Trusts & Estates

Establishing a trust is an ideal way to create financial security for you and your family by providing for the management of your assets during your lifetime, whether you are in good health or in times of illness or disability. Assets held in your trust will not pass through probate, and your trust can continue after your death for the benefit of your loved ones or a charity.

Trusts can be of special importance if you have a child with a disability, are facing the challenges of aging or have aging parents, have charitable inclinations, or are concerned about estate taxes. If you have a family business, trusts can play a vital role in protecting the company if you become disabled or in passing the business to the next generation smoothly and tax-efficiently.

As your trustee, we work closely with your other advisors, such as your attorney, accountant, insurance agent or health care provider to ensure that your needs and objectives are identified and met. Please feel free to contact us to discuss how you might benefit from the use of our Trust Services.

Trust Services
  • Local service
  • Professional investment management
  • Bill paying and health insurance claim assistance
  • Accurate recordkeeping
  • Coordination among team of advisors
Estate Settlement Services

Naming your friend or relative to act as your executor or successor trustee after your death is no longer a simple, honorary designation; it is a serious and burdensome responsibility.

Examples of what an executor must do during a very difficult period, are: locate, safeguard, and manage all of your assets, keep complete and accurate records, pay your last bills, including handling heath insurance claims, negotiate complex income and estate tax rules, provide accountings to all legatees, and act as advisor to your family or legatees.

When serving as your executor or successor trustee, we can offer unbiased, professional guidance to your family while easing the administrative burden of settling your final affairs. We can help ensure that your wishes are carried out as quickly and efficiently as possible.

Summary

  • Unbiased, professional advice
  • Relieve the administrative burden on your family
  • Collect, safeguard and manage assets
  • Pay all bills and claims
  • Minimize income and estate taxes

Please feel free to contact us to discuss how your family might benefit from the use of our Estate Settlement Services.

Trust FAQ

Must I have a trust to use your investment services?

Many of our clients choose trust arrangements because of the unique advantages they offer. But no, you're not required to create a trust. If you prefer, you can put us to work on a less formal basis. All it takes is a simple agreement designating us as your investment agent.

Is it difficult to set up a trust?

No. To put us to work as your trustee, you take two steps. You deliver the money and/or securities that you wish to place in trust. And you give us your written instructions in the form of a trust agreement. The agreement, drawn up by your attorney, is signed by you (as creator of the trust) and by us (as trustee). That's all there is to it.

What are the advantages of a trust?

With a trust you can not only draw on our broad investment capabilities but also arrange to have us perform any number of special services, now or in the future. These personalized services could range from making payments of estimated taxes while you're traveling abroad to providing full personal financial management in the event you suffer an incapacitating illness.

Also, you can name one or more beneficiaries to receive the assets of your trust at your death. These distributions avoid probate. Or, you can have your trust continue beyond your lifetime, serving as a source of continuing income and support for your spouse, a child or others whom you designate.

If I create a trust, can I keep control?

Certainly. Usually our trust clients keep control in three ways:

  • First, the trust agreement specifies that the client may make withdrawals or additions at any time.
  • Second, they reserve the right to cancel the trust.
  • Third, they reserve the right to give us new or different instructions by amending the trust agreement.

Can I manage my own investments?

Most of our clients look to us for objective, unbiased portfolio supervision because they lack the time or specialized knowledge to do all the necessary investment homework themselves. But you can delegate as much or as little investment responsibility as you want. After all, it's your trust.

For example, you might spell out your goals and requirements in some detail, then leave the selection of specific investments to us as trustee.

Or you might start out by asking us to submit each proposed investment change for your approval until you're satisfied that we're interpreting your requirements accurately.

Or you might ask us to submit recommendations while you research some opportunities on your own.

Are trust services expensive?

No. Our fees are competitive with those charged by investment advisory firms or by mutual funds.

How big must a trust fund be?

If you think of millions of dollars when you hear the word "trust", you're the victim of a widespread misconception. We can handle even relatively small trusts efficiently. In any case, we don't think in terms of fixed minimums. Instead we ask ourselves, "Is a trust the best way to meet this person's financial management needs"

To find out whether a trust would be right for you, schedule an exploratory talk with a trust officer.

Are trust funds insured by the FDIC?

Primarily, trust funds are invested in stocks, bonds or other income-producing assets. These trust investments are not bank deposits. Securities and other assets administered by a bank as trustee are held separate from the bank's own assets, under strict audit controls, and cannot be reached by the bank's creditors.

Therefore, the need for FDIC insurance is generally limited to uninvested trust cash, such as income awaiting distribution. Under FDIC regulations, uninvested funds held or deposited by the bank as trustee for a revocable trust are insured together with other deposits of the trust's owner up to a total of $250,000.

How can I find out more about trusts?

That's easy. Our trust and investment advisors will be glad to assemble further information for you, analyze your investment requirements and answer questions not covered here. Please contact us.

 

Legal, investment and tax notice: This information is not intended to be and should not be treated as legal advice, investment advice or tax advice. You should under no circumstances rely upon this information as a substitute for obtaining specific legal or tax advice from your own legal or tax advisers.

Not FDIC Insured

May go down in value

Not insured by any federal goverment agency 

Not guaranteed by the state nor the bank 

Future-proof your legacy.