Expert planning for today's needs and tomorrow's dreams
Trust and estate planning is anything but a one-size-fits-all undertaking. Our clients' financial situations are unique and complex, and they need sophisticated strategies.
Your BB&T Wealth advisor helps you think through the important questions. Together, you'll create a blueprint that provides for your family, protects your assets and defines your legacy for generations to come.
As a BB&T Wealth client, you'll also have access to a wide array of trust account options.
Avoid the costs and hassles of probate. Preserve your privacy and ease the burden of asset transition.
During your life you may add, withdraw, buy or sell any asset as you would today. The tax status of a revocable trust remains the same as if you owned the assets in your name, which:
- Allows for the ability of a successor trustee to maintain your financial well-being upon incapacity
- Assists in relieving the burden and liability on family members
- Provides an immediate transfer upon your death to maintain continuity for your spouse or heirs
- Avoids probate fees and maintains privacy
Special needs trusts
Ensure that your special-needs beneficiary remains eligible for government programs
Provide for your loved one's well-being without jeopardizing their eligibility for government benefits. Uses include:
- Caregiving – a personal attendant or therapies not covered by Medicaid
- Experiences – travel or special events
- Services – mobile phone, internet, house cleaning
- Durable goods – furniture, clothing, computer
Endow your beneficiaries while promoting positive life choices
Encourage your heirs to live a responsible life. Incentive trusts specify certain conditions for inheritance, such as:
- Reaching a certain age
- Graduating from college, marrying, serving the community, carrying on the family business or other life events
- Avoiding illegal drugs, alcohol abuse, gambling, or other destructive behaviors
Irrevocable life insurance trusts
Take advantage of a purposeful loophole created by Congress. In most cases, life insurance proceeds can be excluded from the estate tax.
If an ILIT owns a life insurance policy, and the proceeds of the policy are payable to the trustee, then it can:
- Avoid insurance cash value or death benefit from becoming a part of your estate
- Be used to provide liquidity for estate taxes and other debts by purchasing assets from the grantor's estate
- Protect assets from creditors of a beneficiary
- Leverage the grantor's generation-skipping tax exemption
Qualified personal residence trusts
Reduce the gift or estate tax on transferring a residence
If you have a large estate and expect to face future transfer taxes, this trust:
- Is a lifetime transfer of a personal residence (primary, vacation or second home) to the trust
- Provides continued rent-free use of the residence for the term of the trust
- Reduces the gift or estate tax cost of transferring a residence
Intentionally defective grantor trusts
Enable your heirs to receive income earned from the trust without income tax liability
Lower your taxable estate while providing extra wealth for your beneficiaries. This trust:
- Usually is funded through an irrevocable gift or the installment sale of an asset
- Removes assets completely from the grantor's estate
- Freezes assets for estate tax—not income tax—purposes
- Provides beneficiaries with appreciating assets without incurring extra transfer taxes
Grantor retained annuity trusts
Transfer wealth while minimizing estate tax exposure for your beneficiaries
Keep control and a right to distributions for a period of years. This trust:
- Involves a transfer of cash or property into a trust in exchange for an annuity. The annuity is payable to the grantor for a fixed term.
- Works best in a low interest rate environment
- Offers cash flow advantages and predictable tax results
Charitable remainder trusts
Increase your current cash flow while reducing capital gains and estate taxes
For donors with appreciating assets who want to keep an attractive income stream. This trust:
- Provides an immediate charitable income tax deduction
- Allows for the sale of transferred property with no immediate tax consequences
- Includes a life insurance option to avert a "lost inheritance" occurrence
Charitable lead trusts
Provide for your heirs while leaving a sizable charitable gift
Best in low interest rate environments where the goal is to pass remainder interest to family members. This trust:
- Provides for annual distributions to one or more charities for a set number of years
- Allows the donor to control the ultimate disposition of the trust
- Is a tax-efficient means of making a future transfer to heirs
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The information provided should not be considered as tax or legal advice. Please consult with your tax advisor and/or attorney regarding your individual circumstances.