Pub. 6 2017 Issue 7

l e a d i n g a d v o c a t e f o r t h e b a n k i n g i n d u s t r y i n k a n s a s 16 2017 KANSAS TRUST CONFERENCE T he 2017 Trust Conference was held in the newly renovated DoubleTree Hotel in Lawrence. The conference hosted a trade show with 23 vendor booths and a jam-packed speaker line-up. The conference opened with Bill Ehling from Federated Investors. This high-level session focused on the economy as it relates to interest rates and global factors that affect fixed income markets. He expressed that it appears that the cycle will provide low yields for an elongated period due to a high employment economy and excessive U.S. debt. KBA Trust Board Member Jeff Bottenberg provided a brief update on two pieces of legislation that became law in 2017 and have an impact on fiduciaries. He summarized HB 2110 and SB 63. Following the legislative update Kent Meyerhoff from Fleeson Gooing Attorneys at Law provided a talk titled, “Estate Planning and Administration for Digital Assets.” Meyerhoff explained that in addition to photos, music and items of sentimental value, there may be items of significant value such as documents and crypto currency. He went on to explain the significance of having new legislation that extends traditional power of fiduciaries to manage digital assets as well. “Medicaid and Long-Term Care Planning In A Changing World,” was presented by speaker Emily Donaldson, Stevens & Brand. Donaldson discussed the current laws and regulations as they are now interpreted by the state and discussed the cause for concern related to the tsunami of applicants coming for long term care. Who is going to pay for it? She discussed some possibilities and considerations when looking for coverage for clients. There were three breakout sessions for attendees to choose from. “Retirement Income and Other Things to Worry About in Retirement” – Joe Labella, Voya Investments; “Ethics in Estate Planning and Estate Administration” - Jeremy Graber, Foulston Siefkin LLP; and “What Operations Staff Wish Administrators Knew & Vice Versa” – Julie Cassavaugh, First National Bank of Hutchinson. Patrick Seelye, Financial Life Matters, discussed the client experience as the most important factor in the sales environment. He stressed that it isn’t about the sales person anymore but rather how you make people feel that matters most. He gave skilled examples for how to genuinely connect with people and provided tools to help them share their song. The five key areas of the new Department of Labor Fiduciary Rule will impact all aspects of a trust department. Larry Divers, Cannon Financial, discussed the pitfalls and dangers of the far-reaching regulation and explained how the rule applies to fiduciaries. He went into detail about what to expect. Keri Peterson, First Option Bank, Paola, and Jacinda Commerford, OSBC, paused for a photo before taking a seat. Kent Meyerhof, Fleeson Gooing Attorneys at Law, discussed considerations for digital assets.