Major Duties :
1. Marshals and administers assets in small
to medium-sized probate estates and taxable
trusts.
2. Decides all substantive questions arising within
the estate, including tax elections, use of tax reserves,
disposition, valuation and collection of assets, raising
of cash, resolution of liabilities, audits, and litigation.
3. Functions as the decision point for virtually
every estate issue that arises in asset management,
tax compliance, tax planning, fundings, distributions,
and tax audits. Articulates the logic of these
decisions to all appropriate parties.
4. Works with internal tax support, co-fiduciaries,
and outside counsel to consider all tax elections
and determine the most appropriate tax reporting.
5. Enables preparation of tax returns (estate,
gift, generation-skipping, fiduciary, and personal
income tax) through locating and marshaling
assets, arranging for valuation, quantifying
expenses, and securing and reviewing financial
records.
6. Approves all tax returns and signs estate tax
returns. Oversees preparation and filing of all
pertinent court documents.
7. Advises investment division of all pertinent
circumstances related to cash requirements
of estate and investment objectives of beneficiaries.
8. Coordinates the balancing of account requirements
and customer needs during the estate settlement
period. Ensures that appropriate communication
of investment decisions occurs between the bank
and interested outside parties.
9. Ensures that all fiduciary requirements and
restrictions pertaining to investments are observed
during the settlement process.
10. Establishes and maintains strong relationship
with beneficiaries responding to their needs and
explaining issues that arise in the estate. Educates
clients on bank products and services, emerging
issues, and regulatory/tax changes.
11. Cultivates relationships for expanded business
opportunities with the bank (personal trust, Northern
Trust Securities, investment management, private
banking, etc.).
12. Plans, reviews, and implements all fundings
and distributions including coordinating the input
of co-fiduciaries, beneficiaries, investment division,
tax division, and others. Reviews all accounting
documentation pursuant to fundings or distributions.
13. Oversees special tasks, including sale of real
estate or family business interest, disposition of
qualified plan assets, coordinating response to
estate tax audit, and facilitating beneficiaries''
credit requests.
14. Coordinates discussion and review of technical
tax, investment, and legal issues using outside
counsel, in-house legal or tax counsel, and senior
administrators as resources in reaching a decision.
Knowledge :
Knowledge of estate planning and tax laws, trust,
fiduciary income, investments, real estate, basic
accounting, trust operations, and current issues
within the field such as generation-skipping and
environmental liability usually acquired through
formal education in law or related field and work
experience is required to implement estate plans.
Analytical and organizational skills are required
to translate complex client problems into concrete
account situations when processes are not
established. Negotiating skills are required
to mediate conflict.
Experience :
Minimum 5 years experience in estate
administration or personal trust, with exposure
to legal, tax, investment, and operational elements.
