Trust

  • What Can a Trust Do For You?

    Trusts are flexible tools that can help ensure your hard-earned success is preserved, protected and transferred as you intend. We at Resource Bank Trust administer a broad array of trusts to meet your unique goals for today and tomorrow.

    Investment Management and Administration

    Among the services we offer are:

    • • Wealth transfer planning
    • • Custom trust solutions
    • • Trust administration
    • • Estate settlement services
    • • Guardianship services
    • • 1031 Exchanges

    Count on Resource Bank Trust to provide proactive expert advice to help you navigate the complex and often emotional decisions that come with providing for both you and your loved ones' futures. We can act as sole trustee, co-trustee, or successor trustee - depending on your preference. The trustee accepts legal responsibility for carrying out the terms of the trust and performs many or all of the following responsibilities:

    • • Accounting and reporting
    • • Investment management
    • • Securities custody
    • • Tax-related responsibilities

    For further information on Resource Bank Trust Services, please call Sandy Swanson, CTFA or Paul Neumann at (815) 748-1606.

    Click here for the latest quarterly newsletter. July, 2015

    Services Summary Services Summary
  • Living Trust

    What is a Living Trust?

    A living trust, commonly referred to as a personal trust, inter vivos trust, or revocable trust is an arrangement for the ownership of property, created by an agreement between a person (the “settlor” or “grantor”) and another person or institution (the “trustee”). The trust agreement typically provides that any property transferred to the trust will be managed for the settlor’s benefit or for the benefit of others they may designate. The settlor retains certain rights over the trust during his or her lifetime, including the right to change or revoke the trust at any time. In many jurisdictions (including Illinois), the settlor and the trustee can be the same person. In such cases, it is also common to name a successor trustee in order to insure continuity of management in the event or death or disability.

    Why Name Resource Bank as Trustee or Successor Trustee?

    Naming a corporate trustee rather than an individual ensures that a competent trustee will always be available to act in the settlor’s best interest. In other words, a corporate trustee does not die or become incapacitated, and we provide sound management for assets we administer so our clients can have peace of mind and freedom to pursue other interests.

    Who May Want to Set Up a Trust?

    Anyone. . .

    • Wishing to avoid probate
    • Needing an estate plan or inheriting substantial assets
    • Having high net worth ($100,000 in investable assets, such as stocks, bonds, CD’s, etc.)
    • Having substantial assets that create unnecessary taxes

    Although we always recommend anyone wishing to establish a living trust see their attorney to prepare the trust agreement and other estate planning documents, we would appreciate the opportunity to meet with them to answer preliminary questions or concerns prior to their visit.

    Benefits of Naming Resource Bank as Trustee

    • Ensure trust continues on for heirs, or is distributed per clients’ wishes
    • Provide financial accountability and confidentiality
    • Manage and protect assets in the event of incapacity
    • Impartial to family issues
    • Freedom from personal bias
    • Immortality
    Living TrustLiving Trust
  • Gifting

    This is the time of year many individuals consider making gifts to their families and/or charitable institutions. Many times this prompts questions regarding taxes associated with gifting.

    The Internal Revenue Service explains:

    Gift tax "is a tax on the transfer of property by one individual to another while receiving nothing or less than full value in return. The tax applies whether the donor intends the transfer to be a gift or not.

    The gift tax applies to the transfer by gift of any property. You make a gift if you give property (including money) or the use of, or income from the property, without expecting to receive something or at least equal value in return. If you sell something at less than its full value or if you make an interest-free or reduced interest-loan, you may be making a gift."

    There are some exceptions to the rule. Generally, the following gifts are not considered taxable gifts:

    • 1. Gifts that are not more than the annual exclusion for the calendar year. ($14,000 in 2014 and 2015)
    • 2. Tuition or medical expenses you pay for someone.
    • 3. Gifts to your spouse.
    • 4. Gifts to a political organization for its use.
     

    In addition to this, gifts to qualifying charities are deductible from the value of the gift(s) made.

    "The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $14,000 in 2015, the annual exclusion applies to each gift." A husband and wife can give $28,000 to each donee.

    Each year a gift is made, a gift tax return should be completed and filed with the Internal Revenue Service. The form is due by April 15th following the year in which the gift is made.

    If you should have any questions, please consult your attorney, accountant, or you may call the Internal Revenue Service at their toll-free number, (800) 829-1040.

    Trust GiftingTrust Gifting
  • Contact Us

    For further information on Resource Bank Trust Services, please call Sandy Swanson, CTFA or Paul Neumann at (815) 748-1606.

    Trust Gifting
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