National Structured Settlement Trade Association (NSSTA)

Estate Planning Council of Westchester County, Inc.

Special Needs Alliance (SNA)

Academy of Special Needs Planners (ASNP)

New York State Bar Association

Suffolk County Bar Association

Calvary Hospital in New York

American Heart Association

UJA – Federation of New York

Gilda’s Club Westchester

A corporate trustee is a legal entity, such as a trust company, that serves in a fiduciary capacity on behalf of a person or business for the purposes of administration, management, and transfer of assets to a beneficial party.

A corporate trustee is an unbiased (or neutral) partner that administers trusts, manages assets, and ultimately transfers assets to beneficiaries. A corporate trustee brings knowledge, understanding, and resources to administer various complexities of wealth transfer and legacy planning.

With a primary office in New York, Midland Trust Company offers corporate trustee services across the United States. Connect with us today to learn more.

When it comes to administering different types of trusts and estate plans in New York, a corporate trustee offers several advantages:

• Guardianship of the Estate (or Conservatorship): When an individual is unable to manage his/her own financial affairs and has been adjudicated as disabled, the court will appoint a person or corporation to manage the individual’s financial affairs. In some states, the term Guardianship is used, while in other States, the term Conservatorship is used. In each instance, the appointed person or corporation is responsible to manage the financial affairs of the child or the person adjudicated disabled. When a court in New York appoints a corporate guardian to manage the financial affairs of a child or a person adjudicated as disabled, the corporate guardian partners with the family, guardian of the person, and other professionals to learn about the needs and care plan for the child or the person who has been adjudicated disabled. The corporate guardian will diligently work to preserve and protect the assets and offer a broad range of services to address present and future needs. Services include cash flow assessment, budget creation for approved distributions, bill review and payment processing, accessible vehicle purchase assistance, real estate purchase and home modifications assistance, investment management, annual accountings submissions for court approval, resource in other professionals selection (e.g., case managers, care agencies, contractors).
• Special Needs Trust: For beneficiaries with disabilities in New York, a special needs trust can be established to provide for their needs without jeopardizing their eligibility for government benefits. A corporate trustee manages the trust funds, disburses funds for the beneficiary's supplemental needs, and maintains the beneficiary's eligibility for public assistance programs.
• Traditional Trust and Estate Plan: In the case of a traditional trust established in New York, where a grantor establishes a trust for the benefit of one or more beneficiaries, a corporate trustee can serve as the trustee. The corporate trustee will administer the trust according to the grantor's instructions, manage trust assets, make distributions, file tax returns, and handle other administrative tasks, ensuring the trust's objectives are met and the beneficiaries are well-cared for.

In conclusion, a corporate trustee in New York offers professional expertise and experience in trust management and estate planning, ensuring the proper administration and safeguarding of assets for the benefit of beneficiaries in various trust arrangements. Their role provides peace of mind for grantors and beneficiaries alike, knowing that their trusts and estate plans are in capable hands, adhering to legal requirements, and tailored to the unique needs of the individuals involved. For more information, connect with Midland Trust Company in New York.

When you partner with a trust officer from Midland Trust Company in New York or elsewhere, you or your clients experience numerous benefits. We serve in a fiduciary capacity, acting in the best interest of our clients and their beneficiaries.

Partnering with us ensures access to seasoned trust officers, personalized service and guidance, and peace of mind. Our trust officers possess the knowledge and experience to recommend prudent financial solutions, optimize strategies, and help shield trust assets.

We handle the administrative burden associated with trusts and estate plans, efficiently managing tax reporting, accounting, and recordkeeping. This allows you or your clients to focus on other vital aspects of life.

For high-net-worth individuals and families, our team of professional work with you to develop wealth transfer strategies, preserving assets for future generations, and supporting philanthropic goals through charitable giving.

We prioritize building long-term relationships based on trust and understanding, tailoring financial plans to unique circumstances, aspirations, and concerns. For more information or to connect with a member of our team, contact Midland Trust Company in New York today.

When selecting a corporate trustee in New York and the Tri-State area, consider essential factors that ensure competent and reliable trust management. Evaluate the trustee's experience in administering similar trusts, the range of services they offer, fees and charges, and their responsiveness to client needs. To explore your options and make informed decisions, connect with a representative from Midland Trust Company today.