The Stewardship module introduces the concept of stewardship and the role that stewarding principles play in beneficiary’s lives. Students explore values in terms of how they relate to stewardship and being a beneficiary.

Estimated Completion Time: 4 hours

Featured Resources:

         Books/Articles

• Borrowed from Your Grandchildren Chapter 3, “The Social History of Family Dynasties” by Dennis Jaffe
• The Legacy of Inherited Wealth, by Barbara Blouin
• The Complete Family Office Handbook, Chapter 13, "Family Entrepreneurship and the Family Bank" by Dr. Kirby Rosplock
• Labors of Love from The Inheritance Project by Barbara Blouin
• Family Business Myths by Russ Haworth
• "There is no 70% rule - improving outcome research in family wealth advising" by Dr. James Grubman
• Wealth Management Unwrapped by Charlotte Beyer

        Videos

• Podcast by Dr. Dennis Jaffe entitled, Modern Stewardship
• Podcast by Russ Haworth entitled, Shirtsleeves to Shirtsleeves
• Podcast by Warner Babcock entitled, Starting a Family Bank
• Podcast by Joseph W. Reilly Jr. entitled, The Inheritance Project
• Podcast by Charlotte Beyer entitled, Wealth Unwrapped: The CEO's Guide

Beneficiary Fundamentals Module 1 introduces the four “M’s” that inspire beneficiary stewardship. The module reviews important stewardship concepts when it comes to beneficial ownership around

1. Meaning
2. Modeling
3. Mentoring
4. Motivation 

This module helps clarify the goals, motivations, and intentions of the trust versus the expectations of the beneficiary to help bring alignment, appreciation, and understanding. 

Estimated Completion Time:  2 hours

Featured Resources:

     Videos

• Podcast with Dr. Jim Grubman entitled, Meaning and Wealth and Its Connection to the Beneficiary
• Podcast with Dr. Paul Edelman entitled, Mentoring the Rising Gen
• Podcast with Betsey Fortlouis entitled, Exploring Value Based Leadership
• Podcast with Chelsey Toler entitled, Collaboration, Communication, and Onramps for NxG Family Members
• Podcast with Patricia M. Angus entitled, The Beneficiary Primer

     Articles/Books

• "Discovering Your Core Values" by the Innerwill Institue
• Chapter 14, Borrowed from Your Grandchildren by Dr. Dennis Jaffe
• "Ten Facts Every Trust Beneficiary Should Know" by Patricia M. Angus

Beneficiary Fundamentals Module 2 focuses on the beneficiary and trustee relationships, including how the relationship evolves from the beneficiary’s childhood to adulthood. The types and nature of the fiduciary relationship are also explored. At the end of the course, learning checks challenge the student's knowledge of the trustee/beneficiary relationship.

Estimated Completion Time: 58 minutes

Featured Resources:

Articles/Books

• Raising Financially Fit Kids by Joline Godfrey

Videos

• Podcast with Susan R. Schoenfeld entitled, Tips for Raising Successful Children of Wealth

Beneficiary Fundamentals Module 3 focuses on the core responsibilities of a beneficiary, exploring how this role is unique, the special characteristics, and the best practices of a successful beneficiary. The module then expands on the important duties of the beneficiary including education and empowerment, monitoring and management, and planning.

Estimated Completion Time: 52 minutes

Featured Resources:
       
       Articles/Books

• The Beneficiary Primer: A Guide for Beneficiaries of Family Trusts Part 1 and 2 by Patricia M. Angus, Esq.
•  "How Will a Trust Affect Your Relationships" by Dr. Kirby Rosplock

       Videos

• Podcast by Dr. Jim Grubman entitled, Autonomy, Accountability, and Responsibilities Around a Trust

Beneficiary Fundamentals Module 4 shares a fictionalized, anonymized case study that illustrates the relationship between trustees and their beneficiaries. The case provides insights into the beneficiary and trustee relationship and focuses on education and empowerment.

Estimated Completion Time: 40 minutes

Trustee Basics Module 1 introduces the main parties to the trust – the grantor, the beneficiary, and the trustee. Additional parties to the trust are introduced, such as advisors with specific oversight functions that may be required over several generations and common types of trustees and beneficiaries. The module concludes with applied learning, a helpful resource, and a concise summary of the trust concept, key terms, responsibilities, and duties of a trustee and beneficiary.

Estimated Completion Time: 2 hours

Featured Resources:

Articles/Book

• Family Trusts: A Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators Chapters 1-5 by Hartley Goldstone, James E. Hughes Jr. & Keith Whitaker
• The Trust Primer Chapters 1-2 by Patricia M. Angus

Videos

• Podcast by Patricia M. Angus entitled, The Trust Primer

Trustee Basics Module 2 focuses on the core responsibilities and primary duties of the trustee. Four primary oversight areas of the trustee are explored including:

1. administration and monitoring of the trust
2. investment oversight
3. distribution authority
4. education and empowerment of the beneficiary
5. planning with respect to the beneficiary’s trust

The module prepares trustees for conversations with trust parties and provides considerations when evaluating a potential trustee role.

Estimated Completion Time: 1. 5 hours

Featured Resources:

Articles/Books

• Trustee Worksheet for Preparing Conversations with Trust Parties, Tamarind Learning
• Trustee Candidate Checklist, Tamarind Learning
• Family Trusts: A Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators Chapter 14,  “Requests for Distribution” by Hartley Goldstone, James E. Hughes, and Keith Whitaker 
  
• "Inside an $8 Billion Family Feud: Who Poisoned the Orkin Fortune" by Clare O'Connor
• "Settlement Reached in Heated Family Dispute Over Rollins Fortune" by Bill Rankin

Trustee Basics Module 3 focuses on the various ‘forms’ that the trustee can take, specifically those categorized as individual trustees and as institutional trustees, and their advantages and disadvantages. Additionally, institutional fiduciaries, commercial trust companies, and Private Trust Companies (PTC) and setting up a PTC are explored. The module also discusses the purpose and role of co-trustees.

Estimated Completion Time: 1.5 hours

Featured Resources:

Articles/Books

• "The Trustee as Regent Within a Family Governance System" by James E. Hughes, Jr., Esq., & Patricia M. Angus, Esq.
• "The Trustee as Mentor" by Patricia M. Angus, Esq.
• The Complete Family Office Handbook, 2nd edition Chapter 15, "Private Trust Companies: Creating the Ideal Trustee"

Trustee Basics Module 4 provides further guidance on various approaches to identifying individual and corporate trustees. Steps are discussed regarding the process of sourcing trustee candidates, including writing a job description, vetting, interviewing, and prioritizing the best candidates. This module also shares insights regarding trustee compensation and effective ways to transition trustee duties to a successor.

• What key criteria are important to identify when you need to fill particular trustee positions?
• How do you craft the position description and set the expectation for the type of trustee you hope to attract?
• Where do you find good trustee candidates?
• How do you set them up for success once selected?

Estimated Completion Time: 1 hour

Featured Resources:

Articles/Books

• Family Trusts: A Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators Chapter 17, "Transitions" by Hartley Goldstone, James E. Hughs, & Keith Whitaker
• Trustee Sample Job Description
• Trustee Interview Sample Questions

Module 1 of Estate Planning Basics reviews the five estate planning phases and the five basic goals of the iterative estate planning process. Triggering events that impact estate planning, either anticipated or unanticipated, are discussed. Further, outside influences such as tax law changes and economic downturns, family culture influences, the concept of “ruling from the grave,” and modern perspectives with a timely example of an inheritor are explored.

Estimated Completion Time:  3 hours

Featured Resources:
       Books

• Estate and Trust Administration for Dummies,2nd Ed  Chapter 2, “Exploring the Ins and Outs of Estate Planning” by Margaret Atkins Munro, EA & Katheryn A. Murphy, Esq.
• Beyond the Grave, Revised and Updated Edition: The Right Way and the Wrong Way of Leaving Money to Your Children (and Others) by Jeffery L. Condon, Esq.

       Articles

• "Culture Does Indeed Eat Structure for Breakfast", by Matt Wesley.
• "Anderson Cooper to Inherit Less Than $1.5 Million from Mother, Gloria Vanderbilt", by Emily Smith
  

      Film/Podcast

• The Descendants film by Alexandar Payne
• Howard Stern’s interview with Anderson Cooper
• Podcast by Oliva Summerhill entitled, Prenups, Postnups, and Divorce: Navigating the UHNW Marriage

Estate Planning Basics Module 2 introduces estate planning as both an efficient and effective means of passing along property. The course explores how, through estate planning, grantor’s may express their intention around what they leave to beneficiaries. This module also explains the critical documents to estate plans including power of attorney, living wills, healthcare power of attorney, and advanced directives.

Estimated Completion Time: 3 hours

Featured Resources: 

Articles

• Sample Power of Attorney
• "Heritage Trust: Before It's Too Late: The Estate Organizer Guide for Canadians, 2nd Edition" by Cindy Radu

Videos

• Podcast from Cindy Radu entitled, Get it Together: What you Need to Know to Organize Your Estate
• Podcast from Dr. Katie Spencer entitled, Crafting Legacies, Unveiling Personal Narratives-The Tamarind Learning Podcast
• Podcast from Iris Wagner entitled, Family Lore, Wisdom, and Values: Transformation with Ethical Wills
  
  
  
  

Estate Planning Basics Module 3 focuses on wills, including their key components to making them valid, the process of establishing a will, the dangers of not having a will, and what may happen if someone passes without a will. This module discusses all aspects of the process of establishing an estate plan and the important decisions that must be made in doing so. Finally, the module reviews the methods in which an estate may allocate assets, as a means to understand the intentions of the individual passing on property and potential issues of fairness and equity over generations.

Estimated Completion Time: 2 hours

Featured Resources: 

     Articles

• The Will of Elvis Presley

In Module 1 of Trust Fundamentals, both the purpose of trusts and the history of trusts, dating back to the Roman Empire and the Crusades, are reviewed. The module proceeds with the nuts and bolts of the primary trust categories, trust income distribution categories, and complex trust language. Students learn about the main parties to a trust as well as the additional parties to a trust, either individuals or corporate. The role of a trustee in a dynastic family trust is explored through a fictional case of a family grappling with complex estate planning issues.

Estimated Completion Time: 1.5 hours

Featured Resources:

     Articles/Books

• Estate and Trust Administration for Dummies, 2nd ed Chapter 3, "Identify Different Types of Trusts" by Margaret Atkins, EA & Kathryn A. Murphy, Esq.

Trust Fundamentals Module 2 describes the forms that trusts can take and the different types of trusts in each category that have different rules, terms, tax consequences, purposes, powers, and limitations. By the end of this module, students will know how a trust can substitute for and can be used with a will, how a trust interacts with a power of attorney, and the laws that govern the lifecycles of trusts.

Estimated Completion Time: 43 minutes

Featured Resources:

Articles/Books

• "Deconstructing The Descendents: How George Clooney Enobbled Old Hawaiin Trusts and Made the Rule Against Perpetuities Sexy" by Randall Roth

Trust Fundamentals Module 3 explores the most widely used type of trust, irrevocable trust structures and it is variations in greater detail. How these trusts can be used to achieve philanthropic, asset protection, wealth transfer, and legacy goals are discussed. Students will learn about “The Principle of Future Interests” as it relates to the wishes of grantors. Finally, the module reviews some of the legal background for trusts and critical case law that have influenced trust law.

Estimated Completion Time: 39 minutes

Featured Resources: 

     Articles/Books

• "Lux vs. Lux" by casebreif.com
• National Center for Philanthropy
• Council of Foundations

In this module, the complex and ever-changing world of taxes is introduced. Students learn about the history and evolution of taxes in the United States. An overview is provided of the conceptual underpinnings of the U.S. tax code, the most common taxes and tax forms, and how recent tax law changes have affected some taxpayers. Learning from this module is put into action with a tax mini-case and wraps up with an overview of tax planning tips and key dates to remember.

Estimated Completion Time: 1.5 hours
Featured Resources:    

 Articles/Books

• "Navigating Possible Tax Policy Changes" by The Northern Trust Institute
• "Principles of Good Taxation" by Future Learn
• "Famous Americans Who Renounced U.S. Citizenship" by Dan Moffett
• "Canons/Principles of Taxation" by Adam Smith
• US Tax Code, IRS website
• "Tax Topics No. 501 Should I Itemize?" IRS
• Tax Inflation Adjustments for 2024, IRS website
• Common Tax Forms, IRS website
• "Carl Icahn's Decision to Relocate his Firm From NY to Miami Could be a Tax Play" by Keith Laren
• "President Trump Thumbs Nose at New York Tax Collector With Move to Florida" by Ashlea Ebeling
• Estate and Trust Administration for Dummies, 2nd Edition, Chapter 20 "Report Tax Info on Schedule K-1" by Margaret Atkins Munro, EA & Kathryn A. Murphy, Esq.
• "2024 Federal Income Tax Brackets, Standards Deductions, Tax Rates" by Investopedia

This module focuses on the taxes that specifically impact estates, trusts, and wealth transfers. The origins of these taxes are explored as well as their intentions. Taxes for beneficial owners are more complex than for most Americans. With an understanding of these taxes and one’s beneficial asset holdings, beneficiaries can work more productively with their trust advisory team. To this end, students will begin to learn about the tax landscape they face and how to take a more strategic approach through tax planning.

Estimated Completion Time: 1 hour

Featured Resources:      

Articles/Books

• Don't Leave a Mess Chapter 6, "Taxes: Truth or Consequences" by Sandra Pollack
• Estate & Trust Administration for Dummies, 2nd ed Chapter 16 "Preparing the Estate Tax Return by Margaret Atkins Munro,EA & Kathryn A. Murphy, Esq
• Form 709 Department of the Treasure Internal Revenue Service
• "When a QPRT is Not a Qualified Place to Park Your Residence" by Amiel Z. Weinstock
• How to Reduce Estate Taxes Summary
• "Do I Really Have to Send These Crummey Notices?" by David Gonzales

In this module, the different types of entities that accomplish both tax-related and non-tax-related goals are discussed. Students explore how flow-through entities, such as LLCs, LPs, and S-Corps, and non-flow-through entities, such as C-Corps, achieve goals for business owners.  In addition, an overview is provided of private foundations and public charities, including their pros and cons, and the key differences between the two to help guide philanthropic goals.

Estimated Completion Time: 1.5 hours

Featured Resources:

Articles/Books

• Exempt Purposes-Internal Revenue Code Section 501(c)(3)
• Return of Organization Exempt From Income Tax Form 990
• "Donor-Advised Funds" by Investopedia
• "What is the Internal Revenue Service (IRS)? How Auditing Works" by Troy Segal
• Community Foundation Map Locator from the Community Foundations National Standards website
• "Schedule K-1 Tax Form for Partnerships: What to Know to File" by Nick Zaryzcki
• "What is a Schedule K-1 Tax Form?" by Turbo Tax

Personal Finance Fundamentals Module 1 sheds light on the purpose of financial plans – the why, what, and how – as well as how to set goals considering a beneficiary’s needs, wants, and wishes. The five basic building blocks of financial planning are explored in detail. These financial planning building blocks include saving, spending, giving, income, and budgeting. Risk management and long-term factors are reviewed. Finally, the module concludes with an applied learning exercise that allows students to create their own basic budgets.

Estimated Completion Time: 3 hours

Featured Resources:

     Podcasts/Videos

• Podcast with Octavian Pilati entitled, Managing Succession in Crisis
• Podcast with Jazmín Aguilera entitled, The Cut-How do I Deal With My Rich Friends
• Podcast with Fernando Pou and Rino Schena entitled, Thinking Outside the Box: Insurance Solutions for Families
• Podcast with Ron Cordes entitled, Moving to 100% Impact: The Cordes Family Story
• Podcast with Christina Burroughs and Will Froelich entitled, Capital Sufficiency

      Links/Articles

• Family Retirement Goals Calculator
• Education Goals Calculator
• Basic Budget Review Sheet
• Annual Budget Review Sheet
• Wealth Workbook

Personal Finance Fundamentals Module 2 introduces various financial statements including income statements, balance sheets, and the statement of cash flows. Students learn the fundamentals of how to read and analyze these statements. Financial statement subtotal measures such as gross margin, operating income, and EBITDA (earnings before interest, taxes, depreciation, and amortization) are reviewed.  Finally, measures and ratios that reveal financial performance are detailed including working capital, current ratio, quick ratio, earning per share, debt-equity ratio, and return on equity.

Estimated Completion Time: 1.5 hours

Featured Resources:  

  Articles/Books

• "How to Read Apple's Balance Sheet" by the Investopedia Team
• Historical Financial Ratios by IBS World
• Create a Financial Report

Module 3 of Personal Finance Fundamentals introduces two cases to expand student’s understanding of personal financial planning, personal financial statements, and how these statements are used in business. This module delves into the process of setting short-term and long-term goals, evaluating one’s options for achieving them, and ultimately putting a plan in place to achieve them. Students also learn how financial statements reveal the overall performance of a business and how the details of these statements help diagnose areas of strength and areas that require attention.

Estimated Completion Time: 1 hour

Learning Objectives:

• Identify how to effectively manage risk and incorporate risk management strategies into financial planning
• Examine advanced financial planning concepts, such as wealth transfer, estate planning implications, and tax strategies within financial planning
• Analyze the impact of personal financial goals and budgeting have on achieving short and long-term goals
• Evaluate how a company's income statements and balance sheets are used to analyze the state of its business

Module 1 of Trust Administration and Working with Advisors builds the foundational understanding of how a trust is administered. This module explores the essential questions to ask to understand how a trust is administered, as well as the key duties of the trustee relative to trust administration. Students learn the four steps of trust administration which include:

1. Assuming control
2. Administering the trust
3. Understanding the trust parties
4. Reviewing the trust

Module 1 contains applied learning exercises for trust administration and concludes with a trust administration overview from the perspective of the beneficiary.

Featured Resources:

     Articles/Books

• The Estate of Forgey Case
• Sample Trust Agreement
• Estate & Trust Administration for Dummies, 2nd Edition Chapter 12, "Investing the Trusts Assets and Paying the Expenses" by Margaret Atkins, EA & Kathryn A. Murphy, Esq.

Working with Advisors Module 1 builds the foundational understanding of how a trust is administered and now brings into consideration working within the advisor ecosystem. Essential topics are discussed, including the types of advisors that may be in your network, how to hire, compensate, onboard, and fire advisors. Managing performance, communication, and transitions are covered. This module explores how to navigate changes in desired services and considerations for negotiating contracts and fees. Finally, the module concludes with an applied learning case about mobilizing an advisor team in a time of crisis.  

Featured Resources:

    Articles/Books

• Don't Leave a Mess Chapter 5, "Pick Your Advisory Team" by Sandra Pollack
• Estate & Trust Administration for Dummies, 2nd Edition Chapter 4 "Assembling Your Team Members and Knowing When to Use Them" by Margaret Atkins, EA & Kathryn A. Murphy, Esq.

     Videos

• Mathew Case Study

Module 1 of Investing Fundamentals builds the foundational understanding of how a trust is invested. The module focuses on common practices for investing in a trust, the more common asset classes that a trust may typically hold, and the investment considerations for those common asset classes. This module explores the concepts of compounding, portfolio construction, time horizons, and risk and return.  It concludes with an overview of annual asset class performance and the factors that can influence performance.

Learning Objectives:

• Understand the different asset types, including equities, fixed income, bonds, mutual funds, and alternatives, along with the power of compounding interest
• Explain the four components of bonds and the Rule of 72
• Demonstrate the significance of time horizons in investment, short vs. long term, and its impact on portfolio construction and asset allocation
• Identify the relationship between investment risk and return and how it applies to trust assets

Featured Resources: 

     Articles/Books

• StackTrack.com Personal Trading Simulator
• "Senior and Subordinated Debt" by the Corporate Finance Institute
• Bond Yield to Maturity Calculator
• Interactive Compounding Interest Worksheet
• Compound Interest Calculator 
• Wealth Wisdom Chapter 13, "How Can You Make Sure Your Portfolio Lines Up With Your Actual Costs" by Tom McCullough & Keith Whitaker

     Videos

• Podcast with David McCombie entitled, Private Equity Perils and Pearls
• Podcast with Jenna Arnold entitled, Impact Investing
• Scott Peppet's Financial Capital Series, "Compound Interest"
• Tharawat Magazine, "The Future of Family Offices"
• The Quilt Map

Module 2 of Investing Fundamentals covers investment goals and strategy, the investment process, and different approaches to investing, such as Modern Portfolio Theory and Goals Based Investing. This course explores investment governance that may be associated with a trust, including having an investment philosophy, investment policy statement, investment charter, and/or an investment committee. Finally, this module ends with how to interpret a sample investment statement.

Learning Objectives: 

• Explain the basics of investment research and theory, including understanding different types of asset allocation and assessing risk tolerance
• Name the investment process, including the steps, considerations, roles, responsibilities, and involvement in decision-making
• Recognize investment governance principles, including the creation and purpose of investment policy statements, advisory committees, and investment charters
• Explore the importance of investment reporting and benchmarking performance to evaluate the performance of holdings and overall asset allocation
• Understand how to read an investment statement, including understanding common performance indicators, risk allocation, and fund/manager performance benchmarking

Featured Resources:

    Articles/Books

• Investment Policy Statement Sample
• "Elements of an Investment Policy Statement for Individual Investors" by the CFA Institute
• Investment Committee Charter Example
• Performance Report Sample

    Videos

• Podcast with Jeremy Langlois entitled, Consolidated Reporting 101
• Podcast with Ronen Schwarman entitled, Asset Allocation

Module 3 of Investing Fundamentals progresses through a real-life case study and provides insights into how trust investing may have different guidelines and parameters than a simple brokerage or investment account. The module applies the insights learned from investment basics in Module 1 and the process, approach, and governance to investing covered in Module 2. The final Module provides a useful investment case study that also ties in the broader estate planning, financial planning, and wealth transfer concepts covered in earlier lessons.

Learning Objectives:

• Recognize the challenges and opportunities that arise when family members with diverse careers and perspectives are entrusted with managing a family office's investment portfolio
• Understand how the source and amount of inherited wealth can shape individual investment goals
• Explore the development and importance of investment policy statements, risk management, and tax efficiency policies in shaping the portfolio
• Investigate the importance of effective communication in family meetings to share investment strategies, goals, and expectations, fostering a deeper understanding among family members with divergent approaches to wealth management.

Featured Resources:

• FINRA: Rules and Guidance