Tiffany Rockstroh, CTFA - President
David Hall, Vice-President, Investment Strategist
Preferred Legacy Trust CompanyThe Rotary Club of Akron had the pleasure of listening to Tiffany Rockstroh, President, and our own David Hall, Vice-President -Investment Strategist & Banking Officer of Preferred Legacy Trust Company.
Tiffany began the presentation strongly recommending that it is of benefit to all of us to establish a Healthcare Power of Attorney, develop an Advanced Directive, create a General Will, establish a Durable Power of Attorney, and finally in some cases create a Trust. Tiffany stressed that whether you are 18 years of age or older, you never know what might happen to you and having these documents in place that be beneficial to all concerned.
Why Would a Person Create a Trust?
- Leave a legacy for generations to come.
- Avoid Probate.
- Allows grantor control over the use of the funds after the grantor is deceased.
- Taxes: several potential tax benefits.
- Capital gains, Federal Estate Tax, State Estate Tax.
- Provide a Structure for Beneficiaries.
- Young children, easily influenced.
- Special needs children.
- Social issues.
- Liability.
- Assets in trust can be protected from creditors or divorce.
- Family Asset; IE Farm or Vacation Property.
Why Would You Choose a Professional Trustee vs. a Family Member?
- When you name a professional trustee, you allow the professionals to handle the affairs. This means the family remains a family.
- Professional Trustees are unbiased and will execute a document according to how the family and council wrote the document.
- Professional Trustees have the knowledge and expertise to handle an estate and administer all the trust rules and regulations, which most family members do not have.
- A Professional trustee adds an additional layer of protection around the trustee assets. The layer could add extra protection from litigation and divorce if structured correctly.
- Professional Trustees are regulated by the state or OCC - allowing for additional oversite and protection you don’t receive from a family member.
- Professional Trustees have a rich network of advisors for complex situations, allowing additional advice and oversite when needed.
- A Professional Trustee allows families peace of mind, knowing that they selected a team with integrity and experience to manage their financial affairs after they have passed.
What Should I Look for or What Questions Should I Be Asking If I Want to Create a Trust?
- Does the focus remain on the client’s needs rather than the client’s account size?
- Is the Trust Company willing to hold unique assets?
- Does the Trust have local experience?
- Is a professional from the Trust Company available for family/client meetings in person?
- Is the Trust Company able to work with any financial advisor, CPA or attorney, allowing the families advisors to stay in place?
Following the presentation, Tiffany and David answered various questions. To review these questions and the ways the Preferred Legacy Trust Company might be able to answer questions you have, check out the recording by clicking here.
Yours in Service -
Terry Dalton
Club Secretary and Scholarship Chair
