The Special Assets Team at Cumberland Trust, consisting of Dayton Hale, April Drennan and Natalicia Hosseinzadeh brings together their collective expertise in all matters of unique, illiquid and hard-to-value assets held in trust. This installment of the Trusted Ideas blog, written by Dayton Hale, focuses on oil, gas and mineral…
In a previous Trusted Ideas post, we outlined the fundamental reasons why you might want to include a letter of intent in your estate planning documents. Having a letter of intent in place is especially important for families with a child or heir with special needs. A completed letter of…
This year, Cumberland Trust enters its twentieth year in business, and continues to be an experienced independent corporate trustee solution for families and their advisors. In the past year, we continued our growth, as we approached $4 billion in assets under administration. We are now serving more families than ever…
Today is Giving Tuesday! Here are a couple of ways you can donate carefully. At year-end and during the holiday season, many Americans donate money to different charitable organizations. During this time, you may receive more requests for donations in the mail or over the phone. Unfortunately, there are fraudulent…
Over the past several decades, many states have worked to update trust legislation. Tennessee is a prime example thanks to its favorable tax laws and the adoption of the Prudent Investor Act, the Uniform Trust Code, and other asset protection legislation. These legislative updates provide greater flexibility and more options…
The Special Assets Team at Cumberland Trust, consisting of Dayton Hale and April Drennan, brings together their collective expertise in all matters of unique, illiquid, and hard-to-value assets held in trust. This installment of the Trusted Ideas blog, written by the Special Assets Team, focuses on closely held business interests,…
We think the corporate co-trustee arrangement is an ideal solution for families with wealth. In this arrangement, a family member or individual shares the responsibility of trusteeship with a corporate trustee like Cumberland Trust. Typically, naming a corporate trustee to serve as trustee or co-trustee provides many more client protections…
A letter of intent, sometimes called a letter of instruction, can be a helpful addition to your estate planning documents. Typically, an estate plan will include formal documents drafted by your estate planning attorney, such as: · Last Will and Testament · Living Will · Revocable Trust · Healthcare Power…
These days, many of us serve as caregivers for our children, parents, other family members, or even friends and neighbors. Often, juggling the duties of a caregiver with your own career and personal responsibilities is overwhelming. Regardless of your individual situation, you may find it difficult to manage providing care…
In a revocable or living trust, the trust creator (or grantor) retains rights over the trust, including the ability to change or revoke the trust at any time. Under a revocable trust, the grantor is typically named as the primary beneficiary during his or her lifetime. In fact, the grantor…
This year will be coming to an end before we know it. Below is a list of common estate plan updates you can check off your financial to-do list before the new year. 1. Think about your legacy This is the first step in setting up your estate plan. For…
The special assets team at Cumberland Trust, led by Dayton Hale and April Drennan, harnesses their collective expertise in all matters of unique, illiquid and hard-to-value assets held in trust. In this installment of the Trusted Ideas blog, the special assets team breaks down what is involved in maintaining trust-owned…
About 54 million Americans, or 1 in 5, have a disability. People with disabilities represent a diverse group. For instance, the word “disability” applies to many different situations such as physical, developmental, medical diagnoses, chronic conditions, or injuries. Taking into account the diverse nature of disabilities, it is important to…
As families in the U.S. change, many life factors, which are common today, may require extra work in the future. This is especially true when it comes to trust and estate administration and planning. Below are just a few factors that could affect your family’s trust and estate plan: Blended…
We’ve previously covered many of the tax laws that Tennessee has enacted to make the state a leader in the trust world. The Tennessee Community Property Act of 2010 is one such measure, which can benefit families nationwide. Tennessee is one of only three states that allow community property trusts.…
We think the corporate co-trustee arrangement is an ideal solution for families with wealth. In this arrangement, a family member or individual shares the responsibility of trusteeship with a corporate trustee like Cumberland Trust. This week, we will take a closer look at the continuity provided to families by a…
May is both Older Americans Month and Mental Health Awareness Month. Cumberland Trust’s distinctive care team supports our aging clients as well as those with mental health concerns – two populations that continue to grow in the U.S. Our elder and special care trust administration team includes Tenisha Clausi, Alex…
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Nashville-based independent trust company reaches new milestone, expands roles and responsibilities of executive team to strengthen market position NASHVILLE, TENN – Cumberland Trust, a Nashville-based independent corporate trust company, today announces that it has surpassed $3.5 billion in assets under administration. This milestone is further evidence that the firm’s collaborative…
We think the corporate co-trustee arrangement is an ideal solution for families with wealth. In this arrangement, a family member or individual shares the responsibility of trusteeship with a corporate trustee like Cumberland Trust. This week, as part of our ongoing blog series The Case for Corporate Co-Trustees, we will…
Sadly, elder abuse and financial exploitation continue to be growing problems in the United States. During tax season, there tends to be an uptick in elder financial abuse and fraud scams. Below is a list of common scams targeting seniors. • Telemarketing, phone, and email scams Many scams are perpetrated…
This year, we will be starting an ongoing blog series—The Case for Corporate Co-Trustees. Each post will examine a different aspect of trust or estate administration. Our goal is to help families become more informed when reviewing trustee options. We think the corporate co-trustee arrangement is an ideal solution for…
It’s that time of the year again–tax season! Whether you dread or enjoy doing your taxes each year, they are inevitable. The same goes for trust tax returns since each trust must file a tax return of its own each year. Here are some helpful reminders regarding the trust tax…
Cumberland Trust continues to grow as clients choose to put their trust in the company’s comprehensive abilities to service the diverse needs of families. The Nashville-based independent trust company recently added three new hires to its team to help it further deliver best-in-class proactive trust and estate administration to its…
One of our biggest events to attend each January is the Heckerling Institute on Estate Planning in Orlando. The University of Miami School of Law puts educational programming together for estate planning professionals including attorneys, accountants, financial advisors, trust officers, charitable giving professionals, insurance advisors, elder law specialists, nonprofit advisors,…
More than ever before, people are relying on the internet to store data, communicate, and manage their finances. Some may continue to use traditional mail, written checks or filing cabinets for storing documents, but many are moving to Cloud storage, social media, and online bill-pay services as a more digitized…
Unfortunately, we will all eventually face the hardship that comes with losing a loved one. If you’ve ever served as the executor of a family member’s estate, you may also be familiar with the burden of responsibility that can accompany grief during this time. The combination of responsibilities and emotions…
Thanks to you and the confidence you have placed in us, Cumberland Trust surpassed $3.3 billion in client assets under administration last year. In 2018, we also opened an east coast office in Philadelphia, Penn. to help us meet the growing demand for personal trust solutions in the Northeast. The…
Trust documents using out of date legislation or antiquated approaches can create frustrating challenges for families and advisors. Other times, changing family dynamics or health circumstances can render a trust ineffective in meeting the needs of a beneficiary. Fortunately for clients facing such challenges, Cumberland Trust is based in one…
PHILADELPHIA, Penn. – Cumberland Trust, an independent corporate trustee serving clients in 48 states, today announced the opening of its newest office in Philadelphia, Pennsylvania. Its expansion comes at a time of growth for Cumberland Trust, who recently surpassed $3.3 billion in client assets under administration, and opened a new…
As a trust beneficiary with questions about your trust, you need a trust officer who understands and listens to you. At a traditional large bank, trust administrators may manage hundreds of accounts. When you reach out with a question, it's likely you'll have to remind him or her of your…
The following is a continued encapsulation of our conversation with Jaclyn Berry, head of the special needs team within our Distinctive Care Division, focused on examples of the two primary types of Special Need Trusts (First-Party and Third-Party) and how they can be the right fit for families in a…
As health care expenses rise in the U.S., so do the challenges faced by individuals with intellectual and developmental disabilities and their families. Managing uncertainties that come with caring for a loved one with a disability can be financially burdensome. When a person with a disability receives an inheritance or…
The statistics are staggering. And they all have an unavoidable impact on estate planning, trust administration and family care. First, our population is aging: The median age of the U.S. population is expected to grow from age 38 today to age 43 by 2060. (United States Census Bureau 2018) Those…
NASHVILLE, Tenn. – Nashville-based trust company Cumberland Trust, which provides diversified and comprehensive administration services for an array of personal trusts and estates for clients across the U.S., has been in a high-growth phase, recently surpassing more than $3.3 billion in client assets under administration. An area that has helped…
Q&A: SPECIAL ASSETS As technology advances, so do new approaches and trends that help our special assets team. We have previously outlined how Cumberland Trust is uniquely positioned to help maximize assets by being a corporate trustee that does not manage money. Another component of our success in special assets…
Often called the hidden half of client wealth, recent studies suggest special assets make up as much as 55 percent of wealthy client assets. Yet despite this bend toward unique properties and holdings, these can be perceived as challenging, as they require special attention and can carry sentimental value for…
Cumberland Trust was founded 17 years ago to focus on families. Making client lives less complicated by delivering on their needs and extending their values through generations. We knew our clients worked hard to build their legacy, and it was up to us to assist them in protecting it. We…
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Cumberland Trust
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Nashville, TN 37215