Elderly Parents

Elderly Parents

DEAR TRUST OFFICER: 

Years ago, when I worked for a large company, I believe that I earned some pension benefits. However, I don’t have any paperwork to prove it, and I’m not sure how to determine my status now. The company went out of business. What’s my next step? — SEARCHING FOR ANSWERS — CONCERNED

DEAR CONCERNED:

Your parents should look into establishing a living trust.

They would transfer their investment assets into the trust, which then would be managed by a trust department or trust division, such as us. We would remit income to them as needed, file tax returns, and pay bills if they so desired. We could continue to provide this financial service even if one of your parents became incapacitated. The trust could continue to operate through both of their lives, and it would avoid probate at their deaths. 

The annual fees for our trust service are determined as a percentage of the size of the trust.  We do not earn commissions on sales, and we are not paid for generating transactions. Our fees grow only if the value of the trust grows.

Do you have a question concerning wealth management or trusts? For any inquiries, please contact us.

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