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EXPENSE PAYMENTS: WHAT SHOULD A TRUSTEE KNOW BEFORE THEY PAY? HOW SHOULD THE EXPENSES BE ALLOCATED?



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Have you ever wondered what goes into a trustee’s decision to pay a bill?  It’s not just a question of money.  Like every discretion exercised by a trustee, it is a weighing of options and a balancing of duty v. prudence.
This presentation will discuss:

  1. The derivation of the trustee’s power and its duty to preserve trust property
  2. How does fiduciary ownership intersect with the power to pay expenses?
  3. What are the common administrative expenses?
  4. What are the limitations of the power to repair or improve property, employ agents, and engage agents at the trust’s expense?
  5. What are costs of litigation should be borne by the trust, the trustee or the beneficiaries?
  6. Risk mitigation to insure against improper trust expense management.
  7. What does the Uniform Principal and Income Act say about the proper allocation of expenses to principal and income?
  8. How can a trustee determine what law applies to the allocation of principal and income in this particular trust; and
  9. What unique situations arise when paying trust expenses and how can a trustee navigate these concerns prudently.
  • An analysis of the various types of expenses incurred by trusts;
  • Discussion regarding how to handle services engaged by a co-fiduciary;
  • Discussion regarding when a third-party direction may be needed for certain expenses;
  • A discussion regarding when it is appropriate for the trustee to pay its expenses from the trust fund; and
  • A discussion regarding the allocation and apportionment of trust expenses.

    There will be no CE for this webinar


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    Cynthia D. M. Brown is the President of Commonwealth Trust Company and a member of its Board of Directors. Cindy has more than fifteen years of experience in the areas of trust administration, estate planning and tax. Her responsibilities include business development as well as oversight of trust administration, trust operations and compliance. In addition, Cindy is an active member of the Delaware State Bar Association Trust Act Committee, which drafts annual revisions to the Delaware Code.
    Prior to joining CTC, Cindy worked at a large Philadelphia law firm, where, among other things, she administered estates and trusts, drafted sophisticated estate planning documents, prepared and reviewed Federal and State death tax returns, and prepared and reviewed fiduciary accountings. Cindy’s experience also includes over eight years as an estate and trust paralegal with both large Philadelphia law firms and a local private practice in Delaware County, Pennsylvania. In law school, Cindy served as the Blue Book Editor of the Widener Law Review and received several achievement awards in the area of Federal Estate and Gift Taxation and Planning. Cindy is active in many professional organizations and community leadership and currently serves on the Board of Directors of the Delaware CarePlan, Inc. and the Delaware Bankers Association.
    She can be contacted at: cbrown@comtrst.com, (302) 658-7214, Ext 177



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