Trust Accounts
Revocable Trusts
Revocable Trusts are unique planning tools used by our customers when looking to plan for the future, both during the customer's lifetime and well as beyond. Revocable Trust's are also known as Intervivos Trusts, Grantor Trusts, and Living Trusts. The trustee of a revocable trust is responsible for the overall management of the trust, taking his (her) directions from the trust documents. Trusts are wonderful tools for asset planning when the settlor wants to establish long term goals for the assets. Often times, a corporate trustee, as in the case of Farmers State Bank is named to provide impartial and professional management for our client's assets in trust.
Irrevocable Trusts
Often designed for individuals using life insurance as the main asset within the trust, irrevocable life insurance trusts can allow for tax-advantaged management of life insurance by keeping proceeds from insurance policies out of one's taxable estate, when properly structured. Proceeds can then be made available to assist with estate liquidity needs, distribute wealth to family members, or used to supplement assets in the estate settlement process. Farmers State Bank assists our clients, acting as Trustee of Irrevocable Life Insurance Trusts.
Trust Under Will
Similar to a Revocable Trust in purpose, a Trust under Will is created at the death of the person who has directed for the establishment of a Trust under Will as a part of their individual personal estate plan. Trust under Will is also known as a testamentary trust. Trusts under Will are a good tool when planning an estate where a formal asset management structure is not immediately needed, but when specific guidance is desired for asset management after one is deceased. Farmers State Bank understands how important it is to follow the wishes of the deceased when acting as trustee under a testamentary trust.
Land Trusts
Land Trusts are vehicles for holding title to real estate where privacy is paramount. Assets held in land trusts also avoid probate. Farmers State Bank can be named trustee of your land trust protecting the interests of the beneficiaries.
Charitable Trusts
If your goal is to provide tax-advantaged contributions or gifts to organizations with charitable philosophies equal to your own, Farmers State Bank is happy to serve as trustee of your charitable trust. Trusts can be set up to provide immediate as well as deferred charitable gifts, and can be structured to provide annual or periodic distributions to the settlor during his (her) lifetime before distributing to meet the charitable intent of the trust. Other types of charitable trusts initially distribute to a favorite or selcted charity for a set timeframe, and then distribute the balance to other predetermined beneficiaries. Providing funding for scholarships for higher education is a common type of charitable trust.
Special Needs Trusts
Sometimes in life, special handling of assets is required to care for a family member or a loved one with needs that are above and beyond life's normal expectations. Farmers State Bank can act as trustee of a Special Needs Trust, using compassion, dignity, and respect for the individual beneficiary of the trust.
