Trust Counsel

About Working at Commerce 

Building a career here is more than just steps on a ladder. It’s about helping people find financial safety and success, helping businesses thrive, and making sure people and their money are taken care of. And our commitment doesn’t stop there. Our culture is about our people, the ones in our communities and the ones that work with us.  

Here, you’ll find opportunities to grow and learn, to connect with others, and build relationships with the people around you. You’ll have the space and resources to grow into the best version of yourself. Because our number one investment is you.

Creating an award-winning culture doesn't come easy. And after 160 years, we know Commerce Bank is only at its best when our people are. If this sounds interesting to you, keep reading and let’s talk. 

Compensation Range

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 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

Knowledge, Skills & Abilities Required

• 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  

Education & Experience

• Juris Doctor Degree required

• 5+ 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

**Level of role is determined by knowledge, experience, skills, abilities, and education.

***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 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, compensation decisions are dependent on the facts and circumstances of each situation. A reasonable estimate of the current base pay is $119,000 to $163,000 annually. This position will be eligible for additional compensation through performance-based incentive plan(s) that will correspond to meeting performance goals.

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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 here to learn more.

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