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Business Profile

Trust Company

PENSCO Trust Company

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Reviews

This profile includes reviews for PENSCO Trust Company's headquarters and its corporate-owned locations. To view all corporate locations, see

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    Customer Review Ratings

    1

    Average of 1 Customer Review

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    Review Details

    • Kathy m

      Date: 01/14/2023

      In December 2012, my husband (now deceased) and I purchased a real estate investment in ************** which we funded using monies from both of or *** accounts and a capital contribution from my savings. Since this investment contained *** funds, we were mandated to have it administered by a custodian, a function for which we selected, Pensco, now Pacific Premier Trust.The funds used were: 50% from my ***********************, 23% from my *** and 27% from savings.After the death of my husband in 2018, the *** accounts were combined in my name.Upon the sale of the property in November 2020, I requested that 73% of the funds realized from the sale be sent to the institution which holds my *** and 27% be sent to me. This 27% had already been taxed as regular income. The problem arose when PPT issued me a 1099R stating that the entire amount of funds realized in the sale were *** funds, meaning that the 27% sent directly to me were viewed as a withdrawal subject to taxation. Plees to PPT to issue a corrected 1099R were met with the demand that I put my request in writing in the from of an email. Such written request was sent on July 31, 2022 and I am still waiting for a response!The email was directed to **************************** my opinion Pacific Premier Trust has failed miserably in their role as a custodian and they have abdicated their fiduciary responsibility to me.Having kept detailed records of this investment, I was able, with the help of my accountant to obtain a ruling in my favor after about 18 months of correspondence,Deal with Pacific Premier Trust at your own risk!!

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