Financial planning Family education and governance Guardianship administration Health Benefit Consulting Services Real estate and agricultural services Oil, gas and minerals management CPA Wealth transfer and tax strategies Philanthropic advisory services Business owner services Endowment & Planned Giving Endowment & Planned Giving Investment Advisory Services Multi-Asset Class + Multi-Manager Approach Asset Allocation Analysis Spending Policy Analysis Custody Planned Giving Administration 23

24 WORLD-CLASS RESOURCES TO SERVE NONPROFIT ORGANIZATIONS Our Mission Statement for Servicing the Nonprofit Community (Tax-Exempt Institutions): To enhance our clients financial well-being, to build on the value that they have already created and to serve as the trusted investment advisor to the nonprofit community. Our Core Values for more than 128 years are : Service, Expertise and Integrity. Our Experience with Nonprofits Northern Trust has an extraordinary level of client service based on 128 years of experience working with nonprofits Foundation & institutional Advisors is our dedicated boutique practice focusing exclusively on servicing the investment requisites of the nonprofit community We work with a select group of nonprofits: Foundations Endowments Academic Health Care Religious NGOs and Humanitarian Other Nonprofits We are a team of professionals with extensive experience serving on the boards & finance committees of nonprofits - offering us a first hand appreciation of your investment requisites, challenges and mission What We Provide Nonprofits We offer objective advice and a portfolio design that is individually tailored to each client s goals High-touch boutique customer service with direct contact to your dedicated senior investment advisor Education sessions available to your staff and investment committee (e.g., investments, governance, fiduciary responsibility ) A collaborative Partnership with our nonprofit clients and their other advisors (e.g., Law, CPA ) Custody, ESG/SRI Capabilities, planned giving, philanthropic advisory and banking services We annually award substantial financial support and volunteer services to our nonprofit clients and within the community that we live and work 24

25 YOUR NORTHERN TRUST TEAM Brett Rees President Mid Atlantic Wealth Strategists Private Banking Investment Management Fiduciary, Tax & Wealth Planning Michael H. Orfini Stephanie Bennett Paul Veith Logan Winn SVP, Sr. Wealth VP, Banking SVP, Regional Portfolio SVP, Senior Wealth Strategist Relationship Advisor Advisor Advisor Dutch Miller Michael R. Marsh SVP, Regional Director Nonprofit Advisor Parhot Noor Private Banking Officer Brian Heilman SVP, Sr. Portfolio Manager SVP, Sr. Trust Officer nd Vice President Associate Trust Advisor akk17@ntrs.com Alexandra Champion Rebecca Chang VP, Client and Community Engagement rm13@ntrs.com Erin Cahill Marketing & Wealth Strategist Associate eec7@ntrs.com Jon Gossens Associate Portfolio Manager jwg2@ntrs.com Cord Dannen VP, Sr. Portfolio Manager, Non profilt cd200@ntrs.com Alex S. Tanouye Sr. Trust Advisor ast4@ntrs.com Kathy Kirley Trust Officer KAK14@NTRS.COM Kenneth Muse Investment Associate krm7@ntrs.com

26 THANK YOU!

27 BIOGRAPHY Fredrick B. Weber Estate Settlement Services Practice Leader Say not that you know another entirely till you have shared an inheritance with him. -Johann Kaspar Lavater German Theologian, EXPERIENCE Before he joined Northern Trust in 2011, Fred spent seven years handling death-related administration of estates and trusts for another corporate fiduciary. Prior to becoming a professional fiduciary, Fred spent six years in private law practice as a trust, estate and probate attorney, and he also worked as a planned giving officer for a large public charity. Between college and law school, Fred spent three years in Washington, DC working as a legislative aide for the late U.S. Senator Paul D. Wellstone (D-MN). EDUCATION Fred received his B.A. in International Relations and History from the University of Minnesota and his J.D. from DePaul University College of Law. CREDENTIALS Fred is a Senior Vice President and is licensed to practice law in Illinois. Fred is a member of the Chicago Bar Association where he is a past chair of the Trust Law Committee. He is also a member of the Chicago Estate Planning Council and the Professional Advisory Committee of the Jewish Federation of Metropolitan Chicago. INTERESTS Fred is a happy husband, a proud dad of three boys, a die-hard baseball fan, a music lover, a theatre goer and a Minnesota native who loves to bike, hike, read, run and travel, but not always in that order. EXPERTISE As the Estate Settlement Services Practice Leader, Fred manages the team that handles all aspects of death-related administration of estates and trusts when Northern Trust acts as executor and/or trustee for a client who has died. Fred speaks often on topics related to death-related administration of estates and trusts. He has presented to the Illinois Institute for Continuing Legal Education (IICLE), the American College of Trust and Estate Counsel (ACTEC), the Chicago Bar Association, the Chicago Estate Planning Council, the American Bankers Association National Trust School, the American Bar Association and the Association of Fundraising Professionals. He is also an adjunct professor in the LLM Program for Tax and Employee Benefits at The John Marshall Law School where he developed and teaches a course on death-related administration of estates and trusts. COMMUNITY INVOLVEMENT Fred is a long-time board member and past president of Shalva: A Response to Domestic Abuse in Jewish Homes. He also served as a trustee and vice president of Anshe Emet Synagogue in Chicago. 3 THINGS PEOPLE ASK ME When do I get my money?!?! The estate owes HOW much tax?!?! What do you mean they left EVERYTHING to charity?!?!

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29 WEALTH MANAGEMENT Rights and Responsibilities of Charitable Beneficiaries in Death-Related Administration of Estates and Trusts May 4, 2018 Fredrick B Weber Sr. Vice President Estate Settlement Services Practice Lead fw14@ntrs.com (312)