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Financial
Nov 15, 2015

The Trust Company Enigma

Sponsored Content provided by Susan Willett - Director of Trust Services, Old North State Trust, LLC

Old North State Trust, LLC is a full-service trust company licensed by the North Carolina Commissioner of Banks. Our trust company is comprised of career professionals who specialize in various aspects of investment management, financial planning and the administration of trust accounts. We offer our clients custom solutions to meet their needs while providing impartiality, constant availability, experience, skill and confidentiality. Our charge is to conserve, manage and grow the wealth of our trust clients. As a fiduciary, one to whom property or power is entrusted for the benefit of another, we serve in numerous capacities. Among the most common account relationships through which we manage the assets of our clients (and some duties associated with each) include:
 
Investment Management Accounts: We analyze existing financial holdings, define objectives and compile investment plans for our clients that will achieve their objectives over the short- and long-term. We provide:

  • Professional asset management that includes asset allocation guidance, tax considerations and life-cycle issues
  • A team of professionals who are assigned to meet a client’s objectives. Team members include a relationship officer, a portfolio manager, and a crew of support specialists who provide asset control and tax expertise
  • Record-keeping simplification for tax-reporting purposes and cost basis information
  • Investment return analysis and reporting
  • Outsourcing of real estate management when needed
Living Trust Accounts: With these accounts, we provide professional asset management and additional services such as:
  • Bill paying, including household, medical and personal expenses
  • Asset management continuation in case of incapacity
  • Privacy
  • Estate planning/tax avoidance
  • Probate cost savings
  • Expedition of asset distribution at death
  • Record-keeping simplification for tax purposes
Trusts under Will: These trusts are established by the terms of a will and funded with assets from the estate. Benefits of a trust under will include:
  • Professional management of assets after death
  • The ability to design a trust to meet special family needs, such as the care of a minor or handicapped individual
  • Spendthrift trust arrangements for children or others
  • Possible tax avoidance
  • Record-keeping simplification for tax purposes
  • Possible generation-skipping benefits
Charitable Trusts: Charitable trusts benefit a qualifying charity but not necessarily with an immediate unrestricted lump sum amount. These trusts can provide the charity with income interest or the balance remaining in the trust after a non-charitable beneficiary has received income for a specified time period. Charitable trusts provide:
  • Tax benefits to the grantor
  • Potential for the generation of greater income stream to the grantor through gifts of low-yielding appreciated property
  • Benefits to charity and non-charitable beneficiaries
  • Professional asset management
Life Insurance Trusts: Life insurance policies or proceeds fund such trusts for specific needs to designated beneficiaries. Life insurance trusts:
  • Are sometimes the largest asset at death
  • Provide expert investment management of the potential large lump-sum cash death benefit payment that can be overwhelming to beneficiaries
  • Offer tax-avoidance potential with irrevocable trusts
Estate Settlement Services: We regularly serve as executor, administrator or agent for fiduciary for our clients. In these roles, we provide:
  • Estate planning services offered in conjunction with your attorney
  • Professional asset management
  • Evaluation of estate claims
  • Payment of debts, claims and taxes
  • Filing of required court reports
  • Filing of death tax returns if required
  • Postmortem planning
  • Orderly distribution of assets to beneficiaries
  • Impartiality dealing with estate beneficiaries
For all relationships, it is important to Old North State Trust to personally know our customers to understand their needs and concerns. We go beyond dealing with the nuts and bolts of the financial aspects, as we desire to be a friend and confidant. Our desire is to provide our customers with solutions to help them improve their quality of life. For more information on ONST’s Trust Services, please visit the Trust Services FAQ section on our website, www.oldnorthstatetrust.com.
 
Old North State Trust, LLC (ONST) periodically produces publications as a service to clients and friends. The information contained in these publications is intended to provide general information about issues related to trust, investment and estate related topics. Readers should be aware that the facts may vary depending upon individual circumstances. The information contained in these publications is intended solely for informational purposes, is proprietary to ONST and is not guaranteed to be accurate, complete or timely.
 
Susan Willett is the director of trust services and oversees all aspects of trust administration for Old North State Trust, LLC. Old North State Trust, a North Carolina chartered trust company, provides: asset management services; income, estate and trust tax consulting; retirement planning and administration; and trustee and estate services to both individuals and businesses. Old North State Trust professionals have many years of experience and for over a decade have assisted clients in identifying and reaching their financial goals. For more information, visit www.oldnorthstatetrust.com or call 910-399-5470.
 

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