2012 Spring Newsletter
Trusts can be powerful and versatile estate planning tools with the ability to accomplish a number of financial goals and estate planning objectives. By establishing the right kind of trust, you can ensure that your assets will be managed properly should you become unable to do so yourself. Trusts can help protect your estate and minimize your estate tax burden. They can help protect your privacy by avoiding probate, as well as ensure that all of your wishes are carried out during your lifetime and thereafter.
Deciding who will handle your financial affairs when you are no longer able to do so is an important decision. Many people name a family member to serve as trustee. However, there are several factors to consider when doing this, such as whether that person has adequate experience to manage your financial affairs, or whether or not they have any desire to do so. One possible solution to these questions is to name Citizens State Bank Trust Department as trustee to ensure your wishes are carried out in an unbiased, professional manner.
There are several different types of trusts available to help you meet your estate-planning goals.
Living Trusts:An arrangement created during your lifetime in which Citizens State Bank acts as trustee and provides asset management for the benefit of the grantor or beneficiaries of the grantor. By doing so you would have an estate plan in place that would protect your property from probate, ensure a private and efficient transfer to your beneficiaries upon your death, and provide you with professional asset management during your lifetime.
Trust Under Will:An agreement in your will that provides the instructions for taking care of your beneficiaries, as well as the property left to them upon your death. Trusts under will are flexible and can be tailored to cover any provision or wishes you may have.
Land Trust:An agreement allowing you to transfer legal title of your property to Citizens State Bank as trustee while retaining all of the beneficial interest and privileges of property ownership.
This is an irrevocable trust that is designed to convert your assets into an income stream to one or more charities that are special to you.
Other estate services provided by Citizens State Bank’s Trust Department include Self-Directed IRAs and Estate Administration. With the help of Citizens State Bank’s Trust Department, you can spell out your wishes and know that they’ll be granted to your specifications.