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Unique Assets: What They Are & How Can We Help
Clients don’t buy products or services, they buy solutions and results.
A solution we provide that sets our firm apart is our coverage of Unique Assets.
What are Unique Assets and how can we help you when you are creating a trust or wanting to better understand how to more efficiently manage these assets within your existing trust?
Independent Trust Company clients typically own stocks, bonds and other liquid investments, but also illiquid investments (a vacation property, a share of the family business, oil wells, a collection of antique cars, etc).
These assets are ‘unique’ in that they are hard to value assets. Because of this, valuing them can add a level of complexity that many trust companies do not wish to manage.
Many firms decline to include these types of Unique Assets in trusts because they can be complicated to assess but here at Independent Trust Company, we pride ourselves in ensuring our clients’ trusts include every solution they need to deliver a result that cares for families as the document intended.
For example, consider a vacation home that has been in the family for years.
Multiple branches of the family use it but if the patriarch or matriarch cannot (or prefers not to) manage the property, there are certain issues they may arise such as:
The management of Unique Assets is time consuming and can be difficult so it’s common to want someone else to be responsible.
If you have something that falls in the Unique Asset category that you would like to be a part of a trust, let’s start the important work of the establishing the valuation now.
We provide unique asset management and have worked with Unique Assets for over 20 years. We understand the complication they bring to estate planning.
Bringing them to us to review not only saves you money with accountants who would be assessing the value right now but since we will have to review it before it can become a part of a trust, it saves time and money to review and properly assess the asset now.
This also allows the asset can be incorporated into Agent for Trustee services and, ultimately, be in place after the grantor passes.
Some of our most in-demand unique asset offerings include:
Real Estate
Closely-Held Businesses
Life Insurance
Loans & Notes
Minerals, Oil & Gas
Intellectual Property
Tangible Assets & Collectibles
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The Independent Trust Company is ready to discuss your Unique Assets and Special Assets and the ways we can support its inclusion in your family’s legacy for years to come.
We are a South Dakota Trust Company helping families succeed with generational wealth transfers by preserving their assets – as well as their legacy.
Please contact us here to begin the process. Or please call us at (605) 737-5100.
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