Trust Services

• In addition to our unique approach to working with professional advisors on investment management, Summit Trust Company offers individuals and families a variety of trust, custody, and other asset management services.
• Carefully implemented trust and asset management strategies can be instrumental in providing for the continued well being of individuals and their families. However, a trust's effectiveness depends greatly on the ability of the trustee.
• When Summit Trust Company is chosen to serve as trustee, it does so in a personal and experienced manner that's tailored to meet each client's requirements and expectations.
• We recognize that many individuals do not have a full understanding of their trust and investment options. Many firms are not using the approach we follow. We are an organization staffed by experienced, knowledgeable and caring professionals committed to personal service, supported by a wide array of  professional consultants.
• We work closely with our clients and their professional advisors through every step of the process as we facilitate and help implement an effective financial management program.
• We review the client's needs, learn about their specific family situations, tax status, and ability to tolerate investment risk and any other particular requirements. Working with the client's trusted advisors, we provide the facilities to implement a strategy that will meet the client's needs and objectives.

The client's ability to implement beneficial strategies is considerably enhanced by Nevada law. A trust created in Nevada may enjoy the following advantages:

Privacy — Many jurisdictions require that trust arrangements be filed with a court. Moreover, trustees must render periodic court accountings. Unlike those states, where information about a person's trust becomes a matter of public record, Nevada courts rarely become involved in trust affairs.

Asset Preservation — A Nevada trust can be structured so that assets are protected from the reach of creditors even with the settlor retaining an interest in the trust. The enabling statute was designed to provide an alternative to offshore trusts while taking advantage of Nevada's stability and unique legal system. It is one of the few states to recognize such arrangements. To learn more about Asset Preservation Trusts, Click Here.

Investment Flexibility — Nevada law permits the freedom to include higher risk assets, such as foreign equities or stock options, in a trust portfolio if the trustee determines that including such securities would help meet the trust's overall investment objectives. In making investment decisions, a Nevada trust permits the consideration of the anticipated life of the trust, the tax ramifications of an investment, the needs of beneficiaries, and general economic conditions.

Directed Trusts — Summit Trust Company offers directed trusts for those clients who wish to work with a trusted investment advisor but want to use a trust in their planning strategy. We provide the fiduciary services necessary to ensure that the trust operates smoothly. We also offer the same support to individuals who wish to manage their own trust investments.

Tax Advantages — A trust established in Nevada does not have to pay Nevada income or capital gains taxes. Similarly, nonresident beneficiaries do not pay state tax on trust income or gains. There often may be other tax benefits associated with a Nevada trust.

Trust Services for individuals and families:

Dynasty Trusts

• The dynasty trust, like any trust, has a trustee that controls it.
• The trustee can use trust income or principal for the benefit of the beneficiaries.
• The dynasty trust can allow responsible beneficiaries to have complete control and access to their trust assets.
• For beneficiaries that are not as financially responsible, certain provisions restricting their access to trust income or principal can be incorporated into the trust.
• By limiting beneficiaries' access, such "spendthrift clauses" can also prevent creditors of a beneficiary from attacking trust assets for indebtedness, or prevent the divorcing spouse of a beneficiary from laying claim to trust assets.

Asset protection planning is an important consideration for every individual and every business owner. In the litigious society we live in, everyone is a potential target for a law suit.

Because there are always two sides to a story, one never knows whether a court will believe your side. To protect yourself, you need to consider the use of various vehicles to protect your hard-earned assets.

Asset Preservation Trusts generally create Family Limited Partnerships and/or Limited Liability Companies to own the assets to be protected. For further information Click here.

Charitable Remainder Trusts (CRAT, CRUT, NICRUT and NIMCRUT)

An irrevocable trust that allows the grantor to make a charitable, tax-deductible gift, while enjoying the income benefits of the trust for life. A useful tool for donating low-cost basis stock.

Charitable Lead Trusts

An irrevocable trust in which a charitable organization receives income from trust assets over a specified period of time, after which assets are transferred to designated beneficiaries. This arrangement results in a current tax deduction and the ultimate passing of assets to beneficiaries at a value reduced by the charitable income accumulation.

Grantor Retained Annuity Trust (GRAT), GRUTS & GRITS

Irrevocable Trusts designed to enable the grantor to gift assets at a discount to the assets' market value as the grantor retains income, thus in effect gifting only a remainder interest in those assets.

Living Trust

An entity created by an individual to hold assets which would avoid probate upon the death of grantor. Trusts may also be established to provide for minor children or children with special needs.

Life Insurance Trust

A vehicle created to hold a life insurance policy on the life of the grantor. Proceeds of policy are not included in grantor's estate upon his or her death.

When a Trustee is required for a life, accident, disability or other group insurance plan, Summit Trust Company is a dependable choice.

• As Trustee we maintain the policy in safekeeping and issue periodic fee notices to the sponsoring company or affinity group.
• We maintain a complete accounting of all transactions on our trust accounting system.
• Our administrators have on line access to account information that allows you to provide your clients with personal responses to their inquiries without delay.
• Summit Trust Company's stability, knowledgeable administrators, and attention to detail make us the fiduciary of choice for a group insurance trust.

Special Needs Trusts

Approximately 10% of all families in the United States have a "Special Needs" situation within their immediate or extended family. That means that there is some child or adult that has special estate planning needs. This may be the result of a mental or physical health issue. But it could also apply in situations where there is a marriage or business issue, or simply that there is a family member that is a spendthrift.

A Special Needs Trust usually has the following characteristics:

• The Trustee has full discretion to distibute income and/or principal
• The Trust does not interfere with, or disrupt the provision to a beneficiary of any government assistance
• The Trust is irrevocable, at least at the death of the Grantor(s)
• The Trust is created and utilized during the lifetime of the grantor(s)

There are usually other provisions that are designed to deal with the special circumstances

Rabbi and Secular Trusts

Rabbi and Secular Trusts can be an important part of a key executives incentive compensation program.

• Employees who participate can have an important fringe benefit taxed at a later date while providing security for the promise to provide deferred compensation.
• Income is not realized until the deferred compensation payments are received by the employee.
• Trust assets remain subject to the claims of the employer's general creditors under certain circumstances.
• Summit Trust Company's Nevada location, fiduciary experience and professional, capable staff are a resource that employers and their advisors can utilize to implement a successful program.