Trust Services

Our Partnership

Continuity in working with the trusted advisors you rely upon to place your interests first

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Our Process

Consistency across your wealth management and investment strategies, both within and outside of a trust

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Our Values

As a corporate trustee, PTC carries out their fiduciary responsibilities in an impartial manner with a focus on accomplishing the objectives of your trust as stated in your trust agreement

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Our Resources

Access to unparalleled service, our broad resources and experienced Trust Officers adept in all aspects of trust administration services

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Frequently Asked Questions

  • Why do I Need a Trust?
    The primary objective in establishing a trust is to ensure assets are protected, managed and distributed in accordance with your wishes when your are no longer able to do so yourself. Trusts are frequently used to:
    • Provide a framework for investing your assets, by persons you choose, according to standards you set
    • Set guidelines for when, how, and why your heirs receive monies, based on your values
    • Obtain tax benefits
    • Provide an expedient method for transferring assets both during life and at death
    • Preserve wealth for future generations
    • Provide meaningful support to charities important to you through donations, grants, scholarships, endowments and more
  • Is a Trust Right for Me?

    While a will is an important estate planning tool, it is not designed to offer certain protections available under a trust. One key difference between a will and a living revocable trust is that the living trust has an incapacity clause that states who you want to manage your affairs in the event you are unable to do so during your lifetime.

    Additionally, a will can determine who may receive your assets outright, while a trust may disperse those assets over a more reasonable period of time or at certain ages. A trust can help protect your assets, reduce your tax obligation, and define the management of your assets according to your wishes in a private, effective manner. Your financial advisor or attorney can help you evaluate your situation and the different types of trusts to determine if a trust is appropriate for your circumstances.

  • What is a Trust?

    Trusts can provide a measure of comfort knowing that you have a plan in place to help provide for the safe and accountable management of family assets and to direct their use in accordance with your wishes, goals and objectives during your lifetime and long afterwards. A trust is a formal legal document used to communicate your instructions for the management of all or part of your property. The trust document describes:

    • How you want your assets managed, and eventually distributed
    • Who you want to benefit from your assets now and in the future
    • Who you want to be responsible for carrying out these instructions

    While tax planning was historically the primary reason for creating trusts, today, family planning, creditor protection, and asset preservation are the primary drivers. Trusts also provide protection for family members who may be unaccustomed to dealing with financial matters. They can offer protection of assets in the event of divorce or other litigation, or can ensure that funding is available for specific needs, such as education, health care or charitable interests.

    An attorney who represents you and has expertise in the area of estate planning should create your trust. It’s important to consider who you want to manage your assets (trustee) and who will benefit from the trust, both now and in the future.

  • How does a Trust Work?

    There are two basic types of trusts:

     Revocable or Living Trust

    A revocable or living trust is a trust that you can change or that can be cancelled during your lifetime. You control a revocable trust and the trust’s earnings are consolidated into your income tax returns. You may continue to manage the assets, or your financial advisor will handle management of your assets under your supervision.

    A revocable trust can also be used to transfer assets at death, similar to a will, yet without the formal, court-supervised process of probate. In many states, the probate process is slow and expensive and also opens your estate to public scrutiny. Once you pass away, your wishes are final and thus the trust becomes irrevocable.

     Irrevocable Trust

    An irrevocable trust is a trust that cannot be changed or cancelled at any time without court approval. This trust is a separate legal entity and its own taxpayer.

    The terms of many irrevocable trusts, however, allow tremendous flexibility. While many irrevocable trusts are created upon death, irrevocable trusts set up before death are often used to hold life insurance policies, gifts of assets to be made available to beneficiaries at a future time, or funds for future charitable donations. To achieve beneficial tax results, many irrevocable trusts are written to follow patterns based on the rules in the Internal Revenue Code. The structure most suited to your needs can best be determined with the help of financial, legal and tax advisors who specialize in these fields.

    Learn more about the different types of living and revocable trusts available to satisfy a broad range of wealth and estate planning needs.

  • What are the Benefits of a Trust?

    A trust provides many benefits, including protection for family members who may be unaccustomed to dealing with financial matters. It can also offer protection of assets in the event of divorce or other litigation. A trust can ensure that funding is available for specific needs, such as education, health care or charitable interests. It provides a framework in which money is managed in a predictable fashion, by people you choose, according to standards you set. A trust creates guidelines for current and future distributions that reflect your wishes, and may also offer substantial tax benefits and provide an expedient method for the transfer of assets.

    A trust can help:

    • Provide an orderly means of administering your personal and financial affairs should you become incapacitated, or upon death
    • Ensure that your assets are managed for the benefit of your surviving spouse or heirs, according to your wishes
    • Preserve assets for future generations
    • Provide for a relative or disabled child after your death
    • Manage your estate tax exposure and avoid probate costs
    • Protect assets from a creditor’s claims
    • Assemble a tax-advantaged charitable gift
What Are IRA to Roth Conversions?

COULD MY FAMILY BENEFIT FROM A TRUST?

If you have questions about how a trust may benefit you and your family, schedule a meeting with us to discuss your concerns and wishes. We can help you develop a comprehensive plan to carry out your legacy and can work with your attorney – or refer you to an attorney – who can draw up the legal documents you need to pursue the peace of mind you seek. 

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