Our trustee services allow you to continue to benefit from having a financial advocate at work representing the interests of you and your family when you are not able to handle your own financial affairs any longer. Typically these situations arise because of tax considerations during your life or because you are simply no longer able to handle your affairs due to incapacity or death.
Examples of trustee engagements, where you might appoint us to act as your family's financial advocate in a trustee capacity because you would not be able to do so, include:
Arrangements which are set up, funded and operated during your lifetime:
- Charitable trust - If you are leaving some of your estate to charity, you can gain current income tax benefits by making your future gift now while reserving the income for yourself or your family.
- Irrevocable life insurance trust - Avoid paying estate taxes on your life insurance proceeds after your death by having the policy held in an irrevocable trust.
- Irrevocable trust for offspring - Irrevocably set aside money for children or grandchildren while restricting their access to it.
- Revocable trust - Most often individuals are their own trustees of these trusts and operate them themselves. But sometimes it is advisable to get an outside trustee on the job during life - to make sure all assets are accounted for and not lost and to provide for a seamless financial transition through the latter stages of life and transfer of assets to intended beneficiaries.
- Guardianships/Financial Powers of Attorney - Obtain professional help with management of your finances when you or a loved one is incapacitated so that these responsibilities do not burden or cause conflict among family members.
Arrangements set up during life but which take effect after your death:
- Executor/Estate Settlement - Have a professional handle the financial, investment, tax accounting and other matters involved in settling your affairs after you pass on so you do not burden or cause conflict among your family members.
- Trustee of Testamentary Trusts - A financial advocate acting as trustee of these arrangements will watch after the interests of your beneficiaries and implement your desires with respect to their access to these funds until it is appropriate for them to assume these responsibilities themselves.
- Successor Trustee of Revocable Trusts - In a revocable trust of which you are the current trustee, you need someone to act as successor to take over the trust when you are no longer able to function in that capacity. A financial advocate can be named in this capacity to implement your wishes, whether they be to continue the trust in some manner or simply terminate it and pay it out.
We will help you sort through the pros and cons of any trust alternative that you may be considering, including the advisability or inadvisability of naming a professional trustee. Use our contact form under "Let's Get Started" to request more information.
If you would like to inquire about having a personal financial advocate act in a trust capacity for you, please Click Here to fill out our questionnaire.