What services do you offer?
- Trustee Services Trustee Services
- Traditional full trustee services (fully managed)
- Directed trustee services (non-managed)
- Bifurcated/Trifurcated trustee services
- Delegated trustee services
- Self-Directed IRA and Custodial Services
- Custodial services for self-directed IRAs (Individual Retirement Accounts)
- Custodial services for LLCs and LPs
- Custodial services for non-traditional assets
- Bill pay for custodial accounts
- Irrevocable Life Insurance Trust and LLC Administration
- oPrivate placement life insurance policy administration
- Irrevocable Life Insurance Trust (ILIT) administration
- oLLC administration for life insurance
- Trusteed IRA
- Donor-Advised Fund
- Personal Representative Services
- Private Foundation Services
- Family Legacy Planning
What kinds of assets can you hold?
We can administer trusts that hold a wide range of asset types, including non-traditional assets. We can administer trusts with almost any type of asset.
We can hold many non-traditional assets in trust and LLC accounts, including closely held business interests, real estate, and life insurance.
Generally speaking, some assets like real estate may need to be placed inside of an LLC or LP prior to placing in trust.
Do assets need to be titled in the trust name?
All trust assets need to be titled in the name of the trust (e.g., Peak Trust Company, Trustee of the Jane Doe Family Trust). That includes brokerage accounts checking accounts, LLC Memberships, etc.
Any asset that needs to be in the trust isn’t “in the trust” until it is titled to the trust (or the LLC/LP).
Real property will often need to be transferred into an LLC/LP of which the trust is the member. Any property held by an LLC/LP will need to be titled to the name of the LLC/LP.
What is the process for placing assets into an LLC or LP?
Placing assets in a corporate structure, such as an LLC or LP, then placing that asset (the LLC) inside a trust is a common scenario and Peak Trust Company’s team of experts are well-versed in how to work with this type of asset. The state in which the LLC or LP is established oftentimes charges a nominal initial filing fee and annual fee.
When is it appropriate for a trust asset to be held inside an LLC or LP?
Sometimes trust assets are best held inside of a corporate structure, such as an LLC or LP inside of the trust. A few examples of when this may be appropriate are:
- When the trust asset is real property that is outside the trust jurisdiction (Alaska or Nevada).
- Real estate is often best held in an LLC for additional protection.
- When the asset needs to be physically held in the state
- When the trust document does not provide for separation of trustee duties and an outside manager is to invest and manage trust assets.
- When a client wants greater investment control without acting as a fiduciary.
- When the client may want the entity valued for discount purposes.
Can you delegate investment management to an outside advisor?
If the trust document provides for the separation of duties, Peak Trust Company can serve in conjunction with another party. Peak Trust Company often serves as trustee for directed trusts in a limited role with another party (such as an outside advisor) responsible for investment of assets. If the trust document does not provide for separation of trustee duties, Peak Trust Company will not generally serve as trustee in a traditional delegated structure, however, Peak Trust Company may be able to help find a solution, such as by placing the assets to be managed by an outside advisor into an LLC inside of the trust. Peak Trust Company may be able to serve as trustee in this circumstance.