Tag Archive for: Trust Banking

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Bankers’ Roles in Recognizing Elder Financial Abuse

Join us in Madison for WBA’s annual Trust Conference

On May 25, 2022, WBA will be hosting its annual Trust Conference for the benefit of those involved with trust and estate planning. The one-day event held at the WBA office will assist trust professionals in staying up to date on upcoming changes in regulations, the economy, and overall trust department functions.

The conference will also feature a general session on elder abuse and undue influence by Jonathan Ingrisano and Nicholas Bezier of Godfrey & Kahn, S.C. Trust bankers and wealth managers of all levels will benefit from this session on spotting and responding to potential financial abuse of their elderly customers.

According to the World Health Organization, one in six individuals 60 years or older have experienced some form of abuse. Of this, less than 20% of financial abuse is reported by the individual or their proxies. “It is a growing problem that we can only expect to get worse as our population ages,” said Ingrisano.

This troubling trend is not only on the rise in Wisconsin, but throughout the country. As fraudsters become more sophisticated (even so that celebrities such as Stan Lee have endured financial abuse), it is important that bankers know the signs, understand their rights, and feel confident in approaching the situation.

As elder financial abuse cases rise, bankers have taken on the role of trusted advisors and observers. Trust bankers especially develop unique professional and personal relationships with their customers and have a greater ability to notice patterns, spot questionable distributions, and identify unexpected changes in their repeat customers patterns and behaviors.

“I want trust bankers to know they are empowered to do what they think is right, and their hands are not tied,” said Ingrisano. In this, the session will include advice from Godfrey & Kahn, S.C. representatives on reporting financial abuse or fraud, the tools and resources for trust bankers to consult as they work through cases, and important red flags to notice both in elderly customers and/or personal relatives experiencing such abuse.

In addition, trust bankers will also have the opportunity to learn more about how their paper trail observations on the front end can impact the actions taken by department heads or legal counsel on the back end. Through referrals or reports, bankers will learn of the avenues available to protect vulnerable members of their communities.

WBA’s Trust Conference is approved for 5.25 CTFA credit through the American Bankers Association (ABA). Register now to take advantage of this opportunity to stay ahead of upcoming regulatory changes, maintain your certification through ABA, as well as gain insight on how to better serve your community. Please contact Miranda Helt, WBA’s assistant director – education, at mhelt@wisbank.com with questions regarding the conference.

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Legal Q&A: POA and IRA or Trust Accounts

Q: Can a power of attorney act on an IRA or Trust Account?

A: Yes, but only if the power of attorney (POA) agreement permits it.

The extent of an agent’s authority to act under a POA agreement will always depend on the language within the agreement.

Wisconsin’s Uniform Power of Attorney for Finances and Property Act under Chapter 244 governs POA agreements in Wisconsin. Chapter 244 provides for general authority with respect to banks and other financial institutions. One general power granted under statute permits an agent certain actions on an account. Account is a defined term under Wis. Stat. 705.01(1). That definition is broad enough to include an IRA.

For a trust account, an additional consideration to make is that of granting authority. A trust is a separate legal entity from an individual, meaning it has its own interests and authorities distinct from that of an individual person. A power of attorney agreement creates authority between a principal (the person granting authority) and an agent (the person granted authority). A POA agreement giving authority to act on the finances of a natural person principal does not automatically mean the agent can act on accounts owned by a trust, even if the principal is a trustee of the trust. Because a trust account has its own authority and ownership interests, the principal must grant an agent authority to act through their powers as trustee. Authority to do so is derived from the trust agreement.

If a financial institution is unsure about its interpretation of the scope of an agent’s authority within a POA agreement, WBA recommends working with an attorney to receive a legal opinion.

By, Scott Birrenkott

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Legal Q&A: POD Beneficiaries for Deposit Accounts

Q: Can a Deposit Account with a Payable on Death Beneficiary have a Contingent Beneficiary?

A: No. Wisconsin Section 705 covers non-probate transfers at death. WBA does not read section 705 to permit contingent beneficiaries.

The WBA payable on death beneficiary designation form was created in accordance with the below interpretation of Wisconsin Section 705 and thus does not permit contingent beneficiaries. It has been WBA’s longstanding opinion that the POD statute does not permit identification of contingent beneficiaries to accounts governed by Subchapter 1 of the Chapter 705. Accounts covered by this statute include most standard checking, savings and certificate of deposit accounts established by a standard deposit account agreement.

The POD statute specifies who is entitled to payment on a POD account on the death of the last surviving accountholder. Under 705.06(1)(c), the funds are paid to the beneficiaries who survive the death of the last surviving accountholder. If none of the beneficiaries survive, the funds are paid to the estate of the last surviving accountholder. This is the way the WBA form is drafted.

The statute provides a second option under 705.04(2)(d), under which funds otherwise payable to a beneficiary who predeceases the death of the last surviving accountholder, would pass to the beneficiary’s issue who would take under 854.06(3).

When the option to pay the beneficiary’s issue was added to the POD statute, it was WBA’s understanding that the decision was made not to draft for this option. We believe that not all persons would want the issue (without identification of specific children) to receive payment. Further, the bank would not have any easy way to identify all of the issue who would be entitled to the payment. The identity of a person’s issue can change throughout the term of the account.

However, the statute does not permit any other payment of fund in a POD account. The statue does not authorize payment to named contingent beneficiaries.

The WBA POD beneficiary form was drafted to follow the above. Thus, if a bank wishes to contract in a way to appoint contingent beneficiaries for a customer’s deposit account we recommend working with the bank’s own counsel to either modify WBA’s form or create a separate designation. If your bank does not use WBA forms we recommend consulting with your forms drafters to determine what their interpretation of Section 705 is with respect to contingent beneficiaries.

Note: The above information is not intended to provide legal advice; rather, it is intended to provide general information about banking issues. Consult your institution’s attorney for special legal advice or assistance.

By, Scott Birrenkott

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Breaking: Recent Bank Failures: What Does It Mean to Your Institution? FREE Webinar

Doubtless we’ve all heard by now of the sudden and unexpected closures of Silicon Valley Bank and others last week. You’ve also likely heard federal regulators announced plans to support depositors of the two banks and prop up consumer confidence in the banking industry. What exactly happened here? Are more bank failures expected? What were the actions the regulators took to guarantee the deposits of these banks’ customers?

In this short webinar, we’ll address the problems faced by Silicon Valley Bank and other recently failed banks, and anticipate questions your customers may be asking you. We’ll sort our way through what has happened and ensure you’re prepared with the right information to understand the present situation, as well as address concerns throughout the industry.

What You’ll Learn

  • What has happened so far?
  • Will it happen to other financial institutions?
  • Is the industry in trouble?
  • Regulatory and government responses
  • Impact on FDIC deposit insurance
  • New assessment fee
  • Communication and management
  • What to tell concerned customers
  • Future outlook

Who Should Attend
Anyone in the financial institution that would like an update on current events. Especially front-line personnel who may need to respond to questions from the public.

Instructor Bio
Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Managing Director for Treliant Risk Advisors in Washington, D.C. Through his working career, as well as through his experience as a banking attorney and officer, he has provided a variety of regulatory compliance and financial performance services to financial institutions and other clients throughout the country. He has written extensively regarding consumer and commercial compliance, tax, audit, and financial institution legal issues, and is a frequent contributor to and currently serves on the Editorial Advisory Board for the ABA Bank Compliance magazine. He has spoken at scores of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.

Registration 

  • Free

 

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Engage Your Audience with Ease: Basic PowerPoint Tips and Tricks

Great slideshows don’t need to take a lot of time and effort! Learn some essential PowerPoint tips and tricks to help you effectively present any type of information to every type of audience with more ease.

Avoid common mistakes that cause audiences to tune out and harness simple tricks from presentation experts to ensure your message gets through. In just 90 minutes you’ll learn quick & easy PowerPoint tips to refresh your slideshow style, modernize your content, re-energize your presentations, and enhance the audience experience.

In similar sessions, even regular PowerPoint “power users” had some wow moments, got excited about PowerPoint again, and were thrilled by the feedback they received after implementing these recommendations. (Note: Many of the tips also apply to other slideshow apps and presentation materials.)

What You’ll Learn

  • Simple visual design principles to captivate audiences naturally
  • The #1 PowerPoint mistake that leads to audience disengagement, and what to do instead
  • Where to find high-quality images
  • How to insert and trim videos
  • The fastest options for updating old slideshows to look and feel more relevant
  • Alternatives to boring bullets points
  • Essential guidelines for slide design and font choice
  • Creating and using templates for consistency and efficiency

Who Should Attend
Those with leadership, training, project management, or analytics responsibilities who present information to audiences of all types – and want to be more effective in less time with slideshow creation and presentation delivery.

Instructor Bio
Heather Legge is a training specialist and certified executive coach, founder of Envision Success Inc, and author of Lead With Moxie. She is a senior training consultant for InterAction Training and is known for her presentation and delivery expertise.

Previously, she earned her master’s in business administration and spent over 15 years in multiple industries transforming organizational performance through business analysis, project management, training and employee development.

Legge is passionate about making a positive impact in her local community and far beyond. She is always engaged in several networking, professional, and philanthropic groups.

Registration Options

Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts $279

  • Available Upgrades:
    • 12 Months OnDemand Playback + $110
    • 12 Months OnDemand Playback + CD + $140
    • Additional Live Access + $75 per person
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Demystifying Trusts: A Guide to Establishing Deposit Account and Loans

This webinar will provide attendees with information on doing business with trusts, including the best practices in establishing deposit account and loan relationships.

Financial institutions are required to complete transactions for customers who have created revocable and irrevocable trusts. To protect your financial institution’s interests when using these documents, it is imperative to understand the basic do’s and don’ts. This presentation will provide financial institution personnel with best practices to use when dealing with these complex legal documents. It does not provide detailed information on any particular state’s laws.

What You’ll Learn

  • Differences between revocable and irrevocable trusts
  • What it means when a trust is called a “living trust” versus a “testamentary trust”
  • How to establish the relationship, including changing titles and performing transactions (loans or deposits)
  • What are the issues when there are co-trustees for the trust
  • When can a successor trustee do business for the trust
  • The relationship between power of attorney documents and the trust documents
  • Trusts as a safe deposit boxholders
  • What happens when a trust co-owns an account with another trust (or person)

Who Should Attend
Financial institution employees involved with opening new accounts, deposit or loan documentation, and operations.

Presenter
Terri D. Thomas, JD is the Director of the Kansas Bankers Association Legal Department, which specializes in providing compliance and legal assistance to Kansas banks.

Thomas has worked with financial institutions for over thirty-nine years in various capacities. Most notably, she served for fourteen years as in-house legal counsel and trust officer for Bank of America and its Kansas predecessors. She has also served as a trust department manager and branch manager.

Receiving her Bachelor of Arts degree from Kansas State University in 1985, Thomas continued her education at Washburn University School of Law and obtained her Juris Doctor in 1988. She has served as an Adjunct Professor at Washburn University School of Law in Topeka, Kansas and the University of Kansas School of Law in Lawrence, Kansas, and is a frequent seminar presenter for financial associations in the Midwest.

Registration Options

  • Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts – $279
  • Available Upgrades:
    • 12 Months OnDemand Playback + $110
    • 12 Months OnDemand Playback + CD  + $140
    • Additional Live Access + $85 per person
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Trust Conference

WBA’s Trust Conference is an all-encompassing event that concentrates on updating attendees on new and upcoming changes in regulations, the economy, and overall trust department functions. Join us for this year’s WBA Trust Conference being held at the WBA Office on May 25. The conference will kick off at 9:00 a.m. and adjourn at approximately at 3:15 p.m.

The WBA Trust Conference was approved for 5 CTFA credit through ABA.

Who Should Attend?

The conference is designed for all those that are involved in trust and estate planning, including trust officers, wealth managers, and trust administrators.

Registration Information

Bank Member Registration:

Trust Section Members:

  • $220 – Per Attendee

WBA Bank Members – Non Trust Section Members:

  • $245 – Per Attendee

WBA Associate Members

  • $245 – Per Attendee

Attendee Registration: The registration fee of $245/attendee includes conference materials, lunch and refreshment breaks. Members of the WBA Trust Banking Section* receive a discounted registration fee of $220/attendee.

*Membership in the WBA Trust Banking Section is by bank — all employees of banks who are section members can register at a discounted rate. Please contact WBA’s Scott Birrenkott via email with any questions regarding section membership.

Refund Policy: A refund, less a $25 administrative fee, is provided for cancellations requested on or before, May 19, 2023.

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2023 IRA Beneficiary Designations and Payouts

What are the current beneficiary payout options — 5 years? 10 years? Life Expectancy Payouts? None of the above? The SECURE Act, which became effective January 1, 2020, significantly shortened most beneficiary payout options. A 40-year-old son of an IRA owner who died before 2020 with a balance of $500,000 could spread that income over approximately 45 years minimizing their income each year. If the owner died beginning in 2020, that same son would now have to claim that $500,000 in income in a 10-year period, most likely bumping up to a higher tax bracket. This webinar is going to delve into the different types of beneficiaries – spouse vs. non-spouse, and individual vs. entity beneficiaries to apply the rules correctly. The Proposed Regulations that were released in February 2022, and the IRS Notice 2022-53 that postponed the Proposed Regulations until at least 2023, will be thoroughly discussed. We will put the pieces of the puzzle together to lower the confusion on these tricky areas of IRA accounts.

What You’ll Learn

  • Definition of an eligible, non-eligible and non-designated beneficiary
  • When does the bank pay to a primary vs. a contingent beneficiary
  • Who has to start a Single Life Expectancy payout the year after the IRA owner dies
  • When does the mandatory 10-year close out date apply?
  • Difference between a Type I and Type II trust to determine payout options
  • What happens when a beneficiary disclaims an IRA
  • Procedures for escheating an IRA to the state’s unclaimed property division

Who Should Attend
Any employee who is responsible for answering client’s questions regarding IRAs, including Customer Service, Call Center, Operations, Tellers, Branch Managers, and Trust Officers. Anyone who is involved in the IRS reporting and corrections to IRS reporting are also encouraged to attend.

Instructor Bio
Patrice M. Konarik is president of Sunwest Training Corp. founded over 25 years ago and is located in the Texas Hill Country near San Antonio, Texas. With over 35 years in the financial industry, Konarik has focused her expertise on the retirement account area and is currently providing live training and Webinars on IRAs and Health Savings Accounts on a nationwide basis. She has a BS in Management Science from New York’s Binghamton University. Many state banking associations and other organizations use her as their main source for training on these complicated topics.

Registration Option

  • Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts – $279
  • Available Upgrades:
    • 12 Months OnDemand Playback + $110
    • 12 Months OnDemand Playback + CD  + $140
    • Additional Live Access + $75 per person
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IRA Annual Reporting Requirements to the IRS

“It’s all about the reporting!” — I say about 1,000 times a year. Why do we have to do it this way instead of an easier way? Because it’s all about the reporting. Whether setting up a new IRA or handling transactions on existing IRAs, it is so important that you check the correct box and ‘use the correct transaction code description so that the IRS reporting matches what the client is indicating on their taxes. It’s not okay just knowing your job on the front end without knowing the results of your actions on the back end — most specifically the IRS reporting. This webinar will review the most common reporting mistakes made by financial institutions on both Traditional and Roth IRAs.

What You’ll Learn

  • What is the difference between ‘prior year’ and ‘current year’ contribution reporting?
  • What happens when Traditional IRA distribution codes are used for Roth distributions?
  • How do we report excess contribution withdrawals and how does it affect prior year reporting?
  • What happens if the client insists we correct reporting that is already ‘correct’?
  • What is the difference between a postponed contribution and a repayment?
  • What are the best ways to avoid reporting mistakes?
  • How do we correct a 1099-R or 5498 from previous years?
  • Should we ever offer to pay a client’s taxes and penalties because of a reporting error?

Who Should Attend?
All employees who are responsible for opening and maintaining IRAs, checking IRA contribution and distribution reports before they go out to the clients and the IRS, and those who actually have to do the corrections on IRS reporting.

Presenter
Patrice M. Konarik is president of Sunwest Training Corp. founded over 25 years ago and is located in the Texas Hill Country near San Antonio, Texas. With over 35 years in the financial industry, Konarik has focused her expertise on the retirement account area and is currently providing live training and Webinars on IRAs and Health Savings Accounts on a nationwide basis. She has a BS in management science from New York’s Binghamton University. Many state banking associations and other organizations use her as their main source for training on these complicated topics.

Registration Option

  • Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts – $279
  • Available Upgrades:
    • 12 Months OnDemand Playback + $110
    • 12 Months OnDemand Playback + CD  + $140
    • Additional Live Access + $75 per person
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IRA Update – Annual Review for Banks

IRAs have always been the most difficult bank product to learn and keep up with. One reason is that as the interest rates went down, many IRAs were transferred into the stock market and investment companies to get a better return. This left the bankers with very little practice opening and maintaining IRAs. Presently, since the stock market can be unpredictable and as the interest rates increase, many retail banks are seeing the more conservative investors transfer the money into a guaranteed interest rate product at the bank. While this may give the bankers more experience in dealing with IRAs, it also increases the anxiety about making sure the proper information is given out to the customers.

2023 brings some of the largest Cost of Living Adjustments we’ve had to IRAs in over 20 years. The IRS has also gotten very serious about IRA Distribution forms and the new W-4R being signed for every IRA distribution for the IRA owner to opt-in or out of federal income tax withholding. You will learn all the latest rules and regulations included in this vital training.

What You Will Learn

  • 2023 Cost of Living Adjustments including increased contribution limits for every IRA product
  • What are the final rules on choosing the W-4R vs. the W-4P for federal income tax withholding?
  • What did the “Proposed Regulations” released in February 2022 change about the original SECURE Act effective January 1, 2020?
  • Does the new 2022 Single Life Expectancy Table apply to beneficiaries who are in existing payout?
  • Should beneficiaries of owners who died beginning in 2020 take a 2021 or 2022 death distribution?
  • What are the January notifications that must go out to the IRA customers?
  • 2023 IRA Calendar “Hot Dates”

Who Should Attend?
All personnel who are responsible for opening IRAs and have direct contact with the customers should attend this class, as well as experienced employees in operations, compliance, customer service and the call centers who must answer questions from other bank employees and customers and check IRA paperwork.

Presenter
Patrice M. Konarik is president of Sunwest Training Corp. founded over 25 years ago and is located in the Texas Hill Country near San Antonio, Texas. With over 35 years in the financial industry, Konarik has focused her expertise on the retirement account area and is currently providing live training and Webinars on IRAs and Health Savings Accounts on a nationwide basis. She has a BS in Management Science from New York’s Binghamton University. Many state banking associations and other organizations use her as their main source for training on these complicated topics.

Registration Options
Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts $279

  • Available Upgrades:
    • 12 Months OnDemand Playback + $110
    • 12 Months OnDemand Playback + Digital Download +$140
    • 12 Months OnDemand Playback + CD + $140
    • Additional Live Access + $75 per person
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Using an Effective Selling System to “Score” Your Prospects

A Probability Scorecard is like the yard markers on a football field. The yard markers give you a clear, definitive look at how much ground has to be covered before you score points; or in the case of defense, how much ground you have left to defend.

An effective Sales Probability Scorecard tells you almost exactly the information you have and might be missing and the likelihood of closing a specific opportunity. Wouldn’t that be helpful? You may already use a tool or system in your sales process that is meant to track the status of deals in your sales pipeline. But if the sales enablement tool you are using isn’t built around an effective selling system, then it will be not be predictive and will not help relationship managers close more business.

Covered Topics

A milestone-centric sales process that breaks down the specific steps required to effectively create, qualify and close business.
How to establish the factors important to qualify the prospect (can be industry specific)
How to create a baseline for what a “closeable opportunity” is (i.e. 70% score is considered closeable)

Who Should Attend?

RMS and MSRs in all lines of business, tellers, LOB leaders, supervisors and training managers.

Presenter

Dan Fischer, Sales Development Expert, has 28 years of financial sales and sales management experience working in the banking and insurance industries. During that time, he has developed a life-long passion for coaching along with an understanding of how to motivate salespeople. Using all the many tools and techniques from his past experience, Dan is focused on helping salespeople and sales leaders become top quartile in their efforts. When he is not at work, Dan can usually be found with his wife of 33 years and family. Dan’s “Why” gets him up every morning… “to inspire, motivate and have a positive impact on people through my passion to help them achieve beyond what they imagined.”

For 27 years, Anthony Cole Training Group has been helping banks and other financial service organizations close their sales opportunity gap by helping them sell better, coach better and hire better. Our Mission: Grow People, Grow Organizations.

Registration Options

“Live” Web connection – $265
6-month “OnDemand” website link only – $295
CD-ROM and e-materials only – $345
Live plus OnDemand website link – $365
Premier Package: Live, OnDemand link, and CD-ROM plus – $395

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questions@wisbank.com

608-441-1200

4721 S Biltmore Ln.
Madison, WI 53718

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