Trust Services
Our trust services include:
- Fiduciary account management and administration
- Representing the affairs of the trust in consultations with other professionals, such as attorneys and accountants
- Counseling with grantors, beneficiaries, and co-trustees
- Investment management of assets
- Accounting and record keeping
- Providing periodic account statements
- Collection and remittance of income and distribution to grantors/beneficiaries as directed
- Safekeeping of trust assets
Personal Trusts
Testamentary Trusts
Testamentary trusts are created as part of a will. This type of trust becomes effective upon the death of the person making the will (the "decedent") and is commonly used to conserve or transfer wealth.
Revocable Living Trusts
In general, a revocable living trust is used when the trustor does not want to lose permanent control of the trust property, is unsure of how well the trust will be administered, or is uncertain of the proper duration for the trust.
With a properly drafted revocable trust, you may:- Add or withdraw some assets from the trust during your lifetime
- Change the terms and the manner of administration of the trust
- Retain the right to make the trust irrevocable at some future time
Irrevocable Living Trusts
An irrevocable living trust may not be altered or terminated by the trustor once the agreement is signed.
There are two distinct advantages of irrevocable trusts:- The income may not be taxable to the trustor
- The trust assets may not be subject to death taxes in the trustor's estates.
Irrevocable Life Insurance Trusts
An irrevocable life insurance trust keeps the death benefits outside a person’s estate so that they are not subject to estate settlement costs, income taxes and federal estate tax.
Contact us or stop by one of our convenient locations to learn more about what we have to offer.
