Some clients will reach that place in their life where they no longer with to place any of their assets at risk but want them simply used to fulfill a specific purpose for a specific beneficiary(s). Our staff is prepared to assist our clients in the preservation of their assets in the following situations:
- A Guardianship or Special Needs Trust for the benefit of children or grandchildren with conditions limiting their ability to care for themselves.
- A Trust to benefit children or grandchildren who are minors for specific purposes such as education, health care or to preserve assets to assist them while starting up a new business venture.
- Administration of a Probate Estate with assets to be held safely while creditor and tax claims are being resolved in an estate.
- An Escrow with assets held to guarantee a specific performance for business.
- An Endowment Fund intended to help preserve the existence of an organization, institution or charitable cause.
Settling an estate or trust can be a burdensome task when a loved one is taken away. Our experienced professionals are able to assist your family members at these difficult times. Their requests and requirements will be handled in a caring manner promptly and efficiently.
Your Bank can serve as personal representative of your estate or as a fiduciary agent along with an individual named as a personal representative in you Last Will. If you wish to place assets in a living trust with yourself acting as trustee during your life, this Bank can serve as the named successor trustee upon your death, carrying out your wishes in connection with the distribution of your assets after you are gone.
Our staff is prepared to administer your estate and manage your assets as required during the period of probate, relieving your family of this burden. Our services include inventorying, collecting and valuing estate assets, helping carry out your intentions, helping meet cash flow needs and maintaining accurate estate records, and the preparation of estate and fiduciary income tax returns and payroll tax returns.
Types of trusts that can be established are virtually unlimited. Two very basic and general trust types are living trusts and testamentary trust.
- A living trust permits you to define exactly how your assets are to be handled while you are alive and for the benefit of your beneficiaries after you have passed on. This trust goes into effect while you are still living.
- A testamentary trust is established by your Last Will and comes into existence only upon your death.
These trusts allow you (not the state) to determine your trustee, your beneficiaries and the point in time when your assets are to be distributed.
1st National Community Bank and its affiliates do not render tax advice or legal advice. For specific tax advice you should consult a tax advisor. Estate planning requires legal assistance.
INVESTMENT ACCOUNTS ARE NOT DEPOSITS OF THE BANK. THESE ACCOUNTS ARE NOT FDIC INSURED, ARE NOT INSURED BY THE GOVERNMENT AND ARE NOT GUARANTEED BY THE BANK. THEY MAY DECREASE IN VALUE.