Broker Check

Trust Services

Trusts are legal arrangements that can ensure that your assets do just what you want them to do. Too few people realize the benefits that trusts may confer. A trust may be an appropriate solution if you have:

  • Inherited assets
  • Sold a business
  • Received proceeds from a life insurance policy
  • Taken a distribution from a retirement plan

Or if you want to:

  • Protect loved ones and distribute assets according to your wishes
  • Minimize exposure to taxes
  • Preserve a family business
  • Avoid the probate process and ensure financial privacy
  • Control the distribution of your wealth and fulfill charitable intentions
  • Provide long-term, consistent asset management

In collaboration with our network of estate planning attorneys, we are please to help you plan and execute the type of trusts that best suit your needs. 

Revocable & Irrevocable Trusts

A revocable trust allows for the professional management of your assets for you and your family during your lifetime and following your death. This type of trust helps you avoid the costly and time-consuming process of probate and ensures that your beneficiaries are provided for in a timely manner.

An irrevocable trust allows for the professional management of your assets and allows you to make tax-free gifts to the trust, up to certain limits, that can grow free from estate tax for the benefit of your heirs.

Endowments, Foundations & Charitable Trusts

Connecticut Financial can assist in structuring a trust to benefit the charitable concerns you care about. We can help you consider solutions that preserve tax advantages and provide an income stream for yourself and your loved ones for retirement funding or annual giving. Endowments and foundations are organized and operated exclusively for charitable purposes. Similar to other trust arrangements, endowments and foundations are created when an individual transfers ownership of property to a trust with another individual or company serving as trustee.

Private foundations are often used to focus the charitable giving of a wealthy family. Numerous members of the family can gift property to the foundation, which invests the gifts and grows the value of its assets for the continued charitable goals of the foundation. The beneficiaries of a foundation must be charitable organizations. Foundations and endowments may be private or public organizations.

Irrevocable Life Insurance Trusts

An Irrevocable Life Insurance Trust is established while you are living and may not be changed by you or anyone else. The trust has the ability to transfer assets out of your taxable estate and into the trust, thereby reducing the assets subject to estate taxes. Assets held by the trust will be professionally distributed according to your wishes upon your death and will avoid estate taxes as well as the probate process.

The proceeds of the insurance policy are not included in your estate, and therefore not subject to estate and income taxes. Proceeds of the policy may be excluded from your spouse's estate as well. The trustee can use the proceeds to provide liquidity for your estate, make special payments to your spouse or provide a lifetime stream of income to your spouse.

Custodial Accounts

A custodial agency account allows individuals to retain control of the management of their investment portfolios, while taking advantage of the expertise a trust company can provide by retaining custody of their assets. A custodial account can be altered or terminated at any time and remains under your complete control.

Registered representatives do not provide tax and/or legal advice.  Clients should confer with their qualified legal, tax and accounting advisors as appropriate.