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The role of trusts

As with wealth planning in general, many people think trusts are appropriate only for the very affluent. But personal trusts are a powerful planning tool that can deliver benefits for a wide range of people across the wealth spectrum.

Benefits of trusts

Are trusts an appropriate planning tool for you? It depends, of course, on your unique financial situation, family needs and goals. But trusts are growing in popularity precisely because they are so flexible and able to address a variety of objectives, from the simple to the complex. Some of the ways trusts might benefit you include:

Protecting and preserving your assets.
Customizing and controlling how your wealth is distributed.
Minimizing federal or state taxes.
Addressing family dynamics; for example, divorce or blended families.
Helping a parent or other relative manage their financial affairs.

This two-minute video offers a helpful summary of the scope of planning challenges trusts can help address. https://www.ml.com/legacy.html

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What role could a trust play in my wealth management strategy?

Onscreen disclosure:

Please read important information at the end of this video.

Hi, I’m Mike Pelzar, Head of National Trust Services at Bank of America.

When I ask clients how they think about trusts, many describe them as a way to transfer wealth and help minimize estate taxes - and that’s true - but trusts are also used to meet a far wider range of needs.

I encourage you to think about it this way: you care for your family, business, and philanthropic organizations today. Creating a trust can help ensure everything that you value will continue to be cared for in the future.

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Build your legacy both during and beyond your lifetime

It’s designed to control how your wealth is distributed so you can provide for the people and causes you care about most.

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Customize and control how your wealth is distributed

For some people, trusts can help to address family dynamics, especially in the case of divorce, blended families, or other complex family situations.

A trust might offer protection from creditors, or anyone who might be looking to take advantage of your family—now or as they get older.

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Help preserve and protect assets

You may also find a trust helpful if you are likely to be called upon to help a parent or other relative manage their own financial affairs.

Finally, there are the traditional uses of trusts, including tax optimization and minimizing the administrative burden of managing your estate.

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Minimize federal or state taxes

Plus, a trust can help you avoid a costly probate process.

At Bank of America, we have the objectivity and resources to handle trusts and estates, from the simplest to the most complex. In fact, we’ve been doing it for many generations.

I encourage you to contact an advisor to learn more about Bank of America Trust Services.

Let us help you make your vision for the future a reality.

Disclosure:

IMPORTANT INFORMATION

Bank of America and its affiliates do not provide legal, tax or accounting advice. Clients should consult with their legal and/or tax advisors before making any financial decisions.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, Member SIPC, and a wholly owned subsidiary of BofA Corp.

Banking products are provided by Bank of America, N.A., and affiliated banks, Members FDIC, and wholly owned subsidiaries of BofA Corp.

Investment products:

Are Not FDIC Insured
Are Not Bank Guaranteed
May Lose Value

What a trust is

Revocable trusts allow you to retain as much control as you like over the trust and the assets you place in it. You can serve as trustee of your own revocable trust, change the trust’s terms whenever you like, add or withdraw assets at any time, and name a successor trustee to take over should you no longer wish or be able to serve as trustee.

Your ability to transfer almost any type of asset to the trust, including financial assets, real estate and even private business interests, makes them helpful in consolidating and managing assets.

You can also use a revocable trust to document how you want the assets in the trust to be managed, distributed and used after you are gone. Often, people believe a will is sufficient to handle all their needs. However, it’s important to note that a will only works when you die. A revocable trust provides benefits during your life as well, such as continuity in the event you become incapacitated. Assets in revocable trusts also avoid probate, enabling you to avoid the public disclosure, time and fees associated with it.
Irrevocable trusts allow you to permanently remove assets from your taxable estate and cannot be changed once executed.

Irrevocable trusts can be used to provide for a spouse and children from a prior relationship, help ensure that your heirs manage and use funds wisely and minimize federal and state wealth transfer taxes.

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Revocable living trusts: A solution for today and tomorrow

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Whether you’re defining goals, addressing change or figuring out how to move forward, Merrill and Bank of America offer a wide range of solutions to help you take the next step and stay on track.

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Investing involves risk. There is always the potential of losing money when you invest in securities.

Asset allocation, diversification and rebalancing do not ensure a profit or protect against loss in declining markets.

Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

This material is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. Merrill offers a broad range of brokerage, investment advisory (including financial planning) and other services. Additional information is available in our Client Relationship Summary.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.

Insurance and annuity products are offered through Merrill Lynch Life Agency Inc., a licensed insurance agency and wholly owned subsidiary of Bank of America Corporation.

Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, or U.S. Trust Company of Delaware. Both are wholly-owned subsidiaries of Bank of America Corporation.

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

Investment, insurance and annuity products:

Are Not FDIC Insured

Are Not Bank Guaranteed

May Lose Value

Are Not Deposits

Are Not Insured by Any Federal Government Agency

Are Not a Condition to Any Banking Service or Activity

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The role of trusts

Benefits of trusts

What a trust is

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