Trust Counsel

Commerce Bank•Kansas City, MO

23d•$119,000 - $163,000•Onsite

About The Position

The main purpose of this job is to be responsible for legal and regulatory advice and guidance on trust administration including private client trust administration and institutional trust administration. Position will provide support to advisors and trust professionals on estate planning, tax and wealth management issues. Trust Counsel is expected to support the responsible growth objectives of the organization by identifying legal risks as well as practical risk-mitigating solutions.

Requirements

Strong knowledge of commonly used estate planning, gifting and tax planning principles
Strong knowledge of federal and state estate and tax laws including the Prudent Investor Act, Uniform Trust Code, Uniform Fiduciary Principal and Income Act
Strong knowledge of fiduciary income tax; federal and state estate and gift tax, and taxation of non-profit or tax-exempt entities, including ERISA prohibited transaction rules
Ability and desire to stay up-to-date on changes in applicable state and federal laws and regulations affecting trust administration
Proven ability to read and interpret private trusts and employee benefit documents written at the most sophisticated levels
Proven ability to draft or review real estate documents including deeds, sale contracts and commercial leases
Proven ability to negotiate terms of contracts and leases to mitigate risk
Proven ability to draft or review corporate documents including bylaws, operating agreements, partnership agreements, assignment of interest, and corporate resolutions
Demonstrated ability to recognize and evaluate business and legal risks, and advocate for innovative solutions
Motivated and organized self-starter with strong attention to detail and the ability to manage multiple priorities
Inquisitive, agile, and strong team player with excellent written, verbal, and interpersonal communication skills with a bias toward action.
Ability to remain adaptable and resilient to all situations with an optimistic outlook and cast a positive shadow that is aligned with our culture and Core Values
Intermediate level proficiency with Microsoft Word, Excel, Teams, and Outlook
Juris Doctor Degree required
5+ years legal experience required
Active status bar license from Florida, Illinois, Kansas, Missouri, Oklahoma, or Texas required

Nice To Haves

Law firm or in-house experience for a fiduciary services company preferred

Responsibilities

Collaborate with client teams to create innovative solutions that mitigate risk; assess and advise of risks associated with the administration of private trusts, institutional trusts, and estates
Review estate plan documents in which Commerce Trust is appointed as a trustee or executor, evaluate the ability of Commerce to administer the trust or estate, and provide a recommendation on acceptance or declination of appointment
Draft and review more complex business forms such as assignments, deeds, and transfers of partnership interests
Provide counsel on all matters relating to fiduciary duties and discretion including but not limited to distributions, loans and pledges, trust terminations, employee benefit and endowment plans and specialty asset administration
Provide counsel to and serve as a voting member on various governance committees and subcommittees including Trust Administration, Investment, and Risk Committees
Work in partnership with the internal tax group to identify and monitor tax matters pertaining to income tax (including capital gains), estate tax, and gift tax, and charitable trusts (including private foundations) related to the administration of trust and/or estate accounts and review tax filings including but not limited to Forms 706, 709, 990, 1040, and 1041 to understand assets comprising a decedent’s estate and the fundings of trusts resulting from a decedent’s estate
Advise the Special Assets team with the administration of, including the sale or transfer of, real estate or closely-held entities (such as closely held corporations, partnerships, and limited liability companies) in trust and estate accounts
Notify and train Commerce Trust teams on changes/updates to policies, procedures and other related governance protocols
Author memorandums for internal use on technical topics relating to trust and estate administration; deliver training presentations to internal personnel on an as-needed basis on matters related to trusts and estate developments and other fiduciary administration topics
Review and edit periodic client facing Trust Marketing content in conjunction with Compliance partners
Select and oversee outside counsel and develop strategy in matters pertaining to fiduciary litigation or representation of the Bank
Assist with assembly and reporting of information necessary in connection with periodic regulatory examinations
Perform other duties as assigned that support the strategic goals of the organization