Reinhart Trust Services assists individual Trustees in carrying out their fiduciary duties, including the selection of independent investment advisors (and the continued monitoring of such advisors), formulation and establishment of investment policies in accordance with statutory requirements, preparation and distribution of annual accountings, preparation of fiduciary income tax returns, management of life insurance policies, closely held business interests, real estate and other special assets, and a variety of other services.
Unlike corporate trust companies, our services are completely separate from investment advisory services. We are able to objectively select investment providers, or continue working seamlessly with the financial advisor designated by the client.
The laws governing fiduciary duties are becoming increasingly rigorous, with an emphasis on documentation. A Trustee must always act prudently, in good faith, and in the best interests of the Trust beneficiaries. Trustees should discharge their duties to their beneficiaries through regular review of issues affecting the trust and, equally importantly, through careful documentation that such reviews have been completed. For example, Trustees should document appropriate planning for investments and taxes and prepare regular accounts to be provided to beneficiaries. Trustees can and should retain professional assistance in fulfilling their fiduciary duties as they are strictly liable should they breach such duties.
Our Firm provides high-quality service to Trustees to allow them to meet these evolving standards of care. We provide the following for each trust account, as applicable:
- initial review to ascertain that all prior trust matters are in order and to establish a system for on-going maintenance of records
- formulation and/or review of investment policies designed to protect and increase trust wealth and to meet legal standards
- participation in the selection of well-established and carefully‑assessed independent investment advisors and the continued monitoring of such advisors
- if applicable, management of life insurance policies, including issuance of right of withdrawal notices, payment of premiums and other administrative requirements
- preparation of annual accountings as required by the trust document which provide valuable information and direction for investments and tax planning
- maintenance of amortization schedules and tracking of payments on any promissory notes held by the trust
- organization and/or facilitation of annual meetings designed to ensure careful review of the trust and documentation of that review
- preparation of thorough minutes of said meetings to provide a history of the trust’s administration and the trustee’s fulfillment of fiduciary duties
- News, Knowledge & Events
Trusts and Estates Chair Jennifer D’Amato named a “Leader in the Law” by Wisconsin Law Journal.
Multiple options exist for charitable giving when preparing your estate with the three most common options being donor advised funds, charitable trusts and private family foundations. Each option has advantages and disadvantages, so it is important to align your charitable giving with a holistic estate, financial and tax plan.