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We established our Trust Services department for the benefit of our neighbors in southeastern Connecticut and Rhode Island. We strive for excellence in everything we do and commit ourselves to providing comprehensive services to benefit your family. These are examples of the trusts and estate planning strategies we provide.
This account is established primarily for the convenience of the account holder. The main duties of the custodian (agent) are to safeguard and preserve the property and to perform ministerial acts with respect to the property as directed by the principal. The agent has no investment or managerial responsibilities. This account is separate from a managing agency account and directed trust accounts.
These trusts are established to benefit qualified charities, as well as yourself and your family.
In this trust, the grantor or beneficiary has the power to direct that the trust’s investments be managed by someone other than the trustee. This is often a convenient way to retain the services of a long-time family investment advisor without losing the security and benefits of a corporate trustee.
This fund provides administrative oversight services for the care and management of endowment funds for public and private institutions.
This involves settling the estate of a deceased person. Specifically, the trustee oversees the collection of assets; pays debts, administration expenses and taxes; distributes the decedent’s property in accordance with the testator’s wishes, or, if there's no will, in accordance with that state’s intestacy laws; and files a final accounting of the estate’s activity with the probate court for approval.
NOTE: We can also serve as Agent for Executor/Administrator of estates.
This court-appointed fiduciary relationship cares for the property of a minor or incapable/incompetent person.
Life Insurance Trusts
These trusts are funded partly, or wholly, by life insurance policy contracts and are often referred to as Crummey Trusts.
Living Trust/Grantor Trusts
Funded living trusts are commonly used to avoid the costs and delays of probate because the property transferred into the trust during lifetime remains under the control of the trustee after death, without court involvement. Living trusts are also called inter vivos trusts.
For purposes of the income taxation of trusts and estates, a trust in which the grantor or a third party, because of certain rights to income or principal or certain power over the disposition of income and principal, is treated as the owner of the trust and taxed on the income thereof. Consequently, a grantor trust is not treated as a separate entity for income tax purposes unless the trust is irrevocable.
Living/Grantor Trusts may be: revocable (can be revoked, amended or changed in the sole discretion of the person creating the trust) or irrevocable (cannot be revoked, amended or changed, except under restricted circumstances).
Nominee Real Estate Trust
This common estate and gift-planning vehicle provides easy transfer of ownership that is particularly helpful when gifting valuable property over an extended period of time. Rather than re-record the deed each time a partial interest is transferred from one owner to another, it can be done through an attached Schedule of Beneficial Interests. Also provides anonymity of ownership, thus alleviating some privacy concerns.
Special Needs Trusts
Typically, this trust is established to provide for the specific needs of a disabled loved one – often for the purpose of preserving government benefits.
Structured Settlement Trusts
This type of trust is usually funded with a lump sum received as the result of a successful legal liability action or other form of structured settlement. The terms of the settlement agreements vary, but typically include clauses that restrict the use of funds and/or pay them out over a specific period of time.
This trust is created by a will and effective only upon the death of the person creating the will. Testamentary trusts are subject to the jurisdiction of local probate and family courts, making the terms, inventory and accountings of such trusts open to public inspection.
Not FDIC Insured I No Bank Guarantee I May Lose Value I Not a Deposit I Not Insured by any Federal Government Agency
Tim Fogarty, J.D., C.T.F.A
Senior Trust Officer
Tim leads Dime Bank’s Trust Services division as Vice President, Senior Trust Officer. Tim is responsible for providing comprehensive trusts and estate planning, investment advisory, and non-profit services to benefit the local community. Before joining Dime Bank Tim was AVP, Wealth Management Officer with The Washington Trust Company where he administered estate, trust, retirement, and individual investment accounts in a fiduciary capacity while supporting the Wealth Management group with legal documents, new business opportunities, special projects, and multiple internal committees. Tim has also had his own legal practice and was a licensed investment and insurance professional with Northwestern Mutual.
Tim holds a Bachelor of Arts degree from Providence College and a Juris Doctor degree, cum laude, from Roger Williams University School of Law. He is a member of both the Massachusetts and the American Bar Associations. Tim is also designated as a Certified Trust and Fiduciary Advisor by the American Bankers Association.
Tim is a member of The Public’s Radio Community Advisory Board as well as the United Way of Rhode Island Young Leaders Circle. He is active with both his college and high school alumni groups. Tim has also enjoyed volunteering with annual beach clean-ups and activities at the Rhode Island Community Food Bank.
William E. Labrecque
Assistant Vice President
Trust Operations Manager
Bill has over 30 years of experience in the trust and wealth management industry. Prior to joining Dime Bank, Bill worked as the Trust Operations Manager for SI Financial Advisors at the Savings Institute Bank & Trust starting in 1996; prior to that Bill was employed as Trust Operations Manager at Glastonbury Bank & Trust.
A 1982 graduate of the University of Connecticut, he began his career in financial services with IDS American Express Corporation, where he worked as a Financial Planner. Bill has served on numerous committees throughout his career.
Linda B. Roberts
Assistant Vice President
Trust Administration Officer
Lynn is a certified Paralegal, and a graduate of Temple University with a BA in Criminal Justice. Lynn was a member of the Guilford Savings Bank's Trust Department and came to Dime Bank following our acquisition of its Trust Department on August 1, 2011. Lynn has 20 years of experience in estate and trust administration experience having worked with the Hudson & Kilby Law Firm in Essex, CT, and the Kitchings & Potter Law Firm in Old Lyme, CT.