Trust Services

Trust Type

Useful For

Features

Living Trust

High net-worth individuals whose goals include estate taxes and avoiding probate and public scrutiny.

• Assets may escape estate taxes
• Quicker estate settlement
• Privacy (of the public record)
• Revocable or irrevocable

Testamentary Trusts

Holding assets for the benefit of a spouse, children, or others

• Revocable until death
• Amendments are made simply by changing the will
• Assets are subject to estate taxes

Irrevocable Life Insurance Trusts

People who want to provide funds for their estate tax liability or provide additional estate-tax-free funds for their heirs.

• Meet liquidity needs
• Pay tax-free benefits to the surviving spouse and/or beneficiaries
• Reduce estate taxes
• Must be irrevocable to receive tax benefits
• Grantor must relinquish control

Charitable Remainder Trust

Charitably minded people who want to reduce their capital gain and estate taxes, help a favorite charity and provide income for themselves or their beneficiaries for a period of time.

• Grantor transfers assets to a trust set up for the charity or charities of his or her choice<
• The grantor receives a current charitable deduction for the computed value of the gift, if done during lifetime
• The trust pays out income to a designated beneficiary either for life or a period of years
• On the death of the last income beneficiary, or at the end of the term, the charity receives the trust's property

Charitable Lead Trusts

Charitably minded people who want to reduce their capital gain and estate taxes, provide income for a favorite charity with ultimate distribution to family members.

• Grantor transfers assets to a trust set up for the charity or charities of his or her choice
• The grantor receives a current charitable deduction for the computed value of the gift, if done during lifetime
• The trust pays out income to a designated charity for a specific time period
• At the end of the trust term, specified beneficiaries receive the remaining trust property