Reinhart Trust Services
Reinhart Trust Administrative Services
Reinhart can be the "back office" for individuals who are named as trustee. An individual trustee accepts a fiduciary role that carries great responsibility. The benefits of a trust in preserving and directing wealth are many, but at times the complexity of organizing day-to-day administration, planning investments, meeting crucial deadlines, coping with the demands of difficult beneficiaries and understanding tax laws may be more than he or she wants to take on alone, particularly in light of increasingly complex tax laws, heightened standards for trustee performance and risk of personal liability.
Our attorneys are well-prepared to serve as knowledgeable advisors, providing our clients with practical and experience-driven assistance in carrying out their fiduciary duties. We have developed specialized systems to provide efficient and cost-effective services. We are able to assist our clients with the objective selection of investment providers, or, if our clients prefer, to continue working seamlessly with the financial advisor they designate.
Reinhart Trustee Services
Reinhart lawyers are sometimes asked by our clients to act in the official role of trustee, serving as a trust's formal guardian. In this more active role as the client's representative, the attorney ensures that the client's wishes are carried out as they have been set forth in the trust document.
Our clients have a desire to preserve and direct their wealth so that it will be protected and passed on to their loved ones or used to further their goals. Reinhart attorneys have the expertise necessary both to create trusts and to guide the administration of such trusts to ensure that clients' objectives are met.
In keeping with the current "unbundling" concept that recommends the separation of trust administration services from investment services (allowing best-in-class providers for each of these services), Reinhart does not handle investments directly, leaving that aspect of trust management to the financial advisor with whom our clients feel most comfortable.
Whether a client already has a long-standing relationship with a Reinhart attorney or is about to establish such a connection, that attorney may become a trusted advisor with a deep understanding of the client's objectives for his or her assets and beneficiaries. As a result, the attorney will have the informed judgment necessary to ensure that the client's objectives are met.
Reinhart Estate and Trust Services for external and internal trustees include:
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Fulfillment of the grantor's intentions as to the trust's assets
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Assistance with the selection of well-established and carefully assessed independent investment advisors, the negotiation of investment fees and the continued monitoring of such advisors
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Fulfillment of statutory requirements through the on-going review of investment policies designed by the trust's independent investment advisors to protect and increase the trust's value
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Management of life insurance policies, including the issuance of withdrawal notices and other administrative requirements
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Management of other special assets, such as real estate and closely held stock
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Preparation of annual accountings to comply with statutory requirements
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Preparation of fiduciary income tax returns
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Coordination of a variety of other services designed to keep our clients informed and satisfied with any and all matters involving the trust.
While banks and other law firms may offer similar services, our Trust Services come with the Reinhart focus on understanding our clients' unique interests and needs and on building a strong lasting relationship with each client. If you are a trustee, we will assist you in performing your fiduciary duties and in minimizing exposure to personal liability with regard to investment losses and other trust matters. If you choose to have a Reinhart attorney serve as your trustee, we—in conjunction with your investment advisor—will work with you and for you to establish a personalized plan that will protect your trust to preserve your vision for the future.
Trusts offer significant advantages for the preservation and direction of wealth. The role of trustee is of critical importance and entails many obligations and attendant risks of liability. Reinhart Trust Administrative Services can provide an individual trustee with support and security in his or her role as trustee, or Reinhart Trustee Services can connect you with an experienced Reinhart attorney, well prepared to serve as trustee for the trust you design together.
Reinhart Trust Services provides monthly or quarterly accountings, using an advanced accounting program to gather and assess financial information. These accountings allow the trustee to analyze and assess the trust portfolio and to make informed decisions about investment, distributions and tax planning.
Reinhart Trust Services offers tax return preparation or can work directly with the tax preparer of your choice. Our attorneys have significant expertise in the complex area of fiduciary income tax law and can work with your investment professionals to limit tax exposure and reduce the marginal tax rate.
Reinhart Trust Services will work with your investment advisor to ensure that your investments comply fully with applicable laws and with the investment provisions of the trust. The guidelines and goals expressed in the trust document will be carefully and prudently followed, protecting the trustee from potential liability.
Reinhart Trust Services will faithfully protect the interests of the trust beneficiaries. We will also make sure that the grantor's wishes regarding distributions are carried out as formalized in the trust document. Our administrative system will organize and maintain records which provide a history of the trust and protect its future.