A trust is an integral part of many estate plans that ensures your property will be managed during your lifetime and transferred to others at your death by your Trustee, exactly as you intend. Your legacy is important. Your Trustee should have the ability to make sure your legacy is passed properly according to your plan. Trusts are extremely flexible. They can be revocable or irrevocable; short-term or last for generations; for family or charities. You need a Trustee that has experience with all types of trusts. We can provide you with the personal attention and professional expertise needed for the confidential administration of your trust or estate, as well as sound investment management, no matter what type of trust you have.
Revocable Living Trusts
A revocable living trust provides maximum flexibility in controlling assets during one's life. You remain in full control of your assets and can change or revoke the trust at any time. A living trust can help you avoid probate, distribute assets quickly to beneficiaries, and protect assets if you become disabled.
An irrevocable trust is an arrangement in which the grantor departs with ownership and control of property. Usually this involves a gift of property to the trust. Once it is created, it cannot be changed. First National Bank & Trust Company can serve as the trustee of your irrevocable trust, ensuring that the trust is administered as you've directed.
Special Needs Trusts
A special needs trust provides for the support of an individual with a disability by supplementing rather than replacing government benefits. The trustee may have full discretionary distribution authority and the beneficiary has no legal control over the trust property. SSI and Medicaid programs don't consider trust assets to be a resource to the beneficiary and do not interfere with beneficiaries' eligibility for those programs. The trustee holds fiduciary responsibility to manage the trust's property and income for the beneficiary.
A charitable remainder trust benefits the charities you love and allows you to retain the income from the trust while generating an income tax deduction. The Bank serves as trustee for these gifts, managing, administering and disbursing them to assure that the charitable intent established by the donor is adhered to in perpetuity. The Bank also serves as investment agent for the charity itself to professionally manage and account for gift funds in its portfolio.
A testamentary trust is created under a will and becomes effective only after the author's death. A person writing a will may leave property directly to the beneficiaries or leave it in a trust for them. Testamentary trusts are established to protect the inheritance of beneficiaries and manage investments, businesses, and farms. Inheritance protection includes preserving the family home, relieving survivors of the responsibility for managing investments and other property, and supplying income necessary to maintain the beneficiaries' standard of living.
A guardianship is a court-appointed arrangement for the financial protection of the estate of an incapacitated person. Guardianships are established for individuals who are considered legally incapacitated and own property not otherwise protected, have business affairs that are jeopardized by their incapacity and need funds for support or education of themselves or their dependents.
Irrevocable Life Insurance Trusts
A life insurance policy is transferred to an irrevocable life insurance trust (ILIT) and in doing so, the trust becomes the owner. The ILIT can provide financial security to beneficiaries through the death benefit or provide liquidity to pay estate tax. During the insured's life, he or she makes gifts to the trust and the trustee makes the premium payments. Upon the insured's death, the trustee distributes or manages the insurance benefits according to your wishes.