Having trouble viewing this email? View in your browser

FPF newsletter banner
 

March 2011

March Meeting: Russell Hancock Presents the 2011 Index of Silicon Valley

>>> REGISTER NOW FOR MARCH 22 <<<

Russell Hancock, President and CEO of Joint Venture: Silicon Valley Network, will be speaking on the 2011 Index of Silicon Valley. The Index is a nationally recognized publication that has been telling the Silicon Valley story since 1995.  The indicators measure the strength of our economy and the health of our community, highlighting challenges and providing an analytical foundation for decision making.

In his role at Joint Venture, Dr. Hancock is best described variously as a civic leader, community gatherer, institution builder, social entrepreneur, and outspoken advocate for regionalism. Russell is also the founder of the annual State of the Valley conference, a “town hall” meeting attracting more than 1,500 leaders for a day spent in dialogue and discussion about the Valley’s opportunities. The conference features the release of Joint Venture’s Silicon Valley Index, a document now receiving national and international attention.

 Educated at Harvard in the field of government, Russell received a Ph.D. in political science from Stanford University where he teaches in the Public Policy Program. Dr. Hancock was recruited away from Stanford to take the helm of Joint Venture in 2003.

back to top Back to top

February Meeting: Fiduciary Panel

The February meeting featured three speakers on the topic of fiduciaries, the different types, how they differ, and what type is most suitable for different situations. The panel was comprised of Financial Planning Forum Past President Krista Conover, Board member Bruce Hamilton, and professional fiduciary Gary Loebner.

The presentation was opened by Krista Conover, who is a former estate attorney and is now a Trust Officer and Senior Vice President at Borel Bank. In brief, the role of a fiduciary can be filled by individuals of varying levels of personal connection and experience. Each fiduciary has a role, depending on the specifics of the situation. In all cases, a fiduciary is held to a high standard of care and occupies a position of trust and accountability.

When considering a fiduciary, you should consider whether the candidate has the time, energy, and skills to carry out the duties imposed by law. You should also consider the family dynamics - if the proposed fiduciary is a family member, are there family issues? Fiduciaries can be individuals (either relatives or friends), corporate fiduciaries, or private professional fiduciaries.

Bruce Hamilton spoke further on using individuals as fiduciaries. This is especially appropriate when the individual whose affairs need managing is a child. Having a relative step in is often the easiest solution when the individual has the time, is responsible and the family has no discord or other issues that could hamper the relationship. Another advantage to using a friend or relative is that the fee will be lower than a corporate or professional or there may no fee at all. A family member knows the client’s desires and the family situation and can handle difficult assets, like family property in another country, that a professional may not want to handle.  However, a friend or family member may not have enough time or sufficient skills to deal with the job and may also have trouble maintaining neutrality, especially if he/she is also a beneficiary.

A private professional fiduciary, as represented by Gary Loebner, will be up-to-date in changes in the field such as new laws.  These are individuals who have practiced in some cases for decades, although the extent of training for a professional fiduciary does vary.  Check the Professional Fiduciary Bureau (www.fiduciary.ca.gov) when considering who you will hire.  As of 2007, a professional fiduciary must be licensed in the state of California unless they are an attorney with a membership in the California State Bar, a CPA acting within the scope of their practice, or an IRS enrolled agent.  The requirements for licensing are extensive and the license must be renewed regularly.  Another resource for learning about professional fiduciaries is www.fpac-pro.org .

Another option is to hire a corporate fiduciary.  Corporate fiduciaries have the advantage of having a team behind them, says Krista Conover. They will insure that a proper accounting is always in place and are audited by the FDIC.  It can be a good option to hire a corporate fiduciary when dealing with a blended family or where there are family issues and significant assets.  Corporate fiduciaries cannot provide health care but they can act as conservator or guardian for the estate.

back to top Back to top

Estate Planning Symposium

Past President Krista Conover is also serving on the Planning Committee for the 7th Annual Santa Clara Law Kasner Symposium, an estate planning symposium that is likely to be of interest to many Financial Planning Forum members. The event will be held on Thursday, September 22 at the San Jose Doubletree Hotel, 2050 Gateway Place in San Jose. Online registration opened on March 1 at law.scu.edu/alumni/kasner-symposium.cfm. From the web site:

Join us for a one-day estate planning seminar for attorneys, accountants, certified life underwriters, bank trust and investment officers, financial advisers, and other wealth planning professionals. The seminar will provide attendees with most current information regarding the tax, legal, and financial issues concerning estate planning and trust and estate administration. The program includes a series of individual presentations, lunch, breakout sessions, and an afternoon reception.

For more information, visit the web site or contact the Santa Clara Law Alumni Office at 408-551-1748.

back to top Back to top

Renew Your 2010-2011 Membership

Have you renewed your membership yet this year? Renew your membership now by clicking renew membership> or by going to our web site www.financialplanningforum.org> and following the Renew Membership link. Show your support by upgrading to a Sustaining Member!

Upgrading to a Sustaining Member ensures you will be listed among the honor roll of Sustaining Members.  Benefits include:

  • Expanded directory listing with profile and photo
  • Special designation on web site
  • Listed in the monthly newsletter
  • Unique name badges

back to top Back to top

Upcoming Meeting Topics

April 26, 2011
      Charles Packer, Attorney
      Hopkins & Carley
      Estate Planning Updates

 May 24, 2011
       Emmett Carson, Ph.D.
       Silicon Valley Philanthropic Needs and the Silicon
        Valley Foundation’s Response (tentative title)

back to top Back to top

Footer