Individuals & Families

The executor named in your will is responsible for settling your estate. This includes identifying and valuing your assets, paying final expenses and taxes, and ultimately managing the distribution of the estate to your beneficiaries. A testamentary trust can be established in the will as one of, or the exclusive beneficiary of, your estate. The will controls only assets held in your name alone, not joint assets or contractual assets with designated beneficiaries, such as those in an IRA, 401(k) plan, or insurance policy.

A trust is a separate legal entity that can be created during your lifetime (living trust) or under your will (testamentary trust). A trust is similar to a will but typically exists for a longer period of time, potentially spanning generations (known as a dynasty trust), meeting the ongoing financial needs of certain beneficiaries. Trusts contain instructions for managing assets and distributing income and principal on behalf of your beneficiaries. They are a highly effective tool for estate planning and wealth management, offering greater flexibility, control, and attentiveness in the ultimate distribution and management of your assets.

Trusts can address complex family issues, such as caring for a family member unable to manage financial matters, facilitating the orderly transfer of a family business, gift giving, charitable trusts, foundations, legacies, and minimizing taxes and administrative costs. Trusts allow you to save on estate and income taxes, avoid probate costs including attorney and executor fees, maintain privacy, and prevent delays in estate administration.

Counsel Trust offers the flexibility of working with an external ‘trust protector’, usually a family member, trusted advisor, or attorney, to provide advice and guidance concerning interactions with your beneficiaries and the preservation and distribution of your assets. In collaboration with your legal advisor, we can customize the most appropriate strategy to fulfill your estate planning needs and goals.

Counsel Trust can serve as sole, joint, directed, or successor trustee. We can also manage the investments or work with your preferred asset management firm. We are committed to understanding and addressing the needs and aspirations of your beneficiaries.

Counsel Trust offers a variety of defined contribution and pension plans, including: 

• Rollover IRAs,
• Traditional and Roth IRAs,
• SEP and Simple IRAs, and
• Inherited IRAs.

Rollover IRAs can accept distributions from 401(k) plans, 403(b) plans, pensions, and other qualified retirement plans, allowing for individualized investment management and continued tax deferral on your savings.

Our IRA services make it easy to transfer an existing IRA or consolidate multiple IRAs, improving the investment process and achieving greater cost and management efficiencies. We also provide expert guidance on calculating and understanding required minimum distribution (RMD) rules and help establish a customized IRA distribution plan for retirement.