Agency trustee services allows an individual, who is the trustee, to hire a corporate trustee to do some or all of the trust administration work such as make distributions, pay bills, provide for principal and income statement accounting and much more. A benefit is an individual does not have to make discretionary distribution decisions alone. They have access to a Trust Officer to discuss those distributions per trust document guidelines, if they wish. Great for elder care planning. Distribution decisions remain under the control of the individual trustee. The advisor continues to manage the trust investment assets. Additional charges can be added for bill pay. One time set-up fee of $750.
A directed trust is where the trust document includes the name of the individual, advisor and/or the advisory firm to manage the trust investment assets. A delegated trust is where the trust document allows the trustee to hire a financial advisor to manage the trust investment assets. These trusts can, in most cases, be made to be a Directed trust easily in South Dakota with separate attorney fees. One time set-up fee of $750.
ILIT services includes Crummey letter preparation and filing along with coordination of premium payments. After collection of insurance proceeds, applicable trust fee schedule applies.