Trust & Estate Services

Trust & Estate Services- services to be offered through a preferred service provider

• Trust Administration - a legal arrangement whereby control over property is transferred to a person or organization (the trustee) for the benefit of someone else (the beneficiary); created for tax savings and improved asset management
• Trustee Services - the appointed institution that manages assets for the benefit of someone else
• Revocable Trusts - A trust whereby provisions can be altered or cancelled dependent on the grantor. During the life of the trust, income earned is distributed to the grantor, and only after death does property transfer to the beneficiaries. This type of agreement provides for flexibility and income to the living grantor, as he/she is able to adjust the provisions of the trust and earn income, all the while knowing that the estate will be transferred upon death.
• Irrevocable Trusts - A trust that, once its set up, cannot be changed at all. This is to prevent fraudulent activities.
• Life Insurance Trusts - A trust that owns or is the beneficiary of life insurance policies. These trusts, often called 'Wealth Replacement Trusts' are often used when estate tax is a concern.
• Testamentary Trusts - A trust created as a result of explicit instructions from a deceased's will. Typically, the remaining estate of the deceased (trustor) will act as the body of the trust, and the executor will manage it until the beneficiaries are capable of doing so individually.
• Charitable Trusts - A tax-exempt irrevocable trust designed to reduce the taxable income of individuals by first dispersing income to the beneficiaries of the trust for a specified period of time and then donating the remainder of the trust to the designated charity. The whole idea of a charitable remainder trust is to reduce taxes. This is done by first donating assets into the trust and then having it pay the beneficiary for a stated period of time. Once this time-frame expires, the remainder of the estate is transferred to the charities deemed as beneficiaries.
• Special Needs Trusts - A trust created to ensure that developmentally disabled beneficiaries will be able to enjoy the use of the property intended to be held for their benefit. These trusts are often written and managed in such a way as to avoid the loss of government benefits.
• Discretionary Management - An account in which the Trust Department has been given the ability to make changes in a portfolio, within agreed upon areas, to benefit the account owner / beneficiary.
• Estate Planning - The overall planning of a person's wealth, including the preparation of a will and the planning of taxes after the individual's death. Contrary to popular belief, estate planning involves much more than preparing a will, and it is not only for the rich!
• Employee Stock Ownership Plan (ESOP) is a qualified retirement plan in which employees receive shares of the common stock of the company for which they work and the company receives an investment tax credit. Trust providers can assist with trustee, investment and administrative services for these programs.