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Can Your Trustee Clients be Taught Prudent Investing?

Understand how compliance with the uniform prudent investor act will protect your trustees from losses. Many estate planning, elder law, and probate attorneys are familiar with the legal application of the Uniform Prudent Invest Act (UPIA), but are not as familiar with the investment mandates required of those who accept fiduciary liability for management of estate assets. UPIA requires the fiduciary to exercise care, skill and caution in vetting and monitoring advisors. Done properly, that can transfer liability from themselves to the investment advisers. This topic shows attorneys and trustees how to comply with the investment mandates of UPIA and how to transition from grantor-managed accounts to fiduciary accounts to minimize liability. This content will also explain how to monitor portfolios for return, risk, and diversification as required by UPIA. This information is critical for attorneys whose planning will create fiduciary relationships and also for those who are acting as fiduciaries through the management of non-personal assets.


Runtime: 90 minutes
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Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Why This Class? Irrevocable Trusts Create Fiduciary Responsibility/Liability

White Paper - Introduce

UPIA Review

  • Requires Risk as Well as Return Objectives
  • Portfolio Standard
  • Prudence Evaluated Based on Conditions at Time Decisions Made, Not by Hindsight
  • Diversification Is Mandated - Trustee Is to Become a "Devotee" of MPT
  • Delegation Is Encouraged and Protected

The Fiduciary/Adviser Relationship

  • Potential Conflicts of Interest
  • Selection of the Adviser
  • Know How to Measure Performance and Risk
  • Understand the Fiduciary Standard vs. the Suitability Standard

Complying With the Uniform Prudent Investor Act

  • Care, Skill, and Caution in Managing Investments
  • Portfolio Standard of Evaluation
  • No Investments Impermissible
  • Duty to Diversify
  • Document Exceptions to Diversification

Modern Portfolio Theory

  • Become "Devotees"
  • Basic Principles
  • Illustrating Diversification
  • Compliance Determined at Time of Decision, Not in Hindsight

Duties Under UPIA

  • Within Reasonable Time Marshal Assets and Implement Investment Plan
  • Consider General Economic Conditions, Tax Consequences, and Needs of Beneficiaries
  • Delegation of Investment Management
  • Delegate to RIA's Subject to Fiduciary Standard
  • Vet the Adviser
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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OnDemand Webinar

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Lee H. Anke

Lee H. Anke

Prudent Investors Network, Inc.

  • CEO of Prudent Investors Network
  • SEC-registered investment advisor (RIA) specializing in servicing the needs of both public and private fiduciaries/trustees
  • Manages the firmís premier product, the PIN Conservative Portfolio discipline, for Public Guardians, private professional fiduciaries, family fiduciaries and individuals
  • Serves as an expert witness
  • Frequent speaker and has written numerous publications
  • M.B.A. degree, University of Utah; Master's degree, University of California at Riverside; Bachelor's degree, Pomona College
  • Can be contacted at 800-455-1288
Ted H. Ong

Ted H. Ong

Prudent Investors Network, Inc.

  • President of Prudent Investors Network
  • SEC-registered Investment Advisor specializing in servicing the needs of both public and private fiduciaries
  • Manages assets for Public Guardians, private professional fiduciaries, family fiduciaries and individuals
  • Frequent speaker and has written numerous publications
  • Serves as a consultant to the San Diego Fiduciary Abuse Specialist Team (FAST)
  • B.A. degree, Stanford University; M.B.A. degree, Graduate School of Management at Brigham Young University
  • Can be contacted at 800-455-1288
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Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 399668
Published 2016
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