Trusts can be an indispensable tool for crafting a sound estate plan. Depending on your specific needs and objectives, our team will help you create personal and other trusts in concert with your legal and tax advisors. These trusts may preserve your wealth to support future generations, fulfill your philanthropic goals and minimize tax impacts.
Types of Trust
Revocable living trusts
Revocable living trusts provide the most flexible options:
- Alter, amend, or revoke the trust terms whenever you choose
- Provide privacy and help simplify your estate settlement – particularly if you own property in more than one state
- Helpful if you are injured or incapacitated and can't manage your own financial affairs
Irrevocable trusts cannot be changed once established, but offer these benefits:
- Provide estate tax savings or liability protection for family members
- Reduce the size of your estate by gifting assets to your family via the trust
- Fundable during your life as well as after your death
Created as part of your will, testamentary trusts only take effect after your passing.
- May help reduce estate taxes
- Enable you to exercise control over how your assets will be used after your death
Charitable trusts are irrevocable trusts designed to ultimately benefit a chosen charity.
- Defer capital gains taxes on appreciated assets
- Reduce your estate tax liability and provide an income stream for you or another individual
Specialty trusts are used in unique circumstances:
- To provide for heirs with physical or developmental disabilities
- To protect the interests of unmarried life partners
- Also, if you use a professional trustee, a specialty trust can help ensure the tax deferral of your IRA assets for your heirs after your death
For more information concerning Colorado National Bank's Personal Trust services, please Contact Us.
Investment Products, other than Colorado National Bank’s certificates of deposit, savings, and money market accounts 1) are not deposits, 2) are not insured by the FDIC, 3) are not guaranteed by Colorado National Bank, and 4) may involve investment risk, including the potential loss of principal.