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Corporate Trustees

With people living longer and health care costs continuing to rise, our savings must grow larger and last longer. With hundreds of investment options to choose from, deciding where to put your money can be very confusing. And if you make a wrong decision, it can be very costly. One option you shouldn’t overlook is the bedrock of asset management and personal service-the corporate trustee.

 

Corporate Trustees Explained

What is a corporate trustee?

A corporate trustee is a bank trust department or trust company. They can help you build, manage and protect your wealth when you put your assets in a trust. A trust is simply a legal document that lets you reduce unnecessary legal fees, save taxes and keep control over your assets while you are living, if you become physically or mentally incapacitated, and after you die. When you set up a trust, you need to name someone (a trustee) to manage the assets your trust controls. While you can choose just about any adult, there are very good reasons why you should consider a corporate trustee.

 

When would I use a corporate trustee?Corporate Trustee

If you set up an irrevocable trust (like a charitable or life insurance trust), or you plan to make gifts in trust- strategies often used to save estate taxes by removing assets now from your taxable estate-you will probably need to name someone other than yourself as trustee for tax reasons. A corporate trustee is a natural choice to make sure your irrevocable trust is administered properly.

 

If you set up a revocable living trust-which will avoid probate when you die and prevent court control of your assets at incapacity-you can be your own trustee. Even so, there are many benefits to having a corporate trustee involved. They can assist you in several ways:

1. As Trustee

As trustee, a corporate trustee has full responsibility for managing your trust assets according to your instructions.

 

This would be an excellent choice if you are elderly and have no one you can trust to take care of your financial affairs. You may be widowed, have no children or other trusted relatives living nearby (or don’t want to burden them), or you may be in declining health.

2. As Co- Trustee

If you want to take advantage of a corporate trustee’s investment experience but still be involved, you could have one work with you as co-trustee.

 

Developing a working relationship with a corporate trustee now lets them become familiar with your objectives, your trust and your beneficiaries’ needs and personalities.

3. As Investment Agent For Trustee

You could also name a corporate trustee as agent. While a co-trustee has equal responsibility with you (usually both signatures are required to transact business), an agent can have as much responsibility as you wish.

 

You can have an agent manage only a portion of your trust’s assets (your stocks and bonds).

 


Securities and advisory services offered through LPL Financial, a Registered Investment Advisor, Member FINRA, Member SIPC, Insurance products offered through LPL Financial or its licensed affiliates. Citizens Business Bank and CitizensTrust Investment Services are not registered broker/dealers and are not affiliated with LPL Financial.

The LPL Financial registered representative associated with this may only discuss and/or transact securities business with residents of the following states: CA

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Any amounts invested pursuant to repurchase agreements are not deposits of the bank, are not insured by the Federal Deposit Insurance Corporation (FDIC), are not themselves guaranteed in any way by the United States or any of its agencies (even though the securities purchased by means of a repurchase agreement may be), are not a money market certificate but are subject to investment risks, including possible loss of principal invested.
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