Trust Counsel

About This Job

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.

Essential Functions

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 standard business forms such as sales / listing agreements, trust acceptance / resignation / declination

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

Attend various internal committees, assist with preparation of materials as needed, become familiar with legal risks and formulate recommendations for consideration

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

Interpret and help Commerce Trust teams to apply fiduciary policies, procedures and 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

Select and oversee outside counsel in matters pertaining to fiduciary litigation or representation of the Bank

Perform other duties as assigned that support the strategic goals of the organization

Knowledge, Skills & Abilities Required

In-depth knowledge of commonly used estate planning, gifting and tax planning principles

In-depth knowledge of federal and state estate and tax laws including the Prudent Investor Act, Uniform Trust Code, Uniform Fiduciary Principal and Income Act

In-depth 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

Ability to read and interpret private trusts and employee benefit documents written at the most sophisticated levels

Ability to draft or review real estate documents including deeds, sale contracts and commercial leases

Ability to negotiate terms of contracts and leases to mitigate risk

Ability to draft or review corporate documents including bylaws, operating agreements, partnership agreements, assignment of interest, and corporate resolutions

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

Education & Experience

Juris Doctor Degree required

3+ years legal experience required

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

Active status bar license from Florida, Illinois, Kansas, Missouri, Oklahoma, or Texas required

Position may be filled in Kansas City, MO or St. Louis, MO

Job leveling and additional responsibilities will be determined based on the candidate’s experience and training, skills, education, and other business and organizational needs.

For individuals applying, assigned and / or hired to work in areas with pay transparency requirements, Commerce is required by law to include a reasonable estimate of the compensation range for some roles.

This compensation range is for the Trust Counsel I, II & Senior job and contemplates a wide range of factors that are considered in determining most appropriate job level and making compensation decisions, including but not limited to location, skill sets, education, relevant experience and training, licensure and certifications, and other business and organizational needs.

The disclosed range estimate has not been adjusted for any applicable differentials (geographic, bilingual, or shift) that could be associated with the position or where it is filled.

At Commerce, it is not typical for an individual to be hired at or near the top of the range for their role, and compensation decisions are dependent on the facts and circumstances of each situation.

A reasonable estimate of the current base pay is $100,500 to $157,000 annually. This position will be eligible for additional compensation through performance-based incentive plan(s) that will correspond to meeting performance goals.

The candidate selected for this position may be eligible for the following employment benefits : employer sponsored health, dental, and vision insurance, 401(k), life insurance, paid vacation, and paid personal time.

In addition, we offer career development, education assistance, and voluntary supplemental benefits. Click to learn more.