There are several steps to ensure proper estate planning, including, but not limited to, wills, trusts, and powers of attorney. Coastal Wealth Management, available through CFS*, has created a network of partnerships with attorneys throughout our footprint who understand the value of credit union membership. They can provide professional legal services from simple wills to intricate estate planning, based on your individual needs. Contact a CFS Financial Advisor to learn more.
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Wills and Trusts
What does a Will accomplish?
A will is a document that tells legal authorities what should happen to your possessions in the event of your death. If you have minor children, it designates their legal guardian. After your death, a will is verified as “valid” in probate court and probate proceedings begin. Who should have a will? Everyone, as it serves as the first building block to any good estate plan. Contact a CFS Financial Advisor to help you through the process.
Do I need a Trust?
A trust is a legal arrangement specifying one or more people or a legal entity (called the trustee) to manage the assets for someone else’s benefit (the beneficiaries). If you:
- are planning for minor beneficiaries
- are single and have assets titled solely in your name
- are in a second or later marriage who may have different beneficiaries
- will exceed the federal estate tax exemption
- have real estate outside of your resident state
There are many classifications and types of trusts. Wise planning will call for a trust company to act as the trustee for a trust established to achieve a personal financial goal. Please contact a CFS Financial Advisor for more information on what type of trust would fit your individual circumstances.
Estate Planning and Estate Settlement
Each of us has an estate, and you have worked hard over your lifetime. You have successfully grown your wealth. It is no surprise that you would want to make sure you make a plan in advance to make sure your wealth gets to the right people after you die – that is estate planning. Please contact a CFS Financial Advisor to talk with you about the process and help you develop a plan that best fits your financial needs and protects your family.
Estate Settlement
If, at your death, you have assets in your name only, those assets must first go through the legal process called probate before they can be distributed to your beneficiaries. Rather than burden a family member or friend, you can appoint MEMBERS Trust Company as executor or personal representative in your will to handle the probate. Designating MEMBERS Trust Company as your executor could provide peace of mind and:
- Experience
- Professional asset management
- Competent, trained staff
- Reliable and regulated
- Impartial
- Reasonable fees
Investment Management and Trusteed IRA
Since 1987, MEMBERS Trust Company has met the investment and financial needs of individual and their families. Owned and managed by America’s Credit Unions, they share the core values and rich legacy of credit unions serving your best financial interests. With investment and estate planning professionals in offices across the United States, MEMBERS Trust Company will work with you to develop financial solutions for you and your family’s financial protection and security.
MEMBERS Trust Company, in partnership with your Coastal* financial advisor, will partner with you to help you reach your investment goals. Our expertise includes managing investments for objectives like aggressive growth and income. As you pass through the various stages of your life, your financial needs and objectives will change. Our core principle is that allocation across investment classes should be adjusted as you pass through these cycles of life. We believe that since investments involve risk, they should be prudently managed by diversification, asset allocation, continual monitoring and a customized investment policy for each investment portfolio. We will help you develop a clear investment policy statement for your account, which acts as a road map to construct a customized investment portfolio. Developing a personal policy statement involves a process that includes analyzing your tolerance for risk, investment time period, personal objectives, taxes and any other personal preferences or constraints.
Trusteed IRA
We recognize you have investment management goals as well as unique wishes and dreams for what happens to your money after your death. The IRA represents for many of us the largest asset in our total investments. Our Trusteed IRA enables you to accomplish both investment and estate planning goals under one account, and one document.
Most IRAs at other financial institutions do not give the IRA owner an option to control distributions of IRA funds upon the death of the owner. The standard IRA account gives the IRA owner the option to name a beneficiary who may immediately cash out the entire IRA upon the death of the IRA owner.
With a Trusteed IRA, you may exercise control over how the distributions are made after your death. The beneficiary will receive the IRS mandatory distributions but distributions in excess of these amounts may be made for health, education or support. This provision would be especially helpful with a spendthrift beneficiary. Another circumstance in which a Trusteed IRA will offer valuable planning options is for a young beneficiary. For example, the Trusteed IRA can delay final distribution upon the beneficiary reaching a set age like 35.
In addition to giving you control over distributions for your beneficiary, our Trusteed IRA allows you to exercise control now over who will manage your IRA funds in the event of your incapacity. MEMBERS Trust Company, as trustee of your IRA Trust, will continue its investment management and make distributions on your behalf should you become incapacitated. With standard IRAs, costly guardianships are often required if the IRA owner becomes incapacitated.
IRS regulations and state laws give you the right to exercise control over this important investment. MEMBERS Trust Company wants to simplify the process for you to exercise control by having one document serving as the investment and estate-planning tool.
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA / SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Coastal Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.
CFS representatives do not provide tax or legal guidance. For such guidance please consult with a qualified professional. Information shown is for general illustration purposes and does not predict or depict the performance of any investment or strategy. Past performance does not guarantee future results.