Adelphi Trust Welcome Book

Hello from our CEO

Thank you for your interest in Adelphi Trust Company. We were founded with the belief that wealth management, retirement planning, and trust administration services could be provided to clients in a more holistic way and focused on the needs of a broader audience than is currently available in the market. Your financial well-being is our utmost priority.

We recognize that your needs will change over the course of your life as you face exciting and significant milestones and as you plan for the eventual transition of your wealth to those you love most. The need for a strategic, long-term partnership with a fiduciary provider is growing exponentially. Now, more than ever, families realize the opportunity to protect their hard earned wealth across multiple generations. At Adelphi Trust Company, our mission is to protect and safeguard the financial futures of you and your family, providing you with the peace of mind that comes with knowing your intentions will be realized.

In this booklet, you’ll find information about how we can support you through every milestone in life, including the services we offer and how to access your account with us. Our mission is to protect you and your family. Please contact us anytime with suggestions or with your questions about how we may best serve you.

Thank you for placing your trust in Adelphi Trust Company. We are honored to put your family first in all we do.

Warmly, CEO & Chairwoman of the Board

Katie Pemble

Creating Family-First Financial Futures.

At Adelphi Trust Company, we’re curious when others are skeptical and creative when others remain conventional. We’re serious about protecting the financial futures of our clients and those they love most, and we do it with kindness and an open mind, considering your unique story at every turn. We put family first in all we do and are committed to our clients for generations, providing highly customized and comprehensive trust and wealth management services so you can enjoy today while preparing for tomorrow – all with a steadfast ally by your side.

A Dedicated Partner for Every Need

Protecting Wealth, Preserving Legacies

Safeguard the results of your life’s work for you and your heirs through major life events while keeping your legacy intact for generations to come.

Expert Knowledge and Resources

At Adelphi, we have over a century of combined legal and fiduciary experience helping families and organizations like yours establish goals and implement solutions.

Collaborative, Empowering Partner

Find a true ally to guide and support your beneficiaries throughout their life with prudent, long-term advice.

Enjoy Today, Protect Tomorrow

Maintain the lifestyle you enjoy and plan for a retirement you’ll love with the peace of mind that comes with our undivided loyalty.

WEALTH AND INVESTMENT MANAGEMENT

A Lifelong Partner to Build Your Wealth.

Serving the current and next generation of wealth with practical plans designed for growth, resilience, and impact.

How We Help

Develop a customized financial plan that’s aligned with your values and designed to preserve and grow your wealth. As part of our comprehensive wealth and investment management services, the credentialed experts at Adelphi Trust Company provide reasoned, objective investment guidance, tax-smart strategies designed to help you keep what you earned, a seamless path to wealth transfer down the road, and proactive planning for every milestone in life.

 Wealth Transfer Planning

 Business Transition Planning

 Legacy Planning

 Asset Allocation

 Public & Private Investment Management

 Cash Management

 Tax-Efficient Investments

 Retirement Savings Planning

 Asset Allocation

 Tax Strategy and Planning

 Education Planning

 Holistic Goals-Based Planning & Investing

 Performance Monitoring and Reporting

 Philanthropy

 Risk Management

 Family Governance

Safekeeping Your Heritage.

Plan for the future, protect what matters, and prepare the next generation of your legacy.

How We Help

Adelphi Trust Company provides you with an experienced, trusted fiduciary skilled in settling estates of all complexities including unique assets such as real estate, artwork, and closely held businesses. As your trustee, we provide you and your beneficiaries the advice and responsiveness appropriate to protect your intentions and legacy. Delight in the life you’ve built with the peace of mind that you’re well taken care of.

 Trust Administration

 Trust & Estate Settlements

 Agent for Trustee

 Custodial Services

 Revocable Trusts

 Irrevocable Trusts

 Charitable Trusts

 Special Need Trusts

 Testamentary Trusts

 Life Insurance Trusts

 Directed Trusts

 IRAs

and protection. and ear for every milestone faced.

You’ve Built a Legacy. We’ll Ensure It Lasts.

You’ve worked hard to grow your wealth. We’re here to help you protect it and pass it on to those you love most.

How We Help

Estate settlement is more than simply signing and filing your will with the court. It’s a comprehensive, detailed process that articulates your intentions in passing your assets down to beneficiaries in a way that provides comfort in challenging times and assistance navigating the uncertainty of milestones ahead. Working alongside your CPA and attorney, your fiduciary at Adelphi Trust Company guides you at every step to ensure your wishes are carried out.

 Marshall and safeguard assets

 Review investment portfolio

 Collaborate with your attorney and accountant

 Secure property and work with real estate professionals

 Oversight and transfer of tangible personal property

 Pay bills and creditors

 Make distributions

 Filing necessary tax returns

 Fund any resulting trusts

As a Fiduciary for our Clients, We Always Put You and Your Family First.

The word fiduciary is thrown around a lot in the financial industry, but what does it really mean? Simply put, a fiduciary always puts clients first above their own interests.

As a fiduciary, Adelphi Trust advises solely based in our client’s best interest, discloses any possible conflicts of interest, and provides transparent fees.

Some advisors are only governed under a suitability standard set by the Financial Industry Regulatory Authority (“FINRA”). This means the advisor must have a reasonable belief that an investment or transaction is suitable for the client. This is a lower standard than a fiduciary standard requiring the investment be in the best interest of the client.

Fiduciary duties exist in a variety of business relationships such as corporate board members and

the shareholders, attorney and clients, and most commonly as trustee and beneficiary.

Working with Adelphi Trust means that you can be assured we will always put your interests first, and not our own. You don’t have to worry about conflicts of interest, improper fees, or incentive based on products. Not only are all our actions governed by a fiduciary standard, but we also truly want what is best for our clients.

Because we serve to protect, when our clients prosper and meet their goals, we have accomplished our mission.

Answers from our Chief Fiduciary Officer

For our Chief Fiduciary Officer, Gentry Byrnes, serving clients is personal. Initially drawn to the value of counselling and interpersonal relationships in business, Gentry focused her undergraduate studies on industrial psychology. This has always influenced her legal career and how she provides advice for her clients’ long term best interests. As an attorney, Gentry felt privileged to walk alongside her clients through some of the most traumatic events in their lives, guiding and advocating for them and their families. Gentry’s desire to remain a trusted advisor and advocate for her clients throughout their lives, and for their successors, led her to the important work as a fiduciary. Here, Gentry answers some of the most important questions we receive at Adelphi Trust about how we serve our clients as fiduciaries, advisors, and committed partners through every milestone in their lives.

In my role, I get to combine my love of relationships and my passion for helping people with the legal side of planning for the future, giving them the confidence that their wishes for the future will be upheld—not only for themselves but for those they love most.”

Q A

Why do I need a corporate trustee?

The term “corporate trustee” can sound a bit clinical, and it’s understandable why many clients first instinct is to assign someone they know personally. Unfortunately, as an attorney, I have seen firsthand that the vast majority of trust litigation occurs with family member trustees. Acting as a trustee is a complex and demanding position, and not every individual has the experience or time to successfully fulfill the role. As a trustee, the individual is assuming personal liability, which is a significant burden to place on someone who likely does not have the experience necessary to ensure all laws are followed, the grantors’ wishes are fulfilled, and the beneficiaries are taken care of as required.

Q A Why Adelphi Trust?

At Adelphi Trust, we have deep experience and expertise in working with families. While you may be the client who needs to assign a trustee, we understand you have wishes beyond your own future, for your loved ones and future generations of beneficiaries. We look beyond a single individual or generation work to ensure your family goals are met, to help younger family members accrue and protect wealth and understand the significance of their generational wealth.

At Adelphi Trust, we are devoted experts with over 100 years of combined experience. We are deeply familiar with the statutory requirements and legal and fiduciary responsibilities as well as the best practices for complex types of trustee roles, such as of a trust for a child with special needs. Unlike an individual, corporate trustees are able to continue their work in perpetuity, without a need for a complex succession plan.

As your trustee, we will serve as an objective, conflictfree advisor, ensuring your plan is secure yet agile enough to meet your changing needs, or those of your beneficiaries, throughout your lives and beyond.

Over my 30-year career, I have seen families struggle to find a trust company that can provide the customized solutions they are looking for. At Adelphi Trust, we’re able to work with estate attorneys to craft the best plan to meet a client’s goals, ensuring their unique family circumstances and goals for the future are reflected in their trusts.

Q A

Frequently Asked Questions

How often should you review your estate plan?

You should review your estate planning documents (will, trust, health care surrogate, durable power of attorney and living will) every three to five years. In just a few short years, major milestones can occur in life that can require you to make important decisions regarding your health care, enjoying your retirement years, and providing for those you care about.

Below are some life events that may trigger a review and possible update to your estate planning documents:

Death or Incapacity: If a key person in your trust dies, an amendment may be necessary. Review your trust to determine whether an alternate is identified or if you need to appoint someone capable of accomplishing those responsibilities.

Divorce: If you or one of your beneficiaries divorces or gets married, you may need to change some of your estate planning documents.

Birth of Child or Grandchild: Addition of children or grandchildren to the family may also inspire you to change how you intend to distribute your assets at death.

Child becomes an Adult: When your child or grandchild hits the age of majority or maturity level, it may require a change in your documents.

Financial Change: If your financial situation changes for any reason, you may need to conduct additional planning. For example, if you sell a business, buy a business, or inherit funds.

Q A How do I access my account?

Q A

Go to adelphitrust.com and click at the top of your screen. Client Log In

As a beneficiary, how do I make a request for a distribution?

Contact your trust officer to review the requested distribution. We will evaluate if the request falls within the terms of the trust and discuss with you the rationale for our decision. In making a discretionary distribution, the most important factor is the trust document

language but other factors are considered including the size of the trust account, the future needs of the beneficiaries, the assets of the trust, and any age attainment requirements.

Part of safeguarding your legacy is doing the work in advance to prepare and protect your beneficiaries. Don’t make the mistake of assuming your estate planning documents are comprehensive and the plan is what you imagine, reach out to us at Adelphi Trust, so we can carefully review your estate planning documents and put your mind at ease knowing your dreams for the future are intact.

Our Services & Fee Schedule

• Safeguarding of assets

• Establish and monitor asset allocation

• Review and execute trades

• Monitor investment performance

• Economic updates & performance reviews

Investment Management Fee

Less than $1 million

$1 – $5 million

$5 – $15 million

> $15 million negotiable

Trustee/Co Trustee services:

Additional 0.50%

*Annual minimum fee of $6,000

Trust & Estate Settlement Services:

3.0% of the first $1 million

2.5% for amounts above $1 million up to $5 million

• Trust income and principal accounting

• Daily cash management

• Bill pay services

• Online access

2.0% for amounts above $5 million up to $10 million

1.5% for amounts above $10 million

Taxes

$750 Preparation of annual Form 1041 (both Federal and state)

$250 Preparation of Grantor tax letter or annual tax worksheet

Real Estate

Value of the real estate is included in the AUM fee above except for grantor occupied property. $1,000 annual fee for grantor occupied real estate

2% One-time fee for sale or purchase of real estate

ILITs:

Annual Fee $3,000 (one policy)

Each additional policy $250

Special Assets:

Value of Unique or Specialty Assets is included in the AUM. Managing unique or special assets such as closely held businesses, partnerships, oil, gas & mineral interests may be charged an additional fee depending on the services required. Any such fees are disclosed at acceptance of the asset.

Reasonable additional fees will be charged for special services, such as management and disposition of specialty assets (including but not limited to oil and gas, closely held businesses), preparation of non-standard reports, and providing specialized investment services. Mutual fund, exchange traded funds and other investment products may be subject to additional fees and expenses as charged by the funds or products.

Fees stated above are annual fees and prorated monthly during the year. A full annual fee will be charged for accounts that close within the first year

of administration. Unless indicated differently in governing document or by applicable law, our fees are charged 50% to income and 50% to principal.

Fees do not include fees and expenses of third parties employed for services on behalf of an account such as attorney’s fees, accountant’s fees, broker’s fees in connection with a purchase or sale of an asset.

This fee schedule is subject to change by the Board of Directors of Adelphi Trust Company.

Cash Management

Uninvested client cash is swept each business day to Federated Hermes Government Obligations Fund, government money market mutual fund offered by Federated Hermes. (Ticker: GOIXX) (the “Federated Fund”). Funds deposited in your account after a cutoff time, which will ordinarily be 2:30 PM Eastern Time, will be swept to the Federated Fund on the next business day. Adelphi Trust may adjust the cutoff time in its sole discretion from time to time.

The Federated Hermes Government Obligations Fund is a money market mutual fund seeking to provide current income consistent with stability of principal by investing in a portfolio of U.S. Treasury and government securities maturing in 397 days or less and repurchase agreements collateralized fully by U.S. Treasury and government securities. Investments in the Federated Fund are not guaranteed or insured by the Federal Deposit Insurance Corporation, or by any other government agency. The Federated Fund does seek to preserve the value of an investment at $1.00 per share, but the value of the investment is not guaranteed.

The information provided herein regarding the Federated Fund is excerpted from the Federated Fund prospectus and is qualified in its entirety by the prospectus itself. The prospectus and related information for the Federated Fund is available at https://www.federatedinvestors.com/ products/mutual-funds/govt-obligations/is.do

Adelphi reserves the right to change the uninvested cash sweep fund based upon market conditions.

Investments

Investment products and services are not obligations of or guaranteed by Adelphi, are not insured by the FDIC, and are subject to investment risks, including possible loss of the principal amount invested. Please see the Adelphi Investment Policy Statement (IPS) for specific investment allocation information regarding your account.

Mutual funds, exchange traded funds, and other investment products may be subject to additional fees and expenses as charged by the funds or products. Mutual fund fees

are described in the mutual fund prospectus. Such fees are expenses of the mutual funds and are reflected in the investment returns which are quoted net of all expenses. Mutual fund prospectuses are available upon request.

If you have any questions regarding the mutual funds or other investment products held in your account, please contact Adelphi.

Rule 12b-1 Fees

A portion of the commissions or fees charged by the fund management companies or their affiliates may be paid to Adelphi for administrative services. Such payments are governed by Rule 12b-1 of the Investment Company Act of 1940, as amended. Generally, the fees (known as “12b1 fees”) are less than 1.00% of the average annual share value of the fund shares. When 12b-1 fees arise from mutual fund assets held in accounts in which Adelphi Trust has discretionary authority we will provide a fee offset in an amount approximately equivalent to the 12b-1 fees received. This fee off set will be applied to our account fees and will show on the account statement. When 12b-1 fees arise from assets held in the subaccounts of annuities, life insurance policies or other similar products, they may be retained or credited to us or our providers. In these cases, the fee offset will not be applied to the account fees. Additional information concerning the calculation of 12b-1 fees is set forth in any fund’s prospectus relating to the mutual fund and is available upon request.

Class Action Lawsuit Servicing

Adelphi Trust utilizes a third party that specializes in class action settlements to seek recovery in class action lawsuits involving assets that have been previously or are currently held in the account. The third party receives a percentage of the recovery, if any, as its fee for the service provided.

Statements

Client may be asked to authorize Adelphi Trust to provide statements electronically to Client or others as Client may direct, showing all transactions in the Account since the date of the last preceding statement. Electronic statements will be uploaded to Client’s Account Online (Online Portal) and

can be accessed by Client through Adelphi Trust’s website at adelphitrust.com. If Adelphi Trust does not receive any objection to a statement within ninety (90) days of its issuancet, the statement shall be deemed approved by the Client and by all persons to whom Adelphi Trust issues the statement, and the Adelphi Trust shall be forever released and discharged from any duties, obligations, or liability of any kind arising from all transactions identified in such statement. Adelphi Trust will issue paper statements upon written request by Client. If Client is unable to print or download their statement from their Online Portal, paper statements may be requested by calling or e-mailing Adelphi Trust. Client retains the right to withdraw consent to receive statements electronically at any time by providing written notice to Adelphi Trust.

Client shall receive notice by e-mail when an electronic statement has posted to their Online Portal. Client acknowledges that they will retain the default settings within their Online Portal to receive notifications when the Client’s Account statement is delivered within the Client’s Online Portal.

Online Portal

Client can view their account activity and access their Adelphi statements online through our Online Portal by visiting Adelphitrust.com and clicking on the Client Login button. Clients can also use their smartphone camera to scan the code below to access the Online Portal.

New Clients will receive an email to activate their access to the Online Portal.

If Client is unable to access the Online Portal, Client should promptly notify Adelphi Trust.

Notice regarding Statute of Limitation for Breach of Trust

An action for breach of trust based on matters disclosed in a trust accounting or other written report of the trustee or a trust director may be subject to a six (6) month statute of limitations from the receipt of the trust accounting or other written report. If you have questions, please consult your attorney.

An account statement serves as a trust accounting. Anyone objecting to any transaction or other matter(s) disclosed in an account statement, including but not limited to, compensation received by Adelphi, distributions and disbursements made on behalf of this account and investments made, held or disposed of in the account is required to provide written notice of such objection(s) to Adelphi, and/or its agent, in order to preserve their rights to bring legal action relating to such objection(s).

Adelphi offers wealth management services in coordination with your legal counsel or accounting firm. We do not provide tax, accounting, or legal advice. Please consult with your tax, accounting, and legal advisors before engaging in any transaction.

Client Portal

Use your smartphone camera to scan this code or visit adelphitrust.com to access the client portal.