Providence First Trust created its TribalTrusts division in 2001 that specializes in comprehensive trustee services for Native American trusts, especially minors and legally incompetent per capita trusts. As an independent trust company, we offer customized services that are flexible to fit your Tribe’s needs. We offer all of the following services, together or separate:
Set-Up or Transition:
With our legal background, we help tribes set up their minors per capita trusts or make amendments if needed. We also help in informing tribal members of the new or changed trust and/or procedures through community meetings and direct mail. We will make it as easy and seamless as possible.
Minors per capita trusts should not just invest for your children, but should invest in your children. These trusts accomplish that through early distributions for the health, education and welfare of your children. We process hundreds of requests each month, send out checks, correspondence and ensure funds are spent properly.
It is dangerous to give one large paper check to an 18 year old, so we set up a termination process that is secure, that has incentives for them to graduate high school, and/or that staggers full payment of large terminations over a few years.
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Distributions for the Legally Incompetent:
Those individuals that have been declared legally incompetent need special attention and protection. For this reason, their per capita is required to be held in trust for their benefit. We work closely with these individuals and customize the distributions to fit their specific needs.
Tax Payments and Filings:
Minors per capita trusts raise significant tax issues that we are experienced in handling which include calculating, paying and reporting tax withholdings, Form 1099’s to individuals who receive distributions, Form 1041’s, constructive receipt, and more.
We consider these trust funds sacred and invest them differently than any other investment account to ensure these funds are available for your children when needed. We interact closely with tribal treasury departments and investment committees to develop a customized investment objective and allocation for each trust.
We maintain a proprietary database built specifically for Native American per capita trusts with many unique features to track tribal enrollment, guardians, distributions, investment gains and individual principal and market balances. We interact closely with tribal enrollment to prevent fraud and ensure tribal records are updated.
Statements to the Parents/Guardians:
We send statements to each parent or guardian regarding their child’s trust account that is easy to understand and will hopefully help your child learn about investments and the value of saving. These statements were created solely for Native American per capita trusts and can be customized to your particular tribe.
Reports to the Tribe:
Our reports to the tribal leaders will report on the investment performance of the trust funds and also show a breakdown by category of the distributions made from the trust. We work closely with tribal leaders and upon request can create reports on almost any aspect of the trust.
Community Interaction & Education:
Our TribalTrusts staff exclusively interacts with Native American children and parents. We are always available for phone calls or walk-in visits. Also, we offer unique financial education classes and materialsfor Native American children and their parents.
We keep the highest levels of confidentiality regarding your Tribe’s per capita trust and never share any trust or individual information. Parents must verify their identity before any account information is shared. For the protection of tribal leaders, we act as an independent and objective trustee to make discretionary decisions regarding trust distributions. This helps tribal leaders and administrators avoid being blamed of any favoritism or political maneuvering. Further, we can suppress certain information in administrative reports so that tribal member’s personal financial affairs are not shared.