Thanks for a great article on Trust Services “The Trust Threat” (Clark at Large) in the January 2007 issue. Let me start by saying that I am a shareholder in National Advisors Trust Company.
I saw the need back in 1999 when we started to form National Advisors Trust Company, at great risk to some of my own capital, I might add. I can remember getting the go ahead for National Advisors Trust Company from the Office of Thrift Supervision in October 2001, one month after 9/11. Great timing.
National Advisors Trust Company was key in me obtaining a $4.5 million net worth widow’s account. The widow has five daughters, four sons-in-law, and nine grandchildren. We did a $1 million gift to an irrevocable trust that is under National Advisors Trust Company’s trusteeship. We also did $11,000/ $12,000 gifts to 18 descendants placed into the same trust for 2004, 2005, 2006, and soon for 2007. In addition, the widow is paying medical bills and tuitions directly for grandchildren.
Bottom line: She will have under $2 million in her estate in 2007, thereby eliminating estate taxes for her. She is, unfortunately, in an Alzheimer’s unit now.
Warren J. Mackensen, CFP
Mackensen & Company, Inc.
Hampton, New Hampshire
Not all trusts are created equally