Practice Management: It’s All in The Family…What’s a Family? Estate Planning and Trust Management for a Brave New World | 12:00 noon
Many of the concepts which shape our approach to estate planning are products of a dramatically different era, one in which the majority of families were nuclear families with biological or adopted children. These “traditional” families represent about one third of today’s American households. Another third are households without children. The remaining third are “modern” families, comprising blended, multi-generational, same sex, or single parent households. Over 70% of modern families believe that financial and estate planning is designed for traditional families.
This session will lay a foundation for reexamining the estate planning paradigm to meet today's families' needs. It will explore the implications for estate planning and wealth allocation, trust design and management, end-of-life issues and mortality assumptions, and family collaboration and decision making in light of these generational attributes and demographic changes.
R. Hugh Magill is an Executive Vice President of Northern Trust Corporation, Chicago, where he serves as Chief Fiduciary Officer and Global Director of Trust Services. In this capacity he is responsible for Northern’s fiduciary services to clients nationally and internationally.
Prior to joining Northern Trust in September, 1989, Hugh practiced law privately in Chicago, and worked in the Trust Department at The First National Bank of Chicago where he served as Assistant to the Chief Investment Officer.
Hugh is a Fellow of the American College of Trust and Estate Counsel and a faculty member of the American Bankers Association National Trust School. He has lectured for the American College of Trust and Estate Counsel, the Heckerling Institute, the Notre Dame Institute, the Kasner Institute, the Northwestern University Center for Family Enterprise, regional bar associations and estate planning councils, and Northern Trust on estate and charitable planning, trust management, family governance, and fiduciary risk management.