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What defines a Corporate Trustee

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Presentation toHawaii Estate Planning CouncilEducation of Corporate TrusteesApril 28, 2016
FacilitatorsCourtney Kajikawa Manager of FHBDiane Chong Manager of CPBBonnie Fong Manager of BOHTodd Hoch Manager of FFB
What Defines a Corporate Trustee ToddAccount Acceptance Process CourtneyProblematic Language BonnieRisk Mitigation DianeCompensation of Corporate Trustee ToddPerceived Downside of Corporate Trustee Bonnie
Outline
Corporate CharterWhat is it? How is it obtained? Why is it important?Benefits of a charterRegulatory OversightVarious governing agenciesFederal, State, Internal auditRole that they serveBenefits and Drawbacks
What Defines a Corporate Trustee
Minimum account valuesAccount acceptance processDocument reviewAsset reviewRed FlagsDeclinations
Account Acceptance Process
One pot versus separate pot trustsDiscretion under ascertainable standardsInterpreting intent of settlorDealing with blended familiesHandling closely held businessEntities holding real estate assetsIncrease in estate tax exemption impact on old documents- funding of family/marital trustsRestrictive or outdated fee language
Problematic Language
Periodic document and account reviewUnderstanding settlers intentStart relationship prior to deathClear on preferred beneficiaryDelegate responsibilitiesLeverage courts for clarification of language and approval of accountings
Risk Mitigation
Bundled FeesAdministrative services & Investment managementPercentage X assets managed on a declining scaleAsset managementLiquid assets – mutual funds, stocks, bonds, cashInternal and 3rdparty investment managers expensesClosely held business interestReal EstatePrimary residence - title holdingIncome property – property management, % of incomeOther FeesInception, disbursement, termination and minimumCo-trustee fee, special services, tax services
Compensation of Corporate Trustee
Strict interpretation of the documentDisclosure to both income and defined remainder beneficiariesCommittee oversight
PerceivedDownside of Corporate Trustees
Courtney Kajikawa Manager of FHBDiane Chong Manager of CPBBonnie Fong Manager of BOHTodd Hoch Manager of FFB
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What defines a Corporate Trustee