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TRUST and ESTATE PLANNING
"SEE US WHEN IT'S A MATTER OF TRUST"
Patt Zimmerman
Trust OfficerLaurie Mast
Assistant Trust Officer
Please contact Patti Zimmerman at 570-966-1041 to discuss your personal goals and find out how Trust and Estate services offered by Mifflinburg Bank & Trust Company can assist you in achieving your financial dreams.
Estate planning is an essential part of your plan to ensure that your loved ones are taken care of and your assets are administered in the manner you desire. Essential parts of estate planning include:
· Preparing A Will
o Who will care for your children if under the age of 18?
o How will your assets be divided?
o Who will serve as executor of your estate?
· Preparing A Healthcare Directive
o You can outline your quality of life / end of life wishes.
· Designating An Executor For Your Estate
o The use of a corporate (non-family or friend) executor often enables a family to grieve and settle an estate, without having a negative impact on the family unit.
o A corporate executor is able to follow your wishes without being emotionally invested.
· Corporate Trustee
o Manage your assets in the manner you direct.
o Invest for the long-term to achieve your desired results.
Our services are designed to make families comfortable. While the money we save families is important, the real benefit of our service is peace of mind.
Corporate Trust services offered to assist you include:
· Asset Management
· Living Trusts
· Trusts Under Will
· Charitable Trusts
· Irrevocable Life Insurance Trusts
· Estate Settlement
· Power of Attorney
· Corporate Executor
· Serve as an agent for individual or corporate trustee
· Individual Retirement Accounts for individuals and companies
Please refer to the following table for a brief description of the various trust accounts offered by
Mifflinburg Bank & Trust Company.
A TRUST FOR EVERY PURPOSE
|
TYPE OF TRUST |
WHAT IT DOES |
ADVANTAGES |
|
REVOCABLE LIVING TRUST |
Provides for asset management by a professional trustee, sets distribution guidelines. | Keeps plan flexible; avoids probate costs; provides investment management, etc. |
|
IRREVOCABLE LIVING TRUST |
Permanently transfers assets out of your estate much like making a gift transfer. | Shifts taxable income to those in lower tax brackets; protects assets from creditors, etc. |
|
TESTAMENTARY TRUST |
Establishes a trust in a will that takes effect upon one’s death. | Allows for long-term supervision and impartial distribution of assets after one’s death. |
| CHARITABLE REMAINDER TRUST | Income from property goes to owner now but property goes to charity in future. | Maintains a stream of income for owner (or heirs), yet qualifies for current tax deduction. |
| CHARITABLE LEAD TRUST | Income from property goes to charity now but property reverts to owner in future. | Helps charity sooner, qualifies for tax deduction, but keeps property in the family. |
|
BYPASS, GENERATION SKIPPING (GST) TRUST |
Provides heirs with income now, but skips their estates at death to benefit younger heirs. | Reduces estate and other taxes and probate expense by skipping intervening heirs. |
| CREDIT SHELTER TRUST | Designates specific assets to utilize Federal estate tax credits (to expire after 2009). | Maximizes the use of available estate tax credits while they remain available. |
|
QUALIFIED PERSONAL RESIDENCE TRUST |
Places personal residence in a trust arrangement meeting federal requirements. | Qualifies home for favorable (lower) valuation for tax purposes. |
| STANDBY TRUST | A dormant arrangement that is activated by various contingencies. | Provides for emergency supervision of assets under terms and with trustee you select. |
|
Not FDIC Insured |
Not Bank Guaranteed |
May Lose Value |
|
|
Not Guaranteed by any Government Agency |
Not a Bank Deposit |
||
