Trust Services: Transform Your Hopes into Reality
Imagine a future where your wealth continues to do for you all the things you want it to—automatically. That’s what a well-established trust can do for you. A trust gives you a durable and flexible container for any assets you choose, custom-designed to follow your intentions and support the beneficiaries you choose now and way into the future. Laird Norton Wealth Management can help you make the most of this powerful tool.
As both a trust company and a registered investment advisor (RIA), we are able to manage your wealth for your lifetime and beyond.
Unlike many other trust companies, we do not profit from selling our own products to the trusts we manage and administer.
Our size and coordinated management allow us to respond quickly to your requests. We often get to know the younger generations, and those relationships tend to last for decades.
The Power of Being Intentional
What is your vision for the future? A trust can make that happen. It is a blueprint for what you want your wealth to do, now and for generations to come.
A trust can operate during your lifetime and beyond and help solve many financial issues and concerns. Most important of all: A trust can support the people and causes you care about in a way that is best for all of you.
We are here to help you explore the benefits of trusts and all that is possible.
The 6 key benefits of trusts
Control. You set up the rules of the trust – what assets go in it, when, and for whose benefit. You can specify at what age(s) your heirs get trust assets and/or income and for what purposes. In case of divorce/remarriage, only the beneficiaries you name continue to benefit from the trust — and no one else. A special needs trust can support a loved one with physical or intellectual challenges. A “dynasty” trust can provide support for family members for up to a century or more.
Taxes. A trust can help improve tax-efficiency at all levels (estate taxes, capital gains taxes, and even income taxes). Specialized trusts can hold your most valuable assets (a business, restricted stock, real estate), so they are out of your estate but can still be used to support you and your spouse, and then your heirs and/or charities after you are gone. Or a trust can hold a life insurance policy whose proceeds your heirs can use to pay estate taxes.
Expediency. Assets in a trust bypass probate, which can take a year or longer, especially if those assets are out-of-state. A common strategy is to transfer assets to a revocable trust, whose terms and beneficiaries you can change at any time. After you pass away, the revocable trust becomes “irrevocable,” and its assets continue to be managed by your trustee.
Privacy. Trust contents and terms stay private as long as the trust is in existence, which in some states (including Washington) can be longer than a century. By contrast, a will is reviewed in probate court and becomes publicly available.
Plan B. What happens if you become disabled or incapacitated? For assets transferred to a trust, your trustee can step in and manage the assets according to what you have specified. This is especially important if you have a business, extensive real estate holdings or other assets that require specialized knowledge to manage. In that case, you can appoint a co-trustees(s).
Legacy. A trust creates legacy by putting your intent in writing and carrying that intent out over time. As you specify the terms of the trust, you are aligning what you know and what you value with your asset base. In that alignment, you are likely to gain a strong sense of conviction about what is most important to you and to your loved ones. And then, peace of mind, after the trust is set up and you see it managed according to your wishes.
Your intentions, our expertise
Since 1967, Laird Norton Wealth Management has been managing trusts for our clients to give them the control, privacy, tax benefits, and legacy they desire for themselves, their family, their community. As the oldest independent trust company based in the Northwest, and a registered investment advisor, we are uniquely capable of:
- Advising on which type of trust(s) would work best for your situation
- Serving as trustee or co-trustee of your trust
- Providing strategic investment management for the assets in your trust
Most importantly, we stay involved with your trust and work closely with your beneficiaries, ensuring your intentions are being carried out and your legacy is preserved.
Explore the possibilities
Trusts work well only if they are properly set up and managed by an expert fiduciary. For that to happen, you need to know:
- Which type of trust would be best for your situation
- Who will manage your trust and be your trustee
- What assets to transfer to the trust and when
We are here to help you answer all the above questions and many more, so you can move forward with confidence.
Considering a Trust – Know the Benefits
One of the best ways to ensure that your assets are managed according to your wishes is to place them in a trust. But with all the different trust options available, it’s hard to know which one is right for your situation. We’re here to help.