Trusts & Estates

Guidance and Strategies to Help Fulfill Your Vision for the Future

Realizing your vision for the future requires a carefully crafted estate plan and the knowledge, guidance and resources of an experienced team.

Our approach

An estate plan can help transfer wealth, fulfill philanthropic goals, minimize wealth transfer taxes, maintain privacy, protect assets and provide ongoing management of your affairs if you no longer want or are unable to manage them. Your Bank of America Private Bank team can help educate you and your family about trusts, and can carry out your estate plan as executor and trustee.

Having served generations of families, we have the knowledge, resources and experience to handle trusts and estates with sensitivity and the highest level of professionalism. With professionals located in offices across the country, we can work closely with you, your family and your advisors to administer your estate plan both during and after your lifetime.

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Trust solutions that help fulfill your legacy

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Please see important information at the end of this video.

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Jennifer Galvagna

Head of Trust Solutions

Bank of America Private Bank

At Bank of America we talk with families about their financial goals and often times as a part of that conversation we introduce the concept of trusts.

There’s a misconception about trusts in that they’re only used for the ultra-wealthy and for tax optimization but in fact they can be used for a wide range of purposes, for all different families and all different asset levels.

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· Tax optimization

· Minimize administration

· Avoid probate

Most people are familiar with the traditional uses of trusts which are tax optimization, minimizing administrative hassles, and avoiding probate which can be time consuming, costly, and very public for your family.

Trusts can be used to plan for incapacity.

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Design a roadmap

Situations where you’re unable to make financial decisions for yourself, you can design a roadmap for your trustee to step in and care for you in the way that you’d like to be cared for. And also to care for your family in the way that you’ve cared for them when you were able to make decisions on your own.

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Choosing your Trustee

One of the most difficult decisions families have to make is who to name as trustee of their trust. Bank of America has been serving as corporate trustee for generations and we have deep experience in working with families. We can serve as an objective third party and take the administrative work off the plates of your family.

The simplest way to think about trusts is that they’re a way to transfer your wealth to those that are important to you and to causes that you’ve supported during your lifetime.

We look forward to working with you and your family.

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What would you like the power to do?®

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Bank of America® logo

Disclosure:

Recorded on November 17, 2022.

Bank of America, its affiliates, and advisors do not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

Trust, fiduciary, and investment management services, including assets managed by the Specialty Asset Management Team, are provided by Bank of America N.A., Member FDIC, and wholly owned subsidiary of Bank of America Corporation (“BofA Corp.”), and its agents.

Investing involves risk.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.

Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of BofA Corp.

Banking products are provided by Bank of America, N.A., and affiliated banks, Members FDIC and wholly owned subsidiaries of BofA Corp.

Investment products:

Are Not FDIC Insured

Are Not Bank Guaranteed

May Lose Value

Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation.

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Services

Trust Services

Bank of America Private Bank has the experience, knowledge and resources to administer complex personal and charitable trusts.

Estate Settlement

Our experience, technical expertise and nationwide practice can help settle your estate, from filing estate tax returns and attending to administrative details to managing and distributing your assets according to your wishes.

Delaware Trust Services

Trusts established under Delaware’s unique laws can help minimize taxes and preserve financial confidentiality, as well as transfer ownership in a private business while you maintain day-to-day management control.

Specialty Asset Management

Our Specialty Asset Management group has extensive experience managing real estate, private businesses, timber, farm and ranch land and oil, gas and mineral interests. We can help you integrate these nonfinancial assets into your overall wealth management plan and manage them through the settlement of your estate.