The Trust Advisor, dubbed as “America’s Leading Wealth Management e-Newsletter,” today published an article based on McManus & Associates’ latest client conference call in our educational series. The piece, titled “The Trusts Are Signed, Now It’s Time To Keep Them Running,” opens by pointing out that the fiscal cliff pushed billions of dollars into irrevocable trusts.
Author of the story Scott Martin observes that “most of the assets have already flown, leaving many advisors who rode the trust wave to ask what’s next.” Martin goes on to cite advice from top-AV rated Attorney and Founding Principal of McManus & Associates John O. McManus:
This is actually a big opportunity for those who can switch gears from helping people create trusts to the heavy lifting of keeping those vehicles properly, says top attorney John O. McManus.
He still preaches the importance of those families who have not yet transferred their estates into an irrevocable trust – as he notes, the assets should continue to appreciate – but those who already have are often at a loss.
“I always explain to my clients that the creation of a trust shouldn’t be viewed as a box to check,” he says. “Rather than setting up the trust and moving on, new planning ideas can be continually implemented that utilize the trust as a leading instrument to accomplish one’s financial mission.”
Check out the full write-up to see McManus’ checklist for managing an existing irrevocable trust.