Search found 35 matches

by robandjeanne
Mon Feb 17, 2020 4:17 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

Does anyone use a "lawyer's letter" or "lawyers flash drive" to convey critical information for Successor Trustees or maybe beneficiaries after their passing? We are coming to the end of nearly a year effort to create a Revocable Living Trust (RLT) which is like a dynasty trust and may go on a long ...
by robandjeanne
Mon Jan 06, 2020 4:16 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

Did they (Successor Trustee) put in writing they would follow a VTI future investment directive? No, but two of the principals in the Trust Co agreed to it, and perhaps most importantly the chief Trust investment officer (a fan of Vanguard) agreed to it. Also I have a detailed Successor Trustee Dire...
by robandjeanne
Wed Oct 16, 2019 8:39 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

We found a Successor Trustee who will do index investing (VTI) with all our future portfolio investments. The only issue is they are in SD and we are in VA. I'm not sure if this is a concern, since our Trust says the situs can be moved. Of course since I've only met this potential ST on the phone an...
by robandjeanne
Sun Oct 13, 2019 2:31 am
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

When you decouple and go with your own RIA does your RIA insist on having bonds and international investments? Does your RIA have a goal of matching VTI, and if not does he estimate how far below VTI he will be.How do you handle the issue of your RIA predeceasing you? When i last checked with Schwab...
by robandjeanne
Wed Oct 02, 2019 6:08 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

The entire reason for going admin Trustee is to be able to pick an ST who would invest in the total US market (like VTI). The Trust is a dynasty Trust that distributes half the yearly growth or a minimum of $20K to 7 beneficiaries. Correct me if I'm wrong, but if the Trust portfolio has enough asset...
by robandjeanne
Mon Sep 30, 2019 2:26 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

This is the hidden side of Trust preparation, Our lawyer seems very experienced at preparing th Trust, but not experienced when picking a Successor Trustee. So the dark secret seems to be Trust lawyers make money preparing the Trust, but they don't view selecting a good ST as part of this job. Pleas...
by robandjeanne
Sat Sep 28, 2019 7:31 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

The first SD Trust Company I reached out to seemed to indicate they were willing to invest only in index funds like the S&P or VTI. apparently they don't like VTI and want to go with DFA funds perhaps DFELX large cap which tracks the S&P over 5,10,and 15 years. They could do investor and admin roles...
by robandjeanne
Fri Sep 27, 2019 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

Apparently separating investment and admin roles may result in more flexibility with investing. Has anyone done that? Also the investment role would be Trust Investment Advisors, and the admin role would be Corporate Administrative Trustees (aka Directed Trustees). From the little I know the leading...
by robandjeanne
Tue Sep 24, 2019 8:46 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

We already state we are not following the Prudent Investor Rule in our Trust. So far STs seem to be ignoring this. It almost seems they want to use this worry about being sued to push their own choices for investments. To a Trustor trying to set up a Trust it is very frustrating. The STs seem to be ...
by robandjeanne
Tue Sep 24, 2019 9:35 am
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

Thanks lilyfleur for those calming words. I'm a little confused by the stats you reference. Morningstar shows VTI as follows for YTD, 3,5,and 10 year performance: 20.83, 13.17, 10.45, and 15.14%. SCHX has YTD of 21.09%, 12.67, 9.93, -. From M* it looks like they are almost equal with VTI having a sl...
by robandjeanne
Sun Sep 22, 2019 11:49 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

We have a legacy Trust with 6 beneficiaries, and would like to distribute half the portfolio growth every year. The portfolio has 33 funds and ETFs, and as various funds are sold, any money not distributed we would like to be invested in VTI. Since we can't seem to find an ST who will agree to do th...
by robandjeanne
Sun Sep 22, 2019 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

I think Schwab's man in Nevada doesn't think VTI is diverse enough. Schwab has only been investor and admin ST for two years, I suspect they want to push their own index funds (at least it's index) instead of VTI. I asked him what index funds and their performance he recommends, and I'm waiting to h...
by robandjeanne
Fri Sep 20, 2019 12:49 am
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

Starting to hear the same old song and dance from Schwab who initially agreed to manage a mainly VTI portfolio, but after getting through two layers of people I'm now hearing how they are worried about being sued because VTI is not diverse enough. In the last two years Schwab has taken on the entire...
by robandjeanne
Thu Aug 22, 2019 6:49 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

afan noted how comical it would be for a Successor Trustee to claim he knew more about investing than Buffett, but in my experience I'll bet there would be some who would claim such genius status. Although it seems Buffett would have a trust, I found it quite interesting that according to Bogle, Buf...
by robandjeanne
Mon Aug 19, 2019 10:48 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

Our thanks to 2wendylu, afan, Firechief, FBN2014 et al for suggesting Schwab, which by far has been our best candidate for Successor Trustee. In our area of Northern VA, Schwab says they can handle our entire Trust (not just administrative). In our case we want a "Legacy Trust" which will distribute...
by robandjeanne
Fri Aug 16, 2019 12:44 am
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

Firechief is absolutely right about the need to direct the Successor Trustee to do what you want. I had a quite productive meeting with one potential ST and his Senior Portfolio Manager. The ST was suggesting we use language like "prefer" to state what we wanted. Toward the end of the meeting the Po...
by robandjeanne
Thu Aug 15, 2019 10:37 am
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

Thanks to bsteiner for the court room view of Trusts and Wills. It seems most of the malfeasance cases are pretty clear (Trustee owning one stock...). I wondered if there have been successful cases against a Trustee that holds a Bogle-like portfolio? I know anything is possible, but it would seem a ...
by robandjeanne
Thu Aug 15, 2019 1:30 am
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

I have heard some say beneficiaries would be unhappy receiving an amount that varied with market performance. I mentioned our RLT has a minimum yearly amount of $20 K, so this is an amount each beneficiary could count on. Any additional amount due to market growth should be considered a bonus. I won...
by robandjeanne
Wed Aug 14, 2019 8:10 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

An update on our quest to find a Successor Trustee to manage our mostly VTI portfolio. Now when I say mostly VTI portfolio I should clarify that presently the portfolio consists of over 30 mutual funds and ETFs with VTI being less than 10%. So imho the present portfolio seems diverse. It certainly i...
by robandjeanne
Mon Aug 12, 2019 3:23 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

Thanks, FBN. Since I haven't heard back from the our one potential ST yet, I am still actively looking. I have a call in with Schwab and as you mentioned probably their best role would be as administrative Trustee, with Portfolio Solutions serving as investor Trustee. I hope to learn more about this...
by robandjeanne
Mon Aug 12, 2019 2:04 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

It seems to me there are a lot of snake oil salesman out there with respect to Trusts and particularly the idea of serving as Successor Trustee. FBN mentioned Portfolio Solutions, which seemed interesting but there appears to be a lot of portfolio solution groups out there, so I wondered which one F...
by robandjeanne
Fri Aug 02, 2019 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

Thanks for all the recent input. Has anyone actually selected a separate investor Trustee? We have a legacy RLT and are having difficulty finding a Successor Trustee who will invest new money in VTI. The one bank (out of 7) we thought was going to come through has recently suggested we use weasel wo...
by robandjeanne
Wed Jul 31, 2019 9:40 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

Does the beneficiary normally pay taxes on inherited money? For example if a Legacy Trust is distributing income received from mutual funds, this might consist of dividends and short term capital gains (STCG) as well as LTCG. Since the Trust would be highly taxed on dividends and STCG if held in the...
by robandjeanne
Sat Jul 20, 2019 4:43 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

You can stream from the WSJ site (I do it with ROKU) a Morgan Stanley advisor extolling the benefits of VTI like investments in wealth management. This was an interview with Ron Vinder the Private Wealth Manager of Morgan Stanley. He says he fired all his active managers and went passive about 12 ye...
by robandjeanne
Thu Jul 18, 2019 1:20 am
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

I have not had any success with VG. The person I talked with wants to load up a VTI portfolio with bonds and international stock ETFs, and they definitely won't handle real estate. I have yet to find a ST who will invest in VTI and do the other Trustee tasks for $70 K per year (although I may have o...
by robandjeanne
Mon Jul 15, 2019 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

Perhaps a statement in the Trust that says if portfolio is not invested in VTI, the Special Co-Trustee can come riding in and terminate the Trust distributing to beneficiaries and ending the Successor Trustee's fee. That ought to get their attention. Either get $70K for one or two years or invest in...
by robandjeanne
Sun Jul 14, 2019 1:36 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

I'm getting estimates of 1% (seems all successor trustees got together) to be STs for "our" trust. Of the six candidate STs we've talked with, only one sounds like they wouldn't fight us on investing our portfolio in VTI. So 1% managing a Trust with a portfolio approaching 8 figures seems to be the ...
by robandjeanne
Sat Jul 13, 2019 7:30 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

Bridgeford Trust appears to be one outfit that talks about Directed Trustees. Although I could probably change the situs of our Trust to South Dakota, I wonder if there are similar outfits in Virginia? Don't yet know what the total fees would be, but Bridgeford hints they will be less.
by robandjeanne
Fri Jul 12, 2019 10:46 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

I agree totally. I want a successor trustee to write 7 checks to 7 beneficiaries, and do the taxes for over $50K per year. I want them to do this for so many years they could make this a retirement job. OK, maybe I'm simplifying this a little because we want the money to go to the beneficiary per st...
by robandjeanne
Fri Jul 12, 2019 4:47 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

Trying to fine tune our Revocable Living Trust. Because we have many spendthrift beneficiaries we have decided to go with a "legacy" trust that may go on as long as the portfolio growth allows (no limit in VA). Even though Successor Trustees will get a fat fee every year (over $50 K) most are reluct...
by robandjeanne
Sun Apr 07, 2019 4:50 pm
Forum: Investing - Theory, News & General
Topic: The Three-Fund Portfolio
Replies: 2699
Views: 1800445

Re: The Three-Fund Portfolio

I know asset allocation is supposed to be wonderful. However I have yet to see the value of bonds which by my calculations have never equaled the total market (like VTI). If you are in it for the long haul, bonds seem to be a drag on performance. Someone made the comment that hte S&P did only fair i...
by robandjeanne
Tue Apr 02, 2019 1:28 am
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

I may have to check with Vanguard again. The person I first contacted about ST services said they would flatly refuse an all growth portfolio such as an S&P style index or ETF. This didn't seem reasonable coming from VG since they invented the index fund. That person definitely sounded biased agains...
by robandjeanne
Mon Apr 01, 2019 1:07 am
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

"I believe that "guidance" for how to invest is worthless, as a trustee will hide behind a state's prudent investing requirements and invest the way other trustees invest (i.e. active management with high fees/ERs). Only a specific requirement of a trust (i.e. not just "guidance") will trump the pru...
by robandjeanne
Sun Mar 31, 2019 3:25 pm
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

Thanks for your help so far on successor trustees. So far every potential ST has tried to impress me with the awesome fiduciary responsibility they are taking on, meaning they plan on selling everything and letting their financial geniuses pick stocks and bands that are suitable for my beneficiaries...
by robandjeanne
Fri Mar 29, 2019 1:18 am
Forum: Personal Finance (Not Investing)
Topic: Trust Services
Replies: 209
Views: 27304

Re: Trust Services

Just starting the funding process of our Living Revocable Trust I also am having trouble finding a successor trustee I trust. I would be happy to find an ST that would invest only in passive ETFs like VTI or the S&P, but most want to sell everything (no cap gains due to step up at death) and use the...