Why Use Trust Administration Company like Premier?

If you want to administer your own trust why not give it a try. Or you may even have a good CPA friend that says he will do it "very inexpensively".  Hey, you may save a few dollars, right? Wrong, this page will tell you why!
Using Premier, you will never have to worry!

Premier remains true to our core mission.  Our expertise in trust administration means that you and your financial advisors can focus on investment strategies to optimize your financial returns, while we focus on the following:

1) Timely Distributions.
Premier's entire staff commits itself to on-time distributions.  We ensure that income beneficiaries have the right amount and in the payout mode they expect.  We're dependable!

Impeccable Compliance.
Premier makes certain that all tax reporting documents are properly prepared and ready for submission in advance of filing deadlines.  We're sensitive to our clients' anxiety over IRS-reporting issues, so we stay on top of all reporting requirements, ensuring that you can have a good night's rest.

Frequent Reports.
Premier provides quarterly reports that include year-to-date summaries and in-depth analysis of each account's performance.  Accurate information tells a trust account's true story.  And thus we believe that our clients are entitled to thorough reports.

4) A thousand other details.  See Why Use Premier for a small taste of what we do for you.

If you have any questions about if a tax-exempt trust is right for you, please give us a call. Premier Administration can help you plan for most any circumstance.

Try it Yourself

To save a few dollars (by the way, the Trust pays for the fee so you don't have to) you may be tempted to try administering your own trust. Although legally possible, most clients need assistance in carrying out their fiduciary responsibilities. Clients come to realize that trust tax preparation and reporting are the most complex areas of their duties. Even the IRS documents that the time to complete just the IRS Form 5227 that needs to be filled out each year takes an estimated time of close to 100 hours to prepare and file! Here is a section right out of the 2005 IRS Form 5227 Instructions:

The time needed to complete and file this form will vary depending on individual circumstances.   The estimated average time is:
Record keeping
65 hrs. 17 Min.
Learning about the law or the form
11 hrs. 24 Min.
Preparing the form
19 hrs. 24 Min.
Copying, assembling, sending to IRS
  1 hrs. 52 Min.
Total Time
97 hrs. 57 Min.

And this is only one of the forms the trust is required to file. The complexity of the accounting and tax form preparation truly puts self-administration out-of-bounds for everyone except the most tax-knowledgeable individuals. Premier Administration takes all the headaches from the client in that Premier worries about all of the record keeping and all of the forms that need to be filed.

Why not use a CPA?

Code Section 664 charitable remainder trusts are far and away the most complex trusts most professionals will ever create. Very few CPA’s have the needed expertise specific to tax-exempt charitable trust administration. Those who do will generally charge much more for their services than Premier once they understand the complexity. Because Premier Administration specializes in administering only charitable trusts, it is far more knowledgeable in this area than the average CPA firm. Why risk making many costly errors in record keeping and tax form preparation? Few if any CPA’s specialize in tax-exempt charitable trusts. On the other hand, Premier Administration administers hundreds of them and is a renowned charitable trust specialist. Even the very few CPA’s who can properly prepare charitable trust tax returns are rarely experienced also in the fiduciary accounting that applies to these trusts. Which do you want overseeing your clients’ trusts when intricate questions or emergencies arise.

What about a large trust company?

Historically, trust companies have wanted to manage all aspects of the trust. Not only do they want to do the record-keeping and reporting but they have wanted to manage the investments and to be the trustee in charge as well. Premier Administration never manages trust investments and expects not to be the trustee. Premier leaves the investing responsibility to you and your financial professional. Having the big trust companies wanting to take over the investing is not only bad for you, the current financial advisor, but usually also not in the best interest of your client.

Big trust companies are often impersonal and not responsive to your clients’ needs. Also, at trust companies charitable trusts are usually a small fraction of the kinds of trusts they administer. They simply don’t have the experience Premier has in dealing with complicated tax-exempt charitable trust issues.