Our Approach to Trust Administration
Rocky Mountain Bank (RMB) offers flexible service as your Wyoming Trustee or Wyoming Trust Administrator. We partner with you and your trusted advisors, enabling all parties to effectively execute their roles. We ease the burden of administrative details, while offering the benefits of Wyoming situs and the peace of mind of a regulated corporate trust entity.
RMB is an institution independent of any investment platform, and is willing and able to work with most outside money managers and custodians of our clients’ choice, as well as clients’ existing legal, insurance, and tax advisors. If desired, we can also select investment and advisory services and provide asset custody.
We combine our flexible, customer-oriented approach with robust technology, helping to drive cost savings, and enhancing our clients’ experience.
Our cost-effective, technology-driven approach allows us to be creative with our business, resulting in more options and value for our clients.
Because many trusts may be reformed into a Wyoming Trust, we may offer solutions to clients in many locations.
RMB is dedicated to helping our customers and their families achieve a secure financial future. We achieve this goal by providing top-flight trust services, emphasizing flexibility, dependability, and value. We make a difference for our customers by always putting their interests first, and making sure we assemble the right team of professionals to meet our clients’ needs. Please contact us to discuss how RMB may serve your Wyoming Trust needs.
RMB offers a variety of services to help our clients conveniently manage their wealth. Our services include, but are not limited to:
· Pure Wyoming Trust administration and situs
· Investment manager selection
· Investment manager oversight and review
· Asset custody
· Income collection
· Cash sweep
· Periodic statements, with the ability to consolidate assets held by multiple managers
· Secure web access
· Tax reporting and tax return preparation
· Regulatory reporting
· Monitoring of trust document for changes in Wyoming Trust law
Full or Delegated Trustee
Some clients prefer the convenience of a “one-stop shop” when it comes to managing their financial affairs. RMB offers full Wyoming trustee services to meet the needs of clients who would appreciate the convenience of having all their trust management needs met by a single provider. We offer expert administration, reporting and record-keeping, asset custody, money manager selection, and secure account access. RMB places strong emphasis on faithfully carrying out the trust’s objectives, and assures investments adhere to the trust’s governing document and investment policy statement, while advantages of Wyoming trust situs. RMB will serve as trustee for a variety of non-financial assets on a case-by-case basis. As full or delegated trustee, RMB offers maximum flexibility and will work with you and your family advisors to create a custom plan that meets your expectations and unique needs.
In a directed trust, the client appoints a co-trustee, trust adviser, committee, or trust protector other than the directed trustee to control certain decisions such as investment management or distributions. By selecting RMB as your directed trustee, you may benefit from the situs advantages of Wyoming trust administration, yet maintain maximum control over investment and disbursement decisions.
Advantages of selecting RMB as directed trustee for your trust include:
· Favorable Wyoming Trust asset protection and tax treatment
· Expert administration
· Control over investments
· Control over distributions
· Cost savings
As a directed administrative trustee, RMB provides clients flexibility, control, convenience and expert support.
Irrevocable Life Insurance Trust (ILIT) Administration
While many trust management firms do not wish to serve as trustee to ILITs until they are funded by the policy proceeds, RMB is willing to alleviate the administrative burden both during the insured’s lifetime and following their death.
There are two levels of service, corresponding to the insured’s life-cycle.
Administrative Trustee (during insured’s lifetime):
· Create trust account
· Transfer policies to trust
· Purchase new policies
· Payment of premiums
· Prepare and distribute Crummey notices
· Tax reporting
· Monitor companies and policies
For the above services a flat, annual fee is assessed determined by the complexity of duties required. Pass through of some third-party fees may apply.
Administrative Trustee (after insured’s death):
· Collect policy proceeds
· Distribute proceeds and/or continue asset administration as full, directed, or delegated trustee.
Following the funding of the trust with policy proceeds, the account will change to a fee structure to be determined by the elected trustee service level.
Wyoming Trust Advantages
Why choose a Wyoming Trust?
Wyoming is frequently cited as one of the best states for wealthy individuals to reside, and as one of the most favorable domiciles for business entities and trusts.
Wyoming trusts offer benefits not found in most states:
· No state individual income tax
· No state corporate income tax
· No state gift or estate tax
· No excise tax
· No intangibles tax
· No tax on mineral ownership
· Low real estate taxes
· Low life insurance premium taxes
· Modern Wyoming Trust Statutes
· Favorable Wyoming Trust Asset Protection
· Long Dynasty Trusts