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Trust Services

Trusts help ensure your assets are preserved, protected, and transferred as you intend.

Traditionally used for minimizing estate taxes, trusts can offer additional benefits as part of a well-crafted plan. We’ve recently partnered with Comerica Bank & Trust*, one of the nation’s leading trust institutions, to become the only credit union in Oregon to offer trust services.

Some common trusts include:

  • Revocable Trusts. Also known as a “living trust,” revocable trusts can be altered or dissolved anytime if your circumstances or intentions change. You can name yourself trustee and retain control over the trust, its terms, and assets during your lifetime. You can also make provisions for a successor trustee to take over when the time comes. While revocable trusts avoid probate, they are usually subject to estate taxes.
  • Irrevocable Trusts. Irrevocable trusts typically transfer your assets out of your estate and out of the reach of estate taxes and probate, but they cannot be altered after they have been executed. An irrevocable trust is generally preferred over a revocable trust if the primary aim is to reduce the amount subject to estate taxes.
  • Settlement Trusts. Used in connection with personal injury settlements, settlement trusts are usually formed during the life of the injured party and are typically irrevocable. They allow the beneficiary to draw on the funds as needed while ensuring proceeds are used for their intended purpose.

Responsible management

One of the most important aspects of creating a trust is choosing a trustee to oversee and manage it. A trustee’s responsibilities include:

  • Funding trusts
  • Distributing funds to beneficiaries
  • Providing regular account reports
  • Managing investments
  • Preparing trust tax forms

Any trustee you choose should be comfortable monitoring the investment advisor and making potentially difficult decisions. That’s why we’ve partnered with Comerica Bank & Trust, which offers the experience and objectivity to keep decisions free of bias or considerations of family dynamics.

Let us walk you through the process.

Our CFS advisors** act as liaisons between you and Comerica Bank & Trust, guiding you through the process of establishing trust services, helping balance beneficiary distributions, and seeing that assets are invested wisely. We also work with your lawyer and CPA to ensure all legal, tax, and administrative needs are efficiently managed. But most of all, we offer the reassurance that your and your heirs’ financial futures will be handled with professionalism, understanding, and care.

*Trust Services provided by Comerica Bank & Trust. Comerica is not owned by or affiliated with SELCO Investment & Retirement Services, CUSO Financial Services, L.P. or any of its representatives. 

**Nondeposit 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. Nondeposit investment 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. SELCO Community Credit Union has contracted with CFS to make nondeposit investment products and services available to credit union members.