NERVOUS #FLORIDA TRUSTEES LOOKING FOR SECURITY? CONSIDER THESE MUTUAL FUNDS WITH LOTS OF CASH
In Florida, #Florida trustees manage billions and billions of dollars in #trust money.
Even though 2013 was an amazing year for domestic stocks, #Florida trustees are nervous at the start of 2014.
The markets are jittery. Investors are pulling money out of emerging markets, as currencies around the globe dip. Just yesterday, the Dow Jones industrial average lost 175 points or 1.1% but was actually lower intraday.
What is a #Florida trustee to do?
Everyone knows that a #Florida trustee must invest prudently: the #Florida trustee must be a #prudent investor. After all, the #Florida trust code references the #Florida prudent investor rule of chapter 518 of the #Florida statutes.
Is it possible to get both growth and security? Maybe not, but, over the long term, consider good mutual fund managers with long-term track records who also have a high position in cash right now. Take a look at the Weitz Value Fund, the Tweedy Browne Global Value Fund, and the Yachtman Fund. Each of these funds have excellent long-term track records, and sizable positions of cash. Each of them did well in 2013 even though a sizable portion of their portfolio never invested in the markets – – it was in cash. This cash can be put to use if you believe there is a downturn coming in the stock market, like we have experienced this week.
A downside? These funds are long-term investors, often with a value approach, which means you have got to be in there for the long haul. This is true long-term investing. But take a look at these funds, because they may help you, a #Florida trustee, with your #investment strategy required by the #Florida prudent investor rule. As a #trustee, you need to invest for both growth and the production of income, and always with an eye on safety. These funds give you exposure to the equity markets, and, perhaps, a chance to buy on the dips with all that cash they have on hand.
Is that prudent? Talk to your #Florida trust attorney or, take the next step: #delegate investment authority to a #Florida investment agent. It might be the most prudent thing you can do as a #Florida trustee.
FOR REFERRAL SOURCES, LAWYERS AND LITIGATORS ONLY
We help you with Florida estate and trust administration and trials, and #probate appeals.
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We have been involved in high profile, nine figure, multi-million-dollar #Florida estates, including Madoff matters, old # Palm Beach money and complex trusts and multi-party #Florida probates. We also handle “small” or “simple” matters. All we do is litigate and help you with #Florida estate and trust administration. #Tortious interference with an inheritance and allegations of #undue influence, and #will challenges and trust challenges are a unique subspecialty of the law. Does your client know which ones to file, when to do that, and why? Do you know the different ways to prove each case? How about quantifying or assessing damages? It would be our pleasure to work with you and to serve your clients. For a complete copy of this very recent legal opinion please email michelle@pankauskilawfirm.com.
John Pankauski, www.johnpankauski.com, is the author of The Trustee’s Book – An Individual’s Guide To Money, Misfits, Marriages, and Mismanagement, and the upcoming The $41 Trillion Inheritance War. He is an estate and trust litigator in West Palm Beach, Florida, www.pankauskilawfirm.com and has been featured on the CBS Evening News, in The Wall Street Journal, MarketWatch, NBC, ABC and Fox networks.