One principal advantage of insurance trusts is that they permit a greater flexibility in investment and distribution than may be effected under settlement options generally included in the policies themselves. Another advantage is that such trusts, like other gifts of insurance policies, may afford substantial estate tax savings.
A trust account with Chase refers to a specialized financial arrangement where one party, known as the trustee, holds and manages assets on behalf of another party, known as the beneficiary. It provides a secure and reliable means of safeguarding and distributing assets for various purposes, such as estate planning, charitable giving, managing personal finances, and protecting beneficiaries' interests. Chase offers several types of trust accounts tailored to different client needs. These types include: 1. Revocable Living Trust: This trust account allows individuals to maintain control over their assets during their lifetime while designating beneficiaries and ensuring a smooth transfer of assets upon their death. It helps avoid probate and allows for the flexibility to amend or revoke the trust. 2. Irrevocable Trust: An irrevocable trust account provides greater asset protection and tax efficiency as assets are transferred permanently out of the granter's ownership. It includes trusts like Irrevocable Life Insurance Trusts (Slits), Granter Retained Annuity Trusts (Grants), Charitable Remainder Trusts (CRTs), and others. 3. Charitable Trust: This trust account allows individuals to make philanthropic contributions while enjoying certain tax advantages. Charitable trusts, such as Charitable Lead Trusts (Cuts) and Charitable Remainder Trusts (CRTs), enable the granter to donate assets to a charity of their choice while retaining some control over the trust's income or assets. 4. Special Needs Trust: This type of trust account provides for individuals with special needs or disabilities. It ensures that the assets placed in the trust will be used to enhance the beneficiary's quality of life without affecting their eligibility for government assistance programs. 5. Dynasty Trust: A dynasty trust account allows for multiple generations to benefit from the assets within the trust while keeping the value free from estate taxes. This type of trust can continue for many years, potentially indefinitely, and is designed to preserve and grow family wealth for future generations. Chase's trust accounts offer various benefits, including professional asset management, personalized estate planning, tax efficiency, creditor protection, and the expertise of Chase's dedicated team of trust specialists. With a focus on providing secure and comprehensive solutions, Chase ensures that clients' financial goals and legacy wishes are met, offering peace of mind and financial security for both granters and beneficiaries alike.
