Serving you and your family for generations to come:

We established our Wealth Management 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.

Agency/Custody Accounts

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.

Charitable Trusts

These trusts are established to benefit qualified charities, as well as yourself and your family.

Directed Trusts

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.

Endowment Funds

This fund provides administrative oversight services for the care and management of endowment funds for public and private institutions.

Estate Administration

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.

Guardianships/Conservatorships

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.

Testamentary Trusts

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