Corporate Tax

Advantages of a trustee | Native enterprise

Revocable Living Trusts have become a widely used estate planning document that provides a way to manage assets, avoid inheritance, and gain privacy when handling an estate. When you set up a Revocable Living Trust together with your legal counsel, you usually designate yourself as a trustee and manage your financial assets as before. It is necessary to appoint a successor trustee who will act in the event of your incapacity for work or death. Choosing the right trustee is one of the most important decisions you will make.

Particular attention should be paid to the selection of a person to take on this often complicated and difficult role. Family members may lack the experience, skill, and time required to perform trustee duties. Individuals often have personal relationships with beneficiaries that can create conflict within the family. While you can choose almost any adult, including family members or friends, consider a corporate or professional trustee as the optimal solution possible.

Experience and commitment

Corporate trustees devote their full attention to the trust assets. They have experience, resources, access to tax, legal and investment knowledge that may be difficult for an individual to copy. A corporate trustee can only act as an administrative trustee so they can focus on running the trust while hiring your registered investment advisor to manage the assets. Alternatively, the corporate trustee can act as both an administrative trustee and an investment manager. Flexible escrow language may allow beneficiaries and co-trustees to continue working with their currently registered investment advisor or to identify a registered investment advisory firm of their choice.

Regulation and Protection

Regulated by state and federal agencies, trustees keep your wealth safe. In the event of the insolvency of a trust company, the trust assets must be kept separate by law from all other assets, cannot be merged with the assets of the trustee and cannot be used to satisfy the claims of the trustee’s creditors. Corporate trustees and registered investment advisors are subject to the fiduciary standard of acting solely in the best interests of the trust beneficiaries. You must be objective in following your instructions. Extensive powers in the fiduciary language will also give beneficiaries the power to remove and replace trustees.

Successor Trustee

If you choose to appoint a personal trustee, most trust documents will appoint a corporate trustee as a successor if none of the personal trustees are available, able, or ready to serve. Put simply, corporate trustees are institutions that do not become incapacitated or die. When choosing the most qualified trustee to manage, consider the types of assets you own, including stocks, farmland, and commercial real estate.

Many property owners can enjoy the benefits of a corporate trustee. When establishing or modifying a Revocable Living Trust, contact your attorney to identify the appropriate trustee and to include provisions for your registered investment advisor to manage assets for your trust.

In Rivian’s test drive in normal

A storage space is built into the rear seats of a Rivian R1T pickup that will be on display at the Normal Automobile Plant on Sunday, September 26, 2021.


DAVID PROEBER, THE PANTAGRAPH

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On Sunday, September 26, 2021, a Rivian R1T pickup will drive over a 45-degree drop side on a test track in the normal automobile plant. The company’s First Mile event gave government officials and other invited guests a test drive in the first electric vehicle truck, which was handed over to customers on Monday.


DAVID PROEBER, THE PANTAGRAPH

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On Sunday, September 26, 2021, a Rivian R1T pickup will drive over a 45-degree drop side on a test track in the normal automobile plant. The company’s First Mile event gave government officials and other invited guests a test drive in the first electric vehicle truck, which was handed over to customers on Monday.


DAVID PROEBER, THE PANTAGRAPH

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A Rivian R1T pickup drives over a 45-degree drop side on a test track in the normal automobile factory on September 26th.


DAVID PROEBER, THE PANTAGRAPH

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A Rivian R1T pickup will be parked at the Normal plant on Sunday. The states of the Midwest sign an agreement to develop an infrastructure for electric vehicles.


DAVID PROEBER, THE PANTAGRAPH

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A Rivian R1T pickup truck is shown at the Normal plant. The company is scheduled to go public on Wednesday.


DAVID PROEBER, THE PANTAGRAPH

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A Rivian R1T pickup was driven during the First Mile event at the Normal Automobile Plant on Sunday, September 26, 2021. The company’s First Mile event allowed government officials and other invited guests to test out the first electric truck, which was released to customers on Monday.


DAVID PROEBER, THE PANTAGRAPH

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A Rivian R1T pickup truck is ready for a test drive at an event at the Normal plant.


DAVID PROEBER, THE PANTAGRAPH

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A display on Sunday at the First Mile event at Rivian’s Normal plant shows various charging options.


DAVID PROEBER, THE PANTAGRAPH

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The storage tunnel of the Rivian R1T pickup truck goes through the body of the truck that was exhibited at the Normal Automobile Plant on Sunday, September 26, 2021.


DAVID PROEBER, THE PANTAGRAPH

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What the engine compartment of a gasoline-powered pickup truck would be is a storage compartment of the Rivian R1T pickup, which was on display at the Normal-Automobilwerk on Sunday, September 26, 2021.


DAVID PROEBER, THE PANTAGRAPH

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A storage compartment under the loading area of ​​the Rivian R1T pickup truck provides space for a full-size spare part, as the truck was exhibited at the First Mile event in the Normal-Automobilwerk on Sunday, September 26, 2021.


DAVID PROEBER, THE PANTAGRAPH

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The interior of the Rivian R1T pickup truck is filled with leather surfaces and glass cockpit instruments, as was shown at the First Mile event at the Normal-Automobilwerk on Sunday, September 26, 2021.


DAVID PROEBER, THE PANTAGRAPH

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Those who buy a Rivian R1T pickup truck can receive delivery at a special customer delivery station built outside of the normal automobile factory, Sunday September 26, 2021.


DAVID PROEBER, THE PANTAGRAPH

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The skateboard chassis of a Rivian R1T pickup will be on display on Sunday, September 26th, 2021 in the customer delivery office at the Normal Automobile Plant.


DAVID PROEBER, THE PANTAGRAPH

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At the heart of the Rivian R1T pickup truck is the rechargeable battery, which is made up of hundreds of Samsung lithium-ion batteries. The pack will be on display on Sunday, September 26, 2021 in the customer delivery center at the Normal automobile plant.


DAVID PROEBER, THE PANTAGRAPH

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A Rivian R1T pickup will be driven on the normal plant test track that the factory has opened to the media and other officials on Sunday. At the “First Mile” event, invited guests were able to test the first electric truck, which was released for customers on Monday.


DAVID PROEBER, THE PANTAGRAPH

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A Rivian employee made popcorn on Sunday at the company’s Normal plant on a pull-out kitchen that is an accessory for the R1T electric pickup truck.


DAVID PROEBER, THE PANTAGRAPH

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A Rivian R1T pickup truck will be on display at the company’s First Mile event at the Normal Automobile Plant on September 27.


DAVID PROEBER, THE PANTAGRAPH

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A Rivian R1T pickup will be driven up a 45-degree hill at the automaker’s plant in Normal on Sunday. “This is our first opportunity to give our customers and our pre-orderers the chance to test drive the R1T for the first time and get to know our team,” said Laura Schwab, Vice President of Sales and Marketing.


DAVID PROEBER, THE PANTAGRAPH

Kevin Kingston, CLU, is the managing director and financial advisor at Savant Wealth Management; savantwealth.com

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