Administers complex, sensitive probate estates and taxable trustscontainingsophisticated estate plans, sensitive family situations, and complex or difficult issues pertaining toinvestment, tax, legal, or other questions. Implements the descendant's estate plan in all areas where the bank hasresponsibility. Manages relationships among internal support divisions, outside counsel, co-fiduciaries, beneficiaries, and advisors.
Marshals and administers assets in complexestates 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. Manages accounts which feature sophisticated estate plans, unusual assets, complicated will or trust provisions, intricate tax matters, significant investment decisions, and sensitive family situations.
4. Administers unusual assets, such as closely held stock, investment concentrations, large or multiple real estate holdings, unusual, qualified plans, deferred compensation agreements, and farms.
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. Works with internal tax support, co-fiduciaries, and outside counsel to consider all tax elections and determine appropriate tax reporting.
7. Advises investment division of all pertinent circumstances related to cash requirements of estate and investment objectives of beneficiaries. Helps develop and communicate investment programs, ensuring that all fiduciary requirements are observed.
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. Establishes and maintains strong relationships with beneficiaries responding to their needs and objectives and explaining any issues that arise in the estate. Educates clients on bank products and services, emerging issues, and regulatory/tax changes.
10. Cultivates relationships for expanded business opportunities with the bank (personal trust, Northern Trust Securities, investment management, private banking, etc.).
11. Reviews and implements all fundings and distributions, reviewing all pertinent accounting documentation for assigned accounts. Oversees preparation and filing of all necessary court documents.
12. Oversees special tasks, including sale of real estate or family business interest, disposition of qualified plan assets, coordinating response to estate tax audits, and facilitating beneficiaries' credit requests.
13. Coordinates response to litigation or initiates litigation if appropriate. Coordinates discussion and review of technical tax and legal issues, using outside counsel, in-house legal or tax counsel, and senior administrators.
14. Serves as a resource for the group, providing training and consultation on estate matters.
