Latest Compliance - Fiduciary Topics

Include Custodian on CTR? (UTMA)

09/24/2017

Is a ​custodian of a minor's account considered a ​person on whose behalf a reportable transaction is completed on a​ CTR? We have a situation where someone came in and deposited over $10,000​ into the minor's account. The ​conductor is neither the minor or the​ custodian. I know that we have to include the ​conductor and the​ minor on the CTR. But do we have to include ​the ​custodian?

Benefiting Client's Info On CTR (IOLTA)

08/16/2015

When filing a CTR on an IOLTA account, do I need to include the benefiting client's information on the CTR if the Client is incapacitated?

Can Conservator Request Info Pre-Date Appoint?

02/03/2014

Can a conservator request information pre-dating their appointment?

Transfer from IRA to Atty IOLTA for Investment?

04/08/2013

Should our trust dept allow transfer from a self directed IRA to an attorney's IOLTA account for an investment when there is no fiduciary relationship with the attorney?

Conservator Sign Doc on Behalf of Protected Person

03/18/2013

How does a conservator need to sign documents on behalf of a protected person? Do they need to sign their name and title or just their name?

Federal Levy Against Special Needs Trust

01/28/2013

We have a client who has a special needs trust, of which we are the trustees. We were served a federal levy against the SNT. Should this be allowed?

Account w/ One Person as both A-i-F and POD

12/05/2011

Can a person signing as an A-i-F on an account be added as a POD beneficiary on the same account?

Custodian Direct Deposit into ILUTMA Account?

02/14/2011

On ILUTMA accounts, can the custodian have their paycheck direct deposited into the account?

Cashing Check for Beneficiary of Rep Payee Account

02/07/2011

We have a representative payee account where the representative will sign a blank check drawn on the representative payee account and then give it to the beneficiary, who will then come into the bank and cash it. Are we ok to give a balance to the beneficiary and are we ok in cashing a for the beneficiary?

Filing a CTR for a Custodial Account

01/10/2011

We had a customer come in and make a deposit over 10K to a custodial account on which she is not a signer. Whose information do we place in Section A of the CTR: the custodian's or the minor's?