As part of Cumberland Trust's development team, Jaclyn Berry partners with families and their advisors to navigate the complexities of planning for and administering Special Needs Trusts and special purpose trusts. This installment of the Trusted Ideas blog, written by Jaclyn, addresses the challenging and rewarding nature of serving as …
Charitable trusts are wealth planning vehicles with advantageous tax benefits for philanthropic families or individuals who wish to donate to charitable organizations. There are two main forms of charitable trusts: a charitable remainder trust (CRT) and a charitable lead trust (CLT). Each charitable trust type serves a separate purpose and…
Frequently, when individuals or families are contemplating wills, trusts, and an overall estate plan, the question of probate court comes up and how to bypass the probate process. What is probate? Probate is a court-supervised, legal process of settling an estate after an individual has died. A probate court judge…
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 farmland and timberland held…
Wealth Matters is a monthly radio show and podcast produced by Gaslowitz Frankel LLC. The attorneys from Gaslowitz Frankel discuss the opportunities and challenges associated with preserving and managing wealth. Each month, wealth and asset management professionals join in for a lively and thoughtful discussion of how to best protect,…
While you may never be prepared for the loss of a parent, there are steps you can take to ease the burden of loss and make the transition easier when the time comes. First, know where your parent’s key documents are located. This could include everything from a last will…
As the U.S. and the world continue to deal with the coronavirus pandemic, many are using video conferencing software to connect with colleagues, clients, family, and friends. When hosting or attending a virtual meeting or event, whether using Zoom, WebEx, Skype, Microsoft Teams, or other platforms, there are features you…
During the coronavirus pandemic, museums, art institutions, and historical sites are turning to virtual tours to engage the young and young at heart. Here are a few attractions local to our Nashville headquarters that have created a virtual visit experience for you and your family to enjoy. We hope these…
During times of uncertainty, many individuals find it important to update and add to their legal and healthcare related documents. Having the necessary documents and a plan in place can help reduce stress, especially during challenging times. Several of the most common healthcare documents are listed and described below. These…
In the midst of the coronavirus pandemic, many people are searching for ways to connect with their communities and help those in need through various volunteering efforts. Below are 10 simple ways you and your loved ones can help make a difference during this time (in no particular order). Smithsonian…
Since most of us will be working remotely for the foreseeable future, Cumberland Trust thought it would be helpful to gather and share tips to feel connected, productive, and fulfilled during this uncertain time. Follow your normal morning routine: Keep your morning routine in place and get dressed each day…
To our Cumberland Trust community: Our top priority remains the health and safety of our clients and our employees. We also have a responsibility to support our community. Effective Monday, March 23rd, Cumberland Trust will be fully operational, working in a remote capacity. We are open during normal business hours…
Last week, on March 3rd, a tornado hit Davidson, Wilson, and Putnam counties in Tennessee. Our hometown is now in disaster relief mode as our neighbors start the long process of clean up and recovery. If you are looking for a way to help, we thank you. Below are a…
Charitable planning is important to many families and can leave a lasting impact on organizations or causes that align with the family’s interests and values. Often, clients want to pass the philanthropic spirit down to future generations. Our directed trustee platform allows the family to remain involved in the management…
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…
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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…
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…
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Cumberland Trust
40 Burton Hills Blvd, Suite 300
Nashville, TN 37215