Financial Planning for Millennials: 4 Ways to Get the Most from Your Money
Nov 12, 2021 | 2 min. read
You’ve spent a lifetime establishing your financial security. By creating a trust, you can protect your family’s financial future. Trusts are often the foundation of estate planning and are an important aspect of financial management. First Command’s Wealth Management & Trust Services Group can provide all the services required to administer your trust and help you preserve, protect and enhance your legacy.
First Command’s Investment Management Accounts (IMA) are asset allocation portfolios designed for high net worth clients. Each portfolio is tailored to the client’s individual risk tolerance and investment objective. IMAs may include mutual funds, individual stocks, exchange traded funds (ETFs), and individual municipal, government or corporate bonds. IMA portfolios may be established by investing proceeds from security liquidations, cash contributions or transferring existing securities in kind to the IMA.
You may be interested in an IMA if you:
Interested in learning more about IMAs? Chat with your First Command Financial Advisor.
Appointing First Command as your trustee means your trust will be professionally administered for as long as it endures. Our Trust Officers are trained in financial, legal and accounting issues unique to trust administration, and are authorized to serve as professional trustees in all 50 states. Unlike individual trustees, the Wealth Management & Trust Services Group is subject to regular audits by the Comptroller of the Currency as well as an independent third-party auditor. This helps ensure that we meticulously manage your trust, giving you peace of mind.
Many types of trusts exist. They are flexible, complex, and each have their own unique advantages. If you think you could benefit from a financial plan that incorporates a trust, contact your First Command Financial Advisor. Your Advisor can help you determine what type of trust may best suit your financial needs.
Even if a bank or trust company fails, trust assets are safe. By law, trust assets must be kept separate from all other bank assets. For example, they cannot be loaned out, mixed with the corporate trustee's own assets or used to satisfy its creditors. Likewise, the books and records of these accounts must also be kept separate from the books and records of other bank activities, such as routine deposit and withdrawal transactions. Because of these safeguards, trust assets are not insured by the FDIC.
Because a trust can be tailored to your personal financial situation and goals, it can be a flexible estate-planning tool. With careful planning, trusts can be structured to accomplish various objectives for you and your family. With a trust you can:
Federal regulators routinely examine trust departments for compliance with laws and regulations, as well as the bank’s management of various risks. These thorough on-site examinations occur every 15–18 months.
During an examination, examiners do not simply rely on documentation provided by the institution to determine compliance with banking laws. Examiners sample and test various operations to ensure that important transactions are properly completed and that the recordkeeping function is accurate. In addition, examiners review and test the bank’s internal controls on custodial and investment management activities, conflicts of interest, recordkeeping of securities transactions and management information systems. The testing of internal controls allows the examiner to determine whether the bank is able to identify transactional mistakes or fraudulent activity.
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