Maine Fiduciary
& Trustee Services
As a Trustee, Personal Representative, and/or Conservator we provide:
Expense Tracking and Risk Management
Another critical duty is monitoring potential financial risks. We methodically monitor and record expenses to maintain a clear overview of financial activities. Maine Fiduciary Services assists beneficiaries in making informed decisions regarding financial activities and their potential effect on their economic health.
Account Reconciliation
Maintain accurate financial records by ensuring all financial accounts are accurately tracked and balanced. This process involves regularly reviewing statements, investment accounts, and other financial records.
Timeline Management
We have a commitment to efficiently manage tasks and deadlines to ensure the timely completion of fiduciary responsibilities. This includes tracking due dates for bill payments, tax filings, and trust administration tasks to ensure timely execution.
Beneficiary Communication
It is our goal to facilitate transparent and effective communication with beneficiaries to address their needs and concerns. This involves providing updates, answering questions, and ensuring beneficiaries understand distributions or changes in their financial needs.
Bill Payment
We ensure timely and accurate payment of bills, relieving clients of financial management burdens. A fiduciary also helps beneficiaries create a financial budget tailored to their unique goals, life stages, and financial situations.
Funds Distribution
We will execute precise and secure distribution of funds according to established guidelines and plans. Maine Fiduciary Services will handle the timely and accurate disbursement of funds to beneficiaries or other designated parties. This includes coordinating payments, trustee services, maintaining records, and adhering to trust or fiduciary requirements.
Tax Compliance
Maine Fiduciary Services partners with tax professionals to navigate complex tax regulations to ensure compliance and minimize tax liabilities. We prepare and file tax documents in accordance with state and federal regulations. This includes maximizing deductions, managing trust tax requirements and trustee services, and ensuring timely submissions to avoid penalties.
Annual Review
Working with Maine Fiduciary Services ensures adherence to the highest ethical standards. We are legally bound to act in good faith, maintain confidentiality, and avoid any conflicts of interest. This means we conduct thorough annual reviews to assess the overall financial strategy and make necessary adjustments as needed. This review ensures that strategies remain aligned with the client’s goals and adjusts for any life or market changes.
Special Needs Trust
Maine Fiduciary Services manages trusts designed to provide for individuals with disabilities without jeopardizing their eligibility for government benefits.
SSI and Medicaid Compliance: Ensuring that trust spending aligns with SSI and Medicaid income and resource rules, preserving the beneficiary’s eligibility for public benefits.
Enhancing Quality of Life: Focusing on preserving the dignity and quality of the beneficiary’s life, providing guidance on trends and new tools to enhance their independence, including the use of ABLE accounts.
