Umpqua Trust Services will provide high net worth families and individuals with a comprehensive suite of client fiduciary solutions, including full trust and foundation administration, estate administration, and directed trustee services.
According to the bank, the corporate and personal trust services include: asset protection trusts, q-tip trusts, irrevocable and revocable personal trusts, credit shelter trusts, incentive trusts, marital trusts, residuary trusts, generation skipping transfer trusts, estate settlement trusts, dynasty trusts, irrevocable life insurance trusts, and private annuity trusts.
Umpqua Trust Services, operating as a division of NYPT, will fulfill its role as trustee by: holding trust property; watching over the investment of trust assets; distributing the trust’s income and/or principal to beneficiaries in accordance with the terms of the trust; making tax decisions concerning the trust with the co-trustee’s consultation.
The roles also include keeping detailed records of all trust transaction and decisions for the life of the trust; providing accurate statements; filing tax returns; issuing tax reports to the beneficiaries and answering the beneficiaries’ questions.
Umpqua Holdings CEO Ray Davis said that the addition of trust services adds to Umpqua’s wealth management offerings, providing high net worth individuals with a comprehensive combination of services that meet client’s needs and ensure that they have access to professionals with an acute understanding of fiduciary administration, investments, taxation, and estate planning.
Umpqua Holdings executive vice president of wealth management Kelly Johnson said Umpqua’s Trust Services’ offering affords clients the ability to create trusts that enjoy perpetual duration, asset protection capability, flexibility in financial planning and investment management, as well as potential tax advantages.
