KEEPING ASSETS WHERE THEY BELONG: WITH THE TRUSTED FINANCIAL ADVISOR
An Advisor Directed Trust is a trust where the administrative duties and the investment management duties are separated. An Independent Trust Company (ITC) serves as the trustee and administrator. The responsibility for investing the trust’s investment assets lies with the investment advisor. Contrary to popular belief, all types of trusts, including irrevocable trusts can be transferred to a new trustee. Trust clients interested in an Advisor Directed solution can be assured their ITC will be with them and for them, every step of the way.
AN ITC IS ABLE TO TURN AN EXISTING TRUST INTO AN ADVISOR DIRECTED TRUST
Catrabone, Catrabone & Associates dedicate their time and talents to developing trusting relationships with their clients, guiding them through life events and the important financial decisions that come with them. An ITC recognizes the depth of this relationship and seeks to facilitate the advisor/client partnership with Advisor Directed Trusts in which they serve as the independent corporate trustee.
INCREASING THE VALUE TO OUR CLIENTS
With an ITC, we can now offer trust solutions to meet our client’s legacy planning needs. Whether working with a new or established trust, the benefits to our clients are numerous. ITC’s understand the distinction between the various states’ trust statutes and create an efficient transfer plan. When necessary, they work closely with the client’s attorney who is often familiar with the trust document and able to expedite the transfer. The ITC makes an effort to minimalize the time and cost of the trust transfer. The ITC’s commitment to all parties involved in the trust transfer process is to communicate with all parties frequently and effectively. They are equally committed to treating all parties, including existing trustees, with courtesy and respect.
SPECIAL NEEDS TRUST
A Special Needs Trust (SNT), sometimes called a Supplemental Needs Trust, is a trust that preserves the beneficiary’s eligibility for needs-based government benefits such as Medicaid and Supplemental Security Income (SSI). Assets held by the trust are not “countable” for the purposes of these benefit programs. There are strict rules regarding disbursements of Special Needs Trust funds. As a general rule, the trust will supplement the beneficiary’s government benefits, but will not replace them.
With ITC’s extensive background in working with personal injury victims, they have developed trust solutions to meet our client’s needs. ITCs provide you with knowledgeable support in the management of our client’s financial goals. ITCs are a dedicated part of our team and work with you to find the best settlement solutions while managing your expectations.
ITC trust professionals are committed to strengthening our client relationships with a proactive and attentive approach. They assist us, the settlement planners, with all aspects of trust set-up and coordination, ensuring our client’s needs are addressed. They also create a network of support for all parties involved. You can count on Catrabone, Catrabone & Associate’s expertise in working with our Independent Trust Affiliations as trustee and administrator to ensure trusts are properly maintained.
MEETING THE NEEDS OF SETTLEMENT VICTIMS AND THEIR FAMILIES
To help our client’s settlement funds, a Settlement Preservation Trust is established as an irrevocable grantor trust. The primary goal of a Settlement Preservation Trust is to protect the beneficiary’s settlement proceeds from wasteful dissipation while allowing for financial flexibility to accommodate changes in one’s financial future. Periodic distributions from a Settlement Preservation Trust cannot be encumbered or sold to a factoring company. Furthermore, Settlement Preservation Trust distributions can be adjusted in the case of unemployment or other financial reversals.