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FIDUCIARY TRUST SOLUTIONS

Support for individual trustees

When you appoint someone to serve as a trustee, it’s likely because you have full confidence in their personal integrity. But you’re also asking them to take on significant fiduciary,  management and administrative responsibility.

A trustee must oversee investment management, reporting, tax preparation, accounting and a range of other duties. It can be a time-consuming role, and one that requires objectivity—which can be especially challenging when decisions are unpopular with beneficiaries.

 

With support from Bank of America Trust Services, you can still honor your family member or friend with the role of trustee but free them from the day-to-day investment management and administrative responsibilities. You and your trustee can rely on Bank of America Trust Services to:

 

  • Provide investment advice and manage trust assets

  • Pay bills

  • Help balance competing interests of beneficiaries

  • Make distributions to beneficiaries

  • Maintain the records required to report on principal, income and performance

  • Prepare and file tax returns

Bank of America Trust Services offers more than a century’s worth of experience providing trust support for individuals and families. Which means you can feel confident in their expertise, as well as our high standards of judgment and responsibility.

 

You’ll know that, even if your trustee isn’t called upon for years, or isn’t able to fulfill the duties when the time comes, there’s a process in place to ensure that your assets are handled as you originally intended.

 

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All annuity contract and rider guarantees, or annuity payout rates, are backed by the claims-paying ability of the issuing insurance company. They are not backed by Merrill or its affiliates, nor does Merrill or its affiliates make any representations or guarantees regarding the claims-paying ability of the issuing insurance company.

 

Withdrawals of taxable amounts are subject to ordinary income tax and, if taken prior to age 59½, an additional 10% federal tax may apply. Keep in mind, for retirement plans and accounts (such as IRAs and 401(k)s), an annuity provides no additional tax-deferred benefit beyond that provided by the retirement plan or account itself.

 

Annuities are long-term investments designed to help meet retirement needs. They are a contractual agreement where a client makes payments to an insurance company, which, in turn, agrees to pay out an income stream or a lump sum amount at a later date. Annuities typically offer (1) tax-deferred treatment of earnings; (2) a death benefit; and (3) annuity payout options that can provide guaranteed income for life. There are contract limitations, fees and charges associated with annuities which include, but are not limited to mortality and expense risk charges, sales and surrender charges, administrative fees, charges for any optional benefits, and charges for the underlying investment options in variable annuities. In addition, variable annuity contract values will fluctuate and are subject to market risk including the possible loss of principal. It is possible to lose money in a variable annuity purchased with an optional protection rider. Variable annuities have holding periods, limitations, withdrawal charges, exclusions, termination provisions, and terms for keeping them in force. Optional riders may be irrevocable and expire without use. Early withdrawals may be subject to surrender charges, and taxed as ordinary income, and in addition, if taken prior to age 59½ an additional 10% federal tax may apply. Withdrawals reduce annuity contract benefit, values and optional guarantees in an amount that may be more than the actual withdrawal.

 

It is important to note that indexed annuity contracts commonly allow the insurance company to change the participation rate, cap rate, and/or spread rate on a periodic — such as annual — basis. Such changes could adversely affect your return. No single index crediting method will provide the highest interest credit in all market scenarios. The guaranteed minimum cap rate/maximum spread rate are established when the annuity is purchased and disclosed in the annuity contract.

 

Standard & Poor’s S&P 500® Index is a registered trademark of Standard & Poor’s, a division of the McGraw-Hill Companies Inc.©

 

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