Farmers State Bank Recreational Banking

Trust Accounts

Long Term Goals and Protection for Assets

Revocable Trusts are wonderful tools for asset planning when the settlor wants to establish long term goals for the assets. Revocable trusts are unique planning tools used in planning for the future, both during the settlor’s lifetime and beyond. The trustee of a revocable trust is responsible for the overall management of the trust, taking his or her direction from the trust documents.

Manage Estate Taxes with Life Insurance Proceeds

Life insurance held in an irrevocable life insurance trust may avoid probate; and the proceeds won’t be reduced by estate taxes if the Life Insurance Trust is structured correctly.

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.

Distribute Assets to Heirs Over Time

A Trust Under Will is used to direct how assets will be distributed over an extended period of time after the person’s death. For example, you want to leave your granddaughter $25,000 after you pass and want it paid out in $5,000 installments over five years.

Property Ownership is Private and Avoid Probate

Land trusts make transfer of title easier by avoiding probate, and ownership is kept private so you avoid opening up your personal business to the world.

Provide Ongoing Scholarships in Your Name

If it is important to you to make gifts to organizations, or you’re looking for ways to reduce estate taxes, then a Charitable Trust may be for you. Providing funding for educational scholarships is a wonderful option for a charitable trust.

Provide Care for a Loved One

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. A Special Needs trust is ideal for this situation.