TRUST FOR INSTITUTIONS
Our Institutional Trust Team is here to help you and your clients make the most of your time and money. We’re a pension Taft-Hartley Custody Specialist, a designation that allows you to select and retain your own financial investment advisor. In addition to being union owned, we act as pension and employee benefit custodian for a variety of account types on behalf of unions, corporations and individuals servicing over $10 billion of client assets—both local and national.
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TRUST FOR INDIVIDUALS AND FAMILIES
Our Personal Trust Team works with attorneys, CPAs, and financial professionals to serve you and your family. We serve as fiduciaries to handle all of your trust and estate needs. Working unswervingly on your behalf with your financial partners and advisors, we can ensure that all of your assets are safe and secure and your intentions are all carried out through the management of your trust.
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Trust for Individuals and Families
A trust is an effective tool for managing your assets during your lifetime and for the benefit of your loved ones after you decease. Utilizing a trust ensures that your assets are administered without disruption, avoids the necessity of a Probate and ensures that your assets are preserved and passed on to the next generation per your wishes.
Union Bank and Trust has designed its Personal Trust Services to complement the investment advisory services offered by financial planning and investment advisory professionals. We support the relationships that our clients and beneficiaries have established with their team of financial advisors. We do not offer internal investment management services, which eliminates any potential for conflicts of interest.
SERVICES
LIVING TRUST
Established during your lifetime, allowing you or your trustee to manage your assets according to your wishes; administrative trust responsibilities completed at death and assets are managed according to your instructions or distributed to your beneficiaries.
TRUST UNDER WILL
Established at death by your will, transferring your assets to a trustee who manages them according to your instructions.
SPECIAL NEEDS TRUSTS
Established to meet the needs of an incapacitated individual while complying with regulatory oversighted.
IRA ROLLOVER TRUSTS
To keep your retirement assets growing tax free throughout your lifetime. We will work with your team of advisors to ensure that these assets are administered or distributed per regulations at your death.
CHARITABLE REMAINDER TRUST
Philanthropy can be an important component of any estate plan. Your gift to a qualified charity can offer potential significant income and estate tax advantages, while still supporting the work of organizations you care about.
Our trust team will work with you and your team of advisors to coordinate a charitable giving program that meets the strategic goals of your estate plan through our relationships with planned giving specialists.
- Support the work of your favorite organization with the appropriate trust vehicle; charitable remainder unitrust, charitable remainder annuity trust or charitable lead trust while harvesting tax benefits.
- Leave a lasting legacy and maintain control over your charitable gifts through a private foundation.
Benefits:
- Current income tax charitable deduction
- Potential to increase annual cash flow.
- Avoid capital gain tax in selling appreciated assets, making the full value of the assets available for income generation.
- Allowing diversification of the full value of the proceeds.
- Possible reduction of estate tax at the death of the donor.
We offer professional trust administration services in partnership with your financial team to allows you to make a difference.
FOUNDATIONS
Allowing you to leave a lasting legacy and set the direction of your charitable gifts.
The advantages of working with Union Bank and Trust are:
Knowledge and Expertise: Our trust professionals focus on providing our clients with the appropriate services and products to meet their financial goals
Continuity: As a financial institution with our ownership structure we can provide continuous administration for the entire life of the trust
Integration: We will work closely with the trusted team of professionals to ensure that all of the selected professionals are coordinating efforts to meet the financial and planned objectives of the trust and the grantor’s wishes.
Personal Attention: We aim to consistently meet and exceed the expectations of our clients and their team of professionals.
Oversight: We must adhere to strict state and federal regulations.
WHAT IS HAPPENING IN
PERSONAL TRUST?
TRUST FOR INSTITUTIONS
We’re here to help you and your client’s make the most of your time and money. Union Bank & Trust is a Taft-Hartley Custody Specialist for a variety of account types on behalf of Unions, corporations and individuals, servicing over $10.5 billion of client assets—both local and national. Owned and controlled by the same unions that founded our organization over 40 years ago, we maintain the tradition of dedication to hard working people.
SERVICES
CUSTODY SERVICES
Union Bank & Trust Company (UB&T Division) is an FDIC-insured commercial bank located in Minneapolis, Minnesota. The bank provides custody and securities portfolio servicing over $8 billion of client assets – both domestic and international. UB&T Division offers a wide variety of services related to domestic and global custody, clearing and trade settlement and securities lending. The client base is small but distinguished and includes many Taft-Hartley plans, corporations and public pension funds. UB&T Division has been providing custody services since 1981. The first global custody services were initiated in 2005.
UB&T Division was formed to provide custody services for Taft-Hartley employee benefit plans and this is still our core business more than 30 years later. We have dedicated ourselves to providing the highest quality of service at the lowest possible cost, and have kept pace with the rapidly changing technological environment in which we work. We are very good at what we do. Our knowledgeable and professional staff, with an average of 15 years of trust experience, is dedicated to ensuring that our clients receive the finest service delivered in a competent and friendly manner. And, of course, we continue to be a union shop. All of our non-officer employees are members of the Office and Professional Employees International Union, Local 12.
Managing an investment portfolio requires technical expertise in administration, reporting, and keeping up with the markets. Most of all, it requires time – time that could be spent running your investment or financial planning business. Let UB Trust Division safekeep and protect your assets. Our custody services can save you time and money and help you make the most of your money.
- Safekeeping of assets
- Trade settlement
- Income collection
- Cash received swept twice daily into the money market fund of your choice
- Transaction and asset statements on trade or settlement date basis, with or without accruals
- Electronic transfer of stocks and bonds
- Re-registration of securities
- Corporate action processing
- Posting of dividend and interest accruals
- Tax reclamation and relief at source
- Proxy voting
- Class actions
- Provide pricing information to accurately value client assets
- Accounting and valuations
- Regulatory and specialist reporting
- Web based information delivery
- Disbursements via check, wire or ACH
- Detailed transaction history
- Asset reconciliation
- Disbursement detail
EMPLOYEE BENEFIT SERVICES
- Directed trustee and custodial services
- Complete trust accounting and reporting
- Contribution processing from checks, wires, or ACH transfers
- Benefit distribution processing, including tax withholding and 1099 reporting
- Trust and custody services for non-mutual fund assets
- Employer stock
- Pooled funds
- Separately managed accounts
- Self-directed brokerage accounts
Whether you are opening your first retirement account, making an annual contribution, transferring or converting an existing account or rolling over an employer-sponsored retirement plan, we offer alternatives to meet your individual situation.
- Traditional IRAs
- Roth IRAs
- Self Directed IRA
- A self-directed IRA is ideal for those individuals comfortable with making their own investment decisions. We provide the capabilities you need to plan and manage your retirement portfolio.
- Mutual Fund Services
- Brokerage Services
We provide third party administrators (TPAs) with flexible processing solutions that maximize efficiency, accuracy, and revenue.
- Mutual fund trading and settlement
- Trades processed through the National Securities Clearing Corporation (NSCC)
- Plan level or omnibus trading available
- Multiple recordkeeping formats
- Fully integrated with trust accounting systems
SERVICE PLUS
We provide numerous ancillary and custom services upon request, often at no additional cost.
- Coordinate investment manager transitions
- Coordinate with customers’ accountants and auditors to provide them with reports and answer questions
- Provide annual reports and proxy information to clients or their designated agents
- Transfer funds to/from checking accounts
- Provide performance measurement calculation and reporting as requested
- Marshall assets for new accounts
- Provide research for clients on past account activity as requested
- Stop pay and reissue of checks
- Process incoming and outgoing wire transfers and ACH
- Provide monthly, quarterly, or annual account statements in different formats and delivery methods based on client and other interested party needs
- Provide Internet access to account information for clients and their advisors. Includes 12 months of history, as-of-date reporting, and assets downloadable to many software applications
COMMITMENT TO YOU
We provide accurate, secure, and timely custody and trade settlement with courteous, prompt, personal and professional service.
- Settle all trades for stocks, bonds, government and agency issues, mutual funds, common funds, etc.
- Collect and post income for all asset classes
- Coordinate with investment managers and mutual fund companies on trade issues, overdrafts, cash balances, reconciliation questions, fees, etc.
- Cash management – including collection of dividends and interest payments, sweeping cash to the penny on a twice daily basis
- Assist customers, investment managers, auditors, and attorneys with issues and questions in regard to statements, trades, cash balances, deposits, withdrawals, Internet issues, etc.
- Setup of accounts with mutual fund companies, insurance companies, and sub-custodians
- Process stock splits, stock dividends, and tender offers
- Post principal paydowns on all types of asset backed securities
- Process amortized payments for contract for deeds, mortgages, and promissory notes
- Setup and maintenance of unusual assets (private placements, GIC’s, limited partnerships, calls, rights, or warrants)
- Process class action litigations and post claim receipts
FOR YOUR SECURITY
- Trust accounting system with annual enhancements and updated processes for regulatory compliance using the largest financial software company in the country
- Maintain and test disaster recovery/business continuity plans annually
- Provide SSAE 16 SOC 1 report to reduce client costs associated with plan audits
- Continually update information security software to protect client information and audit security procedures on a regular basis
- Review account activity on a daily basis
- Maintain an internal audit program to ensure accurate account information and compliance with laws and regulations
- All account documentation imaged with information backed up daily
- Shredding of all printed documents/reports after task review and completion
- Local personal level of customer service for all clients
- All non-salaried employees are members of OPEIU Local 12
- Pay all employees a living wage with benefits including health, dental, 401(k), profit sharing, training and education
The advantages of working with Union Bank and Trust are:
Knowledge and Expertise: Our trust professionals focus on providing our clients with the appropriate services and products to meet their financial goals
Continuity: As a financial institution with our ownership structure we can provide continuous administration for the entire life of the trust
Integration: We will work closely with the trusted team of professionals to ensure that all of the selected professionals are coordinating efforts to meet the financial and planned objectives of the trust and the grantor’s wishes.
Personal Attention: We aim to consistently meet and exceed the expectations of our clients and their team of professionals.
Oversight: We must adhere to strict state and federal regulations.
WHAT IS HAPPENING IN
INSTITUTIONAL TRUST?
