Fiduciary Services
When it comes to safeguarding your family wealth for generations, there are many things to take into consideration—estate planning, wealth preservation and transfer, asset protection, and tax and reporting challenges, to name a few.
​
When you engage The Preferred Legacy National Trust Bank to address trust and fiduciary issues, we assume full legal responsibility for executing your trust. We also act as your trusted advisor in handling your affairs when you or your family members no longer want to manage them, are incapable of handling them, or in the event of a death. Our corporate fiduciary services provide you with the peace of mind that your estate will be managed under regulatory supervision and settled and administered with unbiased discretion. At The Preferred Legacy National Trust Bank, we work to offer impartial and independent advice that keeps your directions at the center of all decision making—administering your estate as if you had done it yourself.
-
Revocable Trusts
-
Irrevocable Trusts
-
Charitable Trusts
-
Estate Settlement
-
Insurance Trusts
-
Testamentary Trusts
-
ERISA Plans
-
Individual Retirement Plans
Trust and Estate Administration
Families create trusts for a myriad of reasons—to avoid probate, to designate how funds are spent, and to create a family legacy. The family designated trustee must uphold, invest, and distribute the property held by the trust, and is required to closely follow the directives in managing your trust and estate’s day-to-day responsibilities. One of the biggest benefits of a trust is that these regulations remain in place for heirs long after family deaths, or even when the grantor is no longer able to manage their own affairs and enlists the help of a trustee.
At The Preferred Legacy National Trust Bank, our experienced staff of trust experts administer your trust and distribute your estate at your direction. Our trustees can aid your beneficiaries in making decisions necessary to maximize investments and tax benefits. As a trustee, The Preferred Legacy National Trust Bank is in an ideal position as an independent third-party to serve as an unbiased decision-maker among heirs, upholding the wishes of the grantor, mitigating risk amongst beneficiaries, and ensuring a smooth transition of the estate.
Should you choose The Preferred Legacy National Trust Bank as your trustee or executor, rest assured knowing that our staff will work directly with your team of trusted advisors. From attorneys to accountants, experience shows that this type of collaboration often results in reduced fees. Our trust experts integrate your customized trust and estate solutions into your overall wealth management plan.
Our Preferred Legacy National Trust Bank experts can tackle any type of trust, from living trusts to irrevocable trusts and special needs trusts. Your estate and trust administration will be completed by experienced attorneys and paralegals who possess many years of industry knowledge. We are uniquely positioned to oversee your estate and this neutrality helps us deliver on our primary goal: preserving your legacy for generations to come.
Domestic Asset Protection Trust
In 2013, Ohio became the 14th state to adopt a Domestic Asset Protection Trust (DAPT), providing individuals with the ability to protect their life savings from creditors and litigation. This DAPT, known as the Ohio Legacy Trust, is an estate planning tool created to offer comfort in a world filled with constant litigation. The DAPT in Ohio is thought to have some of the most substantial safeguards in the United States, providing more protection than Delaware, South Dakota, Alaska, and Nevada.
DAPTs are commonly used by doctors, business owners, lawyers, accountants, directors of publicly traded companies, or anyone whose occupational roles put them at risk of a lawsuit. A DAPT can also be used in place of a prenuptial agreement, as long as the trustee is established in the state of Ohio.
As an Ohio corporate trustee, The Preferred Legacy National Trust Bank works with your attorneys and you, the grantor, to establish a DAPT, determining what assets belong in the trust, while also developing precautions to aid in protecting assets from an aggressive litigant.
A DAPT is only as effective as its trustee. The Preferred Legacy National Trust Bank has a solid foundation of experience and partnerships with some of the best estate planning attorneys in the industry to protect your assets for generations. As an Ohio-based trust company, we will walk alongside you through the process of establishing one of the most robust DAPTs available as a part of your estate plan, allowing you to preserve your legacy for generations to come.
Special Needs Trusts
A special needs trust is crucial for safeguarding a loved one's financial future while ensuring continued eligibility for important government benefits, such as Supplemental Security Income (SSI) and Medicaid. These trusts are often complex, requiring a fiduciary who understands their unique structure and the intricacies of legal compliance.
Proper execution and administration provide peace of mind by allowing a fiduciary to manage asset distribution, maintaining the beneficiary’s continued eligibility for public assistance. This enables beneficiaries to cover expenses beyond what government programs typically provide, such as specialized medical equipment, therapies, education, and recreational activities.
Choosing the right fiduciary—one who is both knowledgeable and compassionate—is essential for effectively managing a special needs trust. At the Preferred Legacy National Trust Bank, we blend expertise with genuine empathy, fully understanding the unique challenges that families with special needs face. Our clients highly value this compassionate approach, knowing that every decision is made with their loved one's best interests in mind.
Professional Trustee for Retirement Plans
In this day and age, offering a retirement plan to your employees isn’t only a benefit—it’s an expectation. Offering a retirement plan often helps with overall employee retention and satisfaction, but unfortunately can also come with risk to you and your company should litigation from a past employee or beneficiary arise. Enlisting a professional trustee who strictly adheres to the Plan objectives and directives is essential. A self-trusteed plan’s administrator assumes all risk and liability in following Plan directives, whereas a professional trustee leverages their experience to make effective changes to the Plan that benefit employees and employers alike.
At The Preferred Legacy National Trust Bank, our professional trustees have experience with a variety of types of plans. We stay up-to-date on laws, ever-changing regulations, and new compliance guidance in order to partner with you to better serve your employees. Our trustees keep employers on track to reach ERISA deadlines for IRS filings, required notices for participants, and plan amendments. Should our professional trustees accept investment management responsibility, then we will also oversee the investments in the Plan to ensure that funds are performing according to their designated fund objective.
​
The Preferred Legacy National Trust Bank’s professional trustees allow you the peace of mind that your plan is managed properly, giving you the ability to spend your time efficiently running your business while creating a legacy for yourself and your employees.
Self-Directed IRAs
At The Preferred Legacy National Trust Bank, our Self-Directed IRA services offer the flexibility and control needed to diversify your retirement portfolio. Unlike traditional IRAs that limit investments to stocks, bonds, and mutual funds, a Self-Directed IRA allows you to invest in a wider range of alternative assets such as real estate, private equity, and LLCs. This broader scope of investment options empowers you to create a retirement strategy that aligns with your unique financial objectives.
​
Our Self-Directed IRA services focus on seamless account management. As a non-discretionary custodian, The Preferred Legacy National Trust Bank takes care of the administrative and custodial duties while you retain full control over your investment decisions. We ensure compliance with IRS regulations, safeguarding your account's tax-deferred status without offering investment advice or promoting specific assets.
​
With The Preferred Legacy National Trust Bank, you can trust that all aspects of your Self-Directed IRA will be managed efficiently. This includes executing your investment instructions, handling contributions, transfers, and rollovers, managing tax reporting, and administering the purchase, sale, or liquidation of assets. We also provide timely and accurate IRA statements, keeping you informed about the status of your investments.
​
Our team’s expertise ensures that you remain compliant with the complex rules governing Self-Directed IRAs, including regulations on prohibited transactions and disqualified persons. We collaborate with your accountants, attorneys, and financial advisors to streamline both the setup and ongoing administration of your account, allowing you to focus on maximizing your retirement wealth.
​
Whether you are investing in real estate, private companies, or other alternative assets, our Self-Directed IRA services provide the support you need to make informed decisions while growing your retirement portfolio.