From WealthCounsel, LLC

"Estate Planning Strategies" -- Chapter 53, "Choosing a Trustee for Your Living Trust" by Glenn D. Price

One of the most important aspects of executing a successful estate plan for yourself and your family is the selection of a trustee. Because a trustee's responsibilities are serious and sometimes time-consuming, it is prudent to evaluate your options carefully before making a selection.

Whom should you choose as trustee?
If you are creating a revocable living trust, you will probably serve, at least initially, as the sole trustee if you are single, or as a co-trustee with your spouse if you are married. You are essentially wearing three hats as the: 1) grantor -- setting up the trust and putting assets into it; 2) trustee -- owning, managing, and distributing the trust assets; and 3? trust beneficiary. A critical decision you must make is who to name to serve as your successor trustee if you should resign, if you become disabled or incapacitated, and when you die.


For Our Clients: Recent Changes to Federal Transfer Tax Laws

Glenn D. Price in the Puget Sound Business Journal
Estate Planning & Charitable Bequests – February 22-28, 2008
Supplement to the Puget Sound Business Journal
The Many Uses for Trusts in Estate Planning

Advisor Newsletters: The Wealth Counselor

Volume 2, Issue 1 - The Continuing Need for Life Insurance
Volume 2, Issue 2 - 10 Tips for Helping Families with Special Needs

Volume 2, Issue 3 - Policy Reviews of Trust-Owned Life Insurance

Volume 2, Issue 4 - Planning for Tax-Qualified Plans
Volume 2, Issue 5 - Planning for Disability
Volume 2, Issue 6 - Understanding Medicaid Planning Opportunities For Your Clients and You
Volume 2, Issue 7 - Life Settlements: Understanding the Opportunity for Your Clients
Volume 2, Issue 8 - Understanding the Opportunities with Aid & Attendance Benefits

Volume 2, Issue 9 - Understanding the Significance of Trusts
Volume 2, Issue 10
- Simplifying the Taxation of Trusts
Volume 2, Issue 11 - New Planning Opportunities with Non-Spouse Rollovers
Volume 2, Issue 12 - Opportunities for Planning with Pets
Volume 3, Issue 1 - Exciting New Developments in Buy-Sell Planning
Volume 3, Issue 2 - Planning for the New "Zero Percent" Tax Bracket
Volume 3, Issue 3 - Planning for Unmarried Couples
Volume 3, Issue 4 - Planning for Long-Term Care
Volume 3, Issue 5 - Tax Planning
Volume 3, Issue 6
- Practical Applications of Non-Qualified Deferred Compensation
Volume 3, Issue 7 - "Portability" of the Federal Estate Tax Exemption - What does it Mean?
Volume 3, Issue 8 - New FDIC Rules: Are You Protected?
Volume 3, Issue 9 - Year-End Planning Opportunities: More Than You Might Expect
Volume 4, Issue 1: New Opportunities Under the Worker, Retiree, and Employer Recovery Act of 2008
Volume 4, issue 2: Solidifying the Adviser Relationship through Creative Trust Planning
Volume 4, Issue 3:
The Bear Market's Impact on Safe Retirement Withdrawal Rates

Volume 4, Issue 4: Individual and Small-Business Tax Benefits in the Stimulus Package|
Volume 4, Issue 5: Understanding Education Savings Vehicles
Volume 4, Issue 6: The IRS' Dirty Dozen
Volume 4, Issue 7: Paying for Large Insurance Premiums
Volume 4, Issue 8: The Continuing Relevance of ILITs
Volume 4, Issue 9: GRATs vs. Sales to Grantor Trusts
Volume 4, Issue 10: An Introduction to Planning for Doctors
Volume 4, Issue 11: Charitable Lead Trusts
Volume 5, Issue 1: Planning After "Repeal" of the Federal Estate Tax
Volume 5, Issue 2: The 2010 Basis "Step Up" Rules
Volume 5, Issue 3: Motivating Clients to Plan Now: Taking Advantage of Low Interest Rates and More
Volume 5, Issue 4: The Continuing Significance of Non-Qualified Deferred Compensation
Volume 5, Issue 5: Special Needs Planning for Affluent Clients
Volume 5, Issue 6:Trust & Estate Litigation: Its Common Causes

Client Newsletters: The Wealth Advisor
May. 2007: New Law Creates Exciting Planning Opportunities
July, 2007: Planning for Disability
September 2007: Understanding the Significance of Trusts
February, 2008: Planning for Pets
August, 2008: "Portability" of the Federal Estate Tax Exemption - What does it Mean?

October, 2008: New FDIC Rules: Are You Protected?
January, 2009: Planning You Should Consider Now
May, 2009: Understanding the New Economic Stimulus Law: How Does It Impact You?
August, 2009: When Is It Time to "Service" Your Estate Plan?

November, 2009: Don't Make the Same Mistakes You've Seen in the Headlines
February, 2010: No Estate Tax in 2010: What Does This Mean to You?

"Consider This" Articles (in Adobe PDF Format):
The Family Private Annuity
An Introduction To Family Limited Partnerships
The Limited Liability Company (LLC)
The Big Shift: Get In Gear
Estate Planning: The Client Manifesto
The Power Of Trust Planning
Understanding Charitable Remainder Trusts
Q&A: Qualified Personal Residence Trusts

These files are all in PDF format, which requires Acrobat Reader to view/print. Most computers already have this program installed, which you can check by going to the START menu and looking the PROGRAMS popup list. If you do not have it, you can download Acrobat Reader for free by clicking on this link.


Articles in HTML Format:
Save Gift and Estate Taxes: Give Your House to Your Kids
Avoid These Estate Planning Traps
The Advantages of Lifetime Gifts
Reducing Estate Taxes with Insurance Trusts

• How to Get The Most Out of the Increasing Estate Tax Exclusion Amount
• Make Gifts to Reduce Your Estate
• Irrevocable Life Insurance Trust
• Charitable Lead Trust
• Private Charitable Foundation
• Qualified Personal Residence Trust
• Grantor Retained Annuity Trust (GRAT) & Retained Unitrust (GRUT)
• Foreign Asset Protection Trusts
• Protection Against The Generation-Skipping Transfer Tax
• Qualified Domestic Trust
• Funding Your Living Trust (Part 1)


NOTE: This information is designed to provide a general overview with regard to the subject matter covered and is not state-specific. The authors, publisher and host are not providing legal, accounting or any other advice which purports to be specific to your situation. The contents of this website are believed to be completely reliable. Nevertheless, some material may be affected by changes in the laws or interpretations of such changes since the material was entered on the website. If legal advice or other expert guidance is required, the services of a competent professional in the field of law, accounting, insurance or investments should be sought.

Price & Farrington, PLLC - Attorneys and Counselors at Law
Parkwood Office Center - 2370 130th Ave. N.E., Suite 103 - Bellevue, Washington 98005
Phone: 425.451.3583.. Fax: 425.452.0153 ..E-mail: contact@pricefarrington.com

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