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- Personal Trust Services
Our trust professionals are committed to bringing you the best in personal trust services, whether your financial needs are simple or complex. Reliance will work with you to coordinate all of your personal trust needs including legal, tax and investment strategy in administering your trust.
Personal Trust Services Include:
Revocable Living Trusts
A revocable living trust is an arrangement made for the management of your assets during your lifetime and ultimate disposition upon death. Reliance will consult with you to determine the appropriate investments for your trust. The trust can be altered as needed at any time and you can have as much or as little control, contact and responsibility as you desire.
Charitable Remainder Trusts
A charitable remainder trust allows you to transfer assets during your lifetime and receive a charitable deduction for the contribution. During your lifetime you will receive a distribution of income. This type of trust may reduce current income tax liability and when the last surviving beneficiary dies, your chosen charity receives the remaining principal.
Testamentary Trusts
A testamentary trust becomes effective upon your death. Typically your legal will includes language that creates the trust at death and specifies your wishes in writing. Your trust can help provide sound financial management for your heirs.
Special Needs Trusts
A special needs trust is established for a disabled or incapacitated person. The assets in the trust are set up so that the disabled person is still eligible for federal and state government financial support services.
Irrevocable Life Insurance Trusts
An irrevocable life insurance trust (ILIT) is designed to move insurance benefits out of your estate and into the hands of your beneficiaries. By establishing an ILIT, life insurance benefits will pass to the trust and will not be taxed in your estate under present regulations. These trusts can be complex and should be handled by an expert in trust administration.
Financial and Tax Planning
Our comprehensive advisory services cover everything from income, gift, estate and inheritance taxes seeking to provide you with the knowledge you will need to create an overall wealth management plan.
Benefits of Creating a Trust
Ensures that assets are professionally managed should you become incapacitated
Minimizes estate and gift taxes
Keeps your estate private and avoids probate when it passes on to your heirs
