Living TrustLiving Trust is an arrangement created during your lifetime in which Citizens State Bank acts as trustee. As trustee, Citizens State Bank will provide asset management for the benefit of the grantor or beneficiaries of the grantor. You will have peace of mind knowing that you have an estate plan in place that will 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 WillTrust Under Will is 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. As trustee, Citizens State Bank will work to ensure proper disbursement of income and principal paid for the family's benefit, prudent investment management, as well as maintain and file tax returns, keep records, collect rent and arrange for any details that occur when managing investments and real property.
Trusts under will are flexible and can be tailored to cover any provision or wishes you may have.
Charitable TrustCharitable Trust 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. By establishing a charitable trust, you can:
• Reduce or eliminate capital gains taxes on the sale of appreciated assets, such as stocks, bonds or real estate
• Reduce estate taxes upon your death
• Reduce current income taxes
• Make a significant future charitable gift
• Avoid probate
• Maximize the assets your beneficiaries(s) will receive after your death
Self-Directed IRAA Self-Directed Individual Retirement Account is an IRA that requires the account owner to make investment decisions on behalf of the retirement plan, assigning Citizens State Bank as the trustee to hold the IRA assets on behalf of the IRA owner. As trustee, Citizens State Bank will maintain the assets and all transaction and other records pertaining to the IRA, file required IRS reports, issue client statements, and perform other administrative duties on behalf of the Self-directed IRA owner for the life of the IRA account. Self-directed IRA accounts may invest in stocks, bonds, mutual funds, bank deposits, and other qualified investment vehicles.
Estate AdministrationEstate Administration is carried out by Citizens State Bank first being named as executor of an estate. As executor, Citizens State Bank’s duties involve gathering the assets and property of the estate, paying the decedent's debts, and distributing the assets that remain in the estate according to the decedents will. Our professional staff will carry out the administrative duties in a private, impartial manner.
Land TrustA land Trust agreement allows 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. Citizens State Bank acts only upon the beneficiary’s direction. As property owner, you still retain all rights, such as the right to possession, to collect rent, mortgage the property, homestead exemption, and any other benefit you now have. Property held in a land trust can be designated for transfer of ownership whenever you desire. Your spouse, children or other successors can bypass probate proceedings and can sell or refinance the property without delay. By forming a land trust, your interest in the property remains confidential, and any legal matters that may affect you, do not pass through to the subject property.