As a locally owned and operated company, Old Point Wealth Management provides hands-on, personalized service with a teamwork approach for each trust under our administration.
A Trustee/Fiduciary's Responsibilities and/or Functions
Be loyal to the trust and carry out the provisions of the trust document in a fair and impartial manner.
Exercise prudent judgement in the management of the trust assets
Perform the day-to-day administration of the trust
Be aware of current fiduciary income tax, estate tax, gift tax, generation skipping transfer tax and their impact on the trust & beneficiaries
Upon termination of a trust, determine proper expenses and taxes to be paid, and distribute the trust in accordance with its terms.
Naming a Corporate Trustee
How do you ensure that trust decisions are made with an eye towards personal understanding of your beneficiaries and their needs? Some choose to name a relative or friend to succeed them as their trustee. Many individuals, though, often find managing a trust to be both complex and burdensome.
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. There are plenty of reasons to name a corporate trustee, but among the most important are our experience, knowledge, objectivity, permanence, and reliability.
Types of Trusts & Their Goals
Our experts can assist you in determining what works best for your unique situation.
Revocable Living Trust (RLT)
Created during one's life, a RLT is flexible in that the grantor (creator) can amend the trust to address changing family and tax circumstances. The RLT provides for protection of assets during periods of disability, continuity of wealth management for future beneficiaries, and, if properly funded, reduced probate costs and a high level of privacy. In proper circumstances, a revocable trust can provide estate tax savings in the transfer of wealth.
With Old Point as your Trustee or Successor Trustee, we will ensure your property is distributed according to the terms of your trust. Assets in a RLT will avoid probate, which saves fees and expenses, and eliminates time delays in administering your estate plan, assuring continuity in managing the property in your trust. By having a RLT, you will also maintain your privacy, since it is not subject to public disclosure.
Special Needs Trust (SNT)
A Special Needs Trust is used to improve the quality of life for the beneficiary without compromising his or her eligibility for public benefits, such as Supplemental Security Income (SSI) and/or Medicaid. The two primary types of special needs trusts are Self-Settled Special Needs Trusts and Third-party Special Needs Trusts.
Common beneficiaries include:
- A disabled individual whose family or friends want to leave an inheritance or make gifts and do not want to disqualify the individual from receiving services and support provided by government benefits.
- An individual who suffered an accident, illness, or injury that caused a disability which resulted in a settlement. A Special Needs Trust is especially beneficial when the injured person has ongoing major medical needs and the settlement proceeds may be insufficient to cover the anticipated lifetime costs of accommodating the disability.
As a local Corporate Trustee we offer:
- Experience working with persons with physical, mental and/or developmental disabilities
- A thorough assessment of the needs, benefits, and resources of the beneficiary
- Bill pay services and assistance with budgeting
- Tax preparation for fiduciary returns by our in-house CPA, including tax preparation for individual returns for the beneficiary
- Professional investment management services
- Real estate management services for real estate owned by the trust
- A personalized financial plan created by a Certified Financial Planner™
- Experience working with government benefits including Medicaid, Medicare, Social Security Disability (SSDI), Supplemental Security Income (SSI), Medicaid waiver programs, Section 8 and subsidized housing programs, and Supplemental Nutrition Assistance Program (SNAP)
- Cooperation with caregivers, case managers and health professionals as needed
A trust that is created under the terms of a person's Will and becomes active only at the death of that individual. Depending upon the value of one's estate at their time of death, properly structured testamentary trusts may result in substantial estate tax savings for a family.