Trust & Estate Planning & Administration

In your financial management toolbox, a trust is a tool that provides some notable advantages - both now and in the future. Working with your attorney, we can help you create a trust that will enhance your financial plan. 

• During your lifetime, a Living Trust can be a valuable source of protection should you become incapacitated. After your death, the trust document can include instructions for continued management or distribution of your assets without the formal estate probate process, which often forces loved ones to wait a long time before they can benefit from your gifts.
• Your attorney can draft the legal trust document. As Trustee, we will follow instructions outlined in the document for management of the trusts assets.

• As the name suggests, a Testamentary Trust becomes effective after your death. Your attorney includes instructions for this type of trust in your Will, to provide for your loved ones and possibly minimize the tax on your estate.

• It's common knowledge that charitable gifts reduce taxes. Less known is that a Charitable Trust will allow you to enjoy some of the tax benefits of charitable giving and still provide ongoing benefits for loved ones.
• A Charitable Trust can be established during your lifetime (Living Trust) or after your death (Testamentary Trust).

• A Life Insurance Trust is a Living Trust with only one asset - an insurance policy on your life. During your lifetime you make gifts to the trust to pay the premiums. After death, the proceeds will pass to trust beneficiaries.
• The advantage to this trust is that the proceeds will not be taxable in your estate.

Estate plans are constructed in order to obtain the greatest possible tax savings, keep administrative costs to a minimum, and provide for prompt settlement of the estate. 

• The settlement of your estate is the responsibility of the individual or corporate fiduciary you name as executor in your Will
• Because estate settlement is a complex process that often requires the executor to make important decisions, we ask that you consider naming us as the executor of your estate. We have the time, resources, knowledge and experience to complete this process effectively and efficiently. Our professionals will always be ready to address any concerns and questions your heirs may have during the settlement process.

Investment in products offered through our Wealth Management Group are not deposits or obligations of, and are not guaranteed by, Chemung Canal Trust Company and/or Chemung Canal Trust Company DBA Capital Bank, a division of Chemung Canal Trust Company.  These investments are not insured by the FDIC, the Federal Reserve Board, or any other government agency.  Investment in these products involves risk, including the possible loss of principal.