Trusts & Estates
Estate Valuations – Security Transfers
One of the first steps in the probate process is the estate valuation. As part of the comprehensive service our group offers, we can provide an estate date of death and six-month alternate valuation for all securities held in an estate for purposes of filing the 706 Schedule B.
In this procedure, securities are valued and a cover letter will state precisely what legal documents and other paperwork is required to deposit, transfer and consolidate the securities and other assets into street name registration into one easy to manage estate account. If appropriate, check-writing privileges can be provided for access to the account, and interested party statements can be sent to all fiduciaries, attorneys and CPAs if necessary.
The estate account will come with full insurance – up to the dollar value of the portfolio – as determined by the terms and conditions of the financial institutions we can recommend to serve as custodian. In the event the executors of the estate request to use a particular financial institution as custodian, we can accommodate the request based on the specifics of the situation.
Customized Portfolio Management for Estate Administrations
Our group possesses the expertise and ability to handle the customized portfolio management during estate administration. How does this benefit you? By delegating the ongoing duty of customized portfolio management to the DJY Group, you can greatly relieve your fiduciary responsibility. This is particularly important when you have multiple beneficiaries and/or when there is risk that the estate might be contested. Since our RIA firm is considered a fiduciary, it will give you another layer of protection when it comes to managing the assets.
Prior to management, we review all the particulars relative to the estate and determine the time frame it is expected to be open, the liquidity needs and all issues pertaining to the individual characteristics of the estate. Furthermore, we review the security holdings and portfolio composition to determine whether or not the portfolio of the decedent’s assets fulfills the objectives of the estate. If not, we will recommend what changes and/or investment management is best relative to the particulars of the estate.
We also will work with the law firm and fiduciary to determine which securities should be converted to cash to fulfill liquidity needs and determine if hedging strategies are appropriate to preserve and protect capital.
If trusts are to be funded with estate assets, we will recommend which assets are best to retain and transfer in kind to fund the trust. What’s more, we possess the expertise and capabilities to truly customize each trust’s investment management to fulfill the objectives of the trust.
We will use a "forward thinking" investment philosophy to review the beneficiary’s or trust’s individual sets of circumstances and incorporate this into the investment management aspects of the estate. In all instances, we adhere to the Prudent Investor Rules, helping assure you, the attorney, and the fiduciary are assisted with sound and prudent investment management and recommendations.
Trust & Estate Asset Transfers into Different Ownership
It’s not uncommon for a decedent to have multiple accounts at multiple financial institutions during his/her life.
This presents administrative burdens on the law firm’s staff and fiduciary to collect, transfer and consolidates estate assets during estate administration. We assist fiduciaries, their attorneys, law firms and estate personnel in dealing with the several transfer agents, several financial institutions, dividend re-investment plans, book entry share custodians and alike to consolidate and transfer assets into one easy to manage account.
Furthermore, we work with fiduciaries and their law firms to transfer and distribute assets into different ownership during or post-estate administration.
Costly delays and administrative burdens all can be avoided by utilizing our group to assist the fiduciary and their law firm in regards to asset transfers.
Customized Portfolio Management for Beneficiaries of an Estate
Often times, an inheritance from an estate is the largest single sum a beneficiary will receive in their lifetime. Beneficiaries may not have the expertise to manage their change in financial situation. They truly need the help and assistance from you, their attorney, to recommend investment counsel that they can trust.
We have been trusted for over 30 years by Trust and Estate law firms and partner with many of them to assure that beneficiaries are professionally serviced.
We have proven ourselves over and over again with prudent management during estate administrations, where fiduciaries and law firms have felt comfortable that they are in good hands when they are in positions to refer beneficiaries that will receive the care and attention we provide for the estate.
Once the beneficiaries’ assets are our responsibility, you can relax knowing that their financial portfolios are being actively managed according to their financial planning needs – making adjustments when their situation or goals change, or as market conditions warrant. We adhere to the below 5 Step Investment Advisor Process:
- Understand our Client’s Personal Sets of Circumstances
- Know exactly where all Assets and Liabilities are currently invested, held and the ownership of such
- Define written Investment Goals, Objectives, Risk Tolerance, and Time Horizon
- Professionally manage our Client’s Assets in a Customized Portfolio that closely matches the defined and written investment goals, objectives, risk tolerance and time horizon of the client
- Carefully Monitor Investment Performance and adjust the portfolio allocations according to any changes in the client’s life that materially impact how the portfolio should be managed
We also can coordinate conference calls with you, along with the client’s CPA, when appropriate, to assure that the investment management we provide is appropriate relative to the tax and estate planning needs of the individual. In addition, we often times incorporate sophisticated financial planning tools to assure each client’s situation is truly customized to their individual situations.
Customized Portfolio Management for Trusts
We have a wealth of experience when handling the customized portfolio management for trusts. In all situations, the customized portfolio management provided will adhere to the Prudent Investor Rules. For each specific situation, we offer:
- A complete review of the trust’s sets of circumstances and needs relative to the trustee’s investment goals, return objectives and risk tolerance,
- A full evaluation of the beneficiary and remaindermen’s sets of circumstances (i.e., balancing income and growth needs),
- A comprehensive assessment of all assets in the trust, including a review of asset allocations,
- Setting written goals and objectives for the trust relative to income and/or growth needs, risk tolerance, return objectives and time horizon,
- Prudent, unbiased portfolio diversification and Customized Portfolio Management to fulfill all the needs of the trust, and
- Monitoring of portfolio performance and rebalancing as necessary.
In addition to the above, we coordinate meetings and conference calls with the attorney when necessary, the accountant and trustees as often as needed to discuss any changes in the personal sets of circumstances of the trust. Ongoing tax, estate planning and portfolio reviews can be coordinated during these discussions to provide the best possible service to the client.
Our personalized service helps keep open lines of communication with the trustee and attorney. What’s more, we make sure that you, the attorney, and the CPA are continually involved if necessary to provide prudent tax and estate planning advice steadily over time.
Clients are assisted by receiving unbiased customized portfolio management from us and tax and estate planning advice from their legal and tax professionals. This helps assure that any necessary changes relative to adjustments in tax or estate planning laws will be incorporated into the clients’ unique sets of circumstances on an on-going basis.
Corporate Trustees
Often times a corporate trustee is the best solution for certain trusts, In this event we can:
- Recommend a corporate trustee, or
- Work with one you recommend, or
- Work with a corporate trustee named in the trust document.
Furthermore, if you find you are not happy with a current corporate trustee you are working with, we will be glad to assist you to remove and replace them with a new corporate trustee. Our group will coordinate this change and work with you to handle the asset management according to the specific needs of the trust.
Changing corporate trustees often results in significant legal involvement, but in our experience the client is better served after the move is made. Often times better returns, higher income and better service is achieved in the end.
The legal fees incurred through your involvement are more than offset in a better result through the new trustee.
If you are not familiar with the removal, replacement process, we can assist you with co-counsel that can assist you in these efforts.
No matter what the case is, we will provide unparalleled customized portfolio management and personal attention that is tailored to each individual trust’s needs.
Expertise
The DJY Group has a wealth of experience in understanding the administrative and portfolio management aspects necessary to serve – the estate attorney, executor or trustee. In all we do, our underlying mission is to ease the fiduciary burdens and streamline the estate administration and portfolio management process. Consider the following: We have the experience and knowledge to handle the customized portfolio management during the estate administrations.
We possess the expertise to assist you with the necessary distribution and transfer after an estate account is closed and the assets are distributed to individuals, beneficiaries or trusts.
We have the ability to arrange for the valuation and sale of closely-held businesses through a network of qualified business evaluation and broker networks.
When you put it all together, we think it is fair to say that we possess the expertise and knowledge to partner with you to fulfill many of the needs of your trust and estate practice, while serving your executors, trustees and beneficiaries.
Get Started
To take advantage of the wide range of trust and estate services provided by the David J. Yvars Group, please contact us at 888-449-8277 or 914-741-9700, or email us at david@yvarsgroup.com