Carlson Capital Management

Integrated Wealth Management

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Considerations When Selecting a Trustee

Callie Geist – Carlson Capital Management
Callie Geist, CFP®, J.D., MBA

Senior Integrated Wealth Advisor
952.230.6706
Email Callie

  Working with our clients' finances is very personal, and for them to allow us into that space is a real privilege.  

Professional Biography
Callie Geist is a Senior Integrated Wealth Advisor at Carlson Capital Management. In this role, Callie partners with clients and their families, providing the firm's fully integrated wealth management experience including investment management, retirement modeling, estate and educational planning and all other aspects of general financial planning and client care. Callie also connects clients with the firm's specialists for overall portfolio management as well as direct access to expertise in areas such as tax planning and insurance analysis.

Callie holds a Bachelor of Arts degree in Organizational Communication from Creighton University where she graduated cum laude. She went on to earn a Juris Doctor from the Creighton University School of Law, and is a member of Phi Delta Phi, an international legal fraternity. In addition, Callie holds an MBA from Kaplan University, and the Certified Financial Planner™ designation granted through the Certified Financial Planner Board of Standards.

Callie joined CCM after serving as a Tax Staff Accountant at a South Dakota company. As a law student and undergraduate, Callie clerked with the Kellogg & Palzer firm in Omaha, Nebraska, and worked in human capital with the SilverStone Company. Callie grew up in Northwest Iowa, and now telecommutes from Sioux Falls where she resides with her husband, Aaron. She is a fan of Minnesota sports teams, enjoys cooking and spending time with her family, friends and her faithful dogs, Brin and Charlotte.

Personal Thoughts
My interest in financial planning began when I was sixteen years old and working at one of my very first jobs. This job was in a wonderful gift shop with a small café in my hometown of Storm Lake, Iowa. I enjoyed every aspect of this job: unpacking merchandise, wrapping gifts, prepping food in the kitchen, waiting on tables, etc. However, my favorite part of the job was getting to know the customers and helping them find exactly what they were looking for. One such customer was Don, a businessperson in his 60s who was a regular patron of the café. He would come in almost daily at the end of every lunch service. I loved sitting at the table with him and chatting.

During one of our conversations, he shared with me his number one financial recommendation: open a Roth IRA and save 10% of your income into that account. Don’t worry about the dollar amount you’re contributing, he said, but focus on creating the habit. We talked about the impact that this could have on my finances long-term. So I went to the local bank where an incredibly kind woman, Julie, took the time to walk me through opening this account and answer all of my questions. Every two weeks when I was paid, I would go the bank to cash my check and contribute 10% into my Roth IRA. While the dollar amount was small, I felt empowered about making smart financial decisions. I knew that I was doing the best I could with what I had at the time.

In my role as an advisor, I love building strong relationships with my clients and learning about the people and things that matter most to them, the goals and dreams they have, and the things that keep them up at night. Just as Don and Julie helped educate and encourage me many years ago, my goal as an advisor is to walk alongside my clients as they navigate the financial obstacles and opportunities in life, so that they can feel empowered and energized in knowing they are doing the best they can with what they have.

Callie and other members of the CCM Advisory Team regularly post articles of interest on financial planning which you can find here.

Callie Geist
Callie Geist, CFP®, J.D., MBA
Senior Integrated Wealth Advisor

As a firm dedicated to providing an integrated wealth management experience, we help our clients effectively maximize their assets and unlock opportunities to realize their personal and financial goals. An important aspect of this comprehensive approach is advising clients on the intricacies of their estate plan.

One of the most consequential decisions in estate planning is who to name as trustee. The trustee’s knowledge, commitment, ability, and skill will have an enormous impact on fulfilling the intended purpose of a trust. Despite the importance of this decision, it is often given less consideration than the structure of a plan or choice of attorney.

Whether you choose a friend, family member, or professional corporate trustee, the roles and responsibilities of a trustee are the same. Not everyone is aware of the extent and importance of the job, and understanding the responsibilities are a significant part of the decision-making process.

What Does a Trustee Do?

The trustee’s role is complex, and includes, among many other administrative tasks, the following duties and responsibilities:

  • Reading and understanding the trust document;
  • Inventorying and valuing assets;
  • Communicating with the beneficiaries;
  • Investing trust funds prudently, as defined by state law and fiduciary principles;
  • Accounting for principal and income debits and credits;
  • Making discretionary distributions;
  • Preparing, executing, and filing tax returns;
  • Managing unique, non-marketable assets;
  • Complying with fiduciary duties, including the duty of loyalty, the duty of impartiality, the duty to inform beneficiaries, etc.; and
  • Interpreting complex documents.

Who Can Act as Trustee?

A wide array of people and institutions can act as a trustee, including individuals, such as a spouse, child, or friend; professionals such as attorneys, CPAs, or a professional fiduciary; a corporate trustee; or combination of the above.

You may consider it honorable to ask an individual to serve as trustee, or feel it is an honor to be asked to serve as the trustee, but most individuals are unaware of the requirements and the time-consuming, complex matters they will need to address during an emotional time.

For the interest of all parties, consider any unusual circumstances or extraordinary duties that may be involved with trust administration and ask yourself:

  • Is my selected trustee the best choice for the role?
  • Is the selected trustee willing/able to serve in such capacity?
  • Is there a clear understanding of the commitment, responsibilities, and potential pitfalls?
  • Do the family members all get along?
  • Do I have a successor trustee in place in the event an individual trustee is not willing/able to serve?

At Carlson Capital Management, we are privileged to help our clients navigate this space and recommend an approach to selecting a trustee that will allow you to best realize the potential of your wealth. Please contact your advisor if you’d like to discuss the selection of a trustee in more detail.


Did You Know?

Carlson Capital Management has a team of professionals with deep estate planning experience who work alongside all of the CCM advisors to ensure our approach to wealth management is optimized to help clients reach their goals at the end of their lives. Included in this team:

  • Janelle Schrupp, J.D., Director of Estate Planning
  • Dan Edwards, CPA, Director of Estate Planning
  • Callie Geist, CFP®, J.D., MBA, Integrated Wealth Advisor
  • Kevin Koski, CPA, Principal Tax Advisor

NOTE: The information provided in this article is intended for clients of Carlson Capital Management. We recommend that individuals consult with a professional advisor familiar with their particular situation for advice concerning specific investment, accounting, tax, and legal matters before taking any action.

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Published July 30, 2020 Topics: CCM Women's Initiative, Estate Planning, Trusts

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