WELCOME TO MOUND CITY BANK WEALTH MANAGEMENT AND TRUST SERVICES
Wealth Management/Trust Department Services
Through our Wealth Management division, our professionals will bring strength, stability and personal attention to your retirement planning process. We will discuss asset allocation, portfolio construction, beneficiary designations, risk tolerance, reward benefits and tax issues as they apply to your own specific needs and goals. We strive to simplify your life by combining investment management, consolidation of tax information and recordkeeping services so you can concentrate on other obligations and enjoy your valuable free time without any worries.
We are dedicated to providing exceptional and professional service to help our clients manage and maintain their wealth with personal attention designed to give them peace of mind. A personal trust can be a valuable way to preserve and pass on the value of your assets to the people or a charitable organization that is very important to you.
Mound City Bank can provide estate administration and probate services, administration to trust, guardianship or conservatorship accounts. See our trust officer for details.
Estate Administration
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Probate Services
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Guardianship or Conservatorship Accounts for Estates
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Trustee Services
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Revocable Living Trust
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Irrevocable Life Insurance Trust
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Charitable Lead Trust
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Charitable Remainder Trust
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Scholarship Trusts
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Self-Directed Individual Retirement Services
Estate Administration
By designating a disinterested third party, such as our Trust Department, administration of the estate becomes a smoother process. Our basic duties as Personal Representative of the estate are:
w To take possession of the property of the deceased
w To inventory property and determine fair appraisal values
w To pay debts and taxes owed by the estate, with the appropriate post-mortem planning
w To distribute the remainder of the property as directed by the will
Probate Services
By hiring our Trust Department to serve as Personal Representative or Agent to the Personal Representative we can help an heir to an estate or an individual organize their estate prior to death. The benefits of having our Trust Department serve as Personal Representative or Agent include:
w Inexpensive and unbiased estate administration
w Inference Tax expertise
w Experience with the probate process
w Helps your family avoid the burden of serving as Personal Representative
Guardianship or Conservatorship Accounts for Estates
By naming our Trust Department as a neutral party as guardian or conservator you can save yourself the trouble and heartache sometimes caused by a family member serving that capacity. The responsibilities of a guardian or conservator are numerous. The benefits of having our Trust Department serve as guardian or conservator include:
w Provide impartiality by doing what is in the best interest of the ward
w Ensure that the ward’s financial affairs are properly cared for such as making disbursement to or on behalf of the ward, and safekeeping property or assets of the ward
w Keeping accurate records and filing the annual inventory with the court
Trustee Services
As trustee, Mound City Bank can provide the expertise, personalized attention, professionalism and continuity for effective, worry-free trust management to help maintain and transfer your wealth. There are my types of trusts that can be designed to meet your personal needs.
Revocable Living Trust
A Revocable Living Trust ensures your assets will be handled according to your wishes. It will simplify your recordkeeping, protect your assets if you become incapacitated and avoid probate at death. It also allows certain assets to be retained in trust for the benefit of others after your death.
Irrevocable Life Insurance Trust
This trust protects your life insurance from being taxed in your estate. It provides funds through loans or purchases of assets to pay your estate taxes and protects your beneficiaries.
Charitable Lead Trust
This is an irrevocable trust that offers useful gift and estate tax leveraging tools for charitable inclined investors. You may choose to donate cash or a growth-oriented asset. This type of trust is designed to pay a distribution, based on a specific formula stated in the trust, to the chosen charity for a definitive time period. After that time period then the principal of the trust is paid to the “remainder beneficiary” that is a member of your family other than you or your spouse.
Charitable Remainder Trust
A Charitable Remainder Trust is a unique gift and estate planning vehicle. As the donor of this trust you received significant benefits such as a current income tax charitable deduction, increase in annual cash flow, avoiding capital gains taxes on selling appreciated assets, making the full value of your assets available for income generation, allowing diversification of the full value of the proceeds and possible reduction of estate tax at death. As donor you can name a current beneficiary or multiple beneficiaries who receive cash a cash flow for life or a period of years. You also name the charitable remainder beneficiaries that receive the principal of the trust after the death of the current beneficiaries or when the term stated ends.
Scholarship Trusts
This type of trust can be established to be a perpetual giving trust for the benefit of an unknown beneficiary. The governing document can dictate certain eligibility requirements that must be obtained before the chosen recipient gets a distribution to apply towards the cost of post high school education. Such requirements could be a specific grade point average or field of study or activity. It is designed specifically to carry out the wishes of the grantor.
Self-Directed Individual Retirement Services
As the account owner you make your own investment decisions and investment choices that are permited by the Internal Revenue Service.
As a qualified trustee or custodian of your account we will hold the IRA assets on your behalf and provide you with the following services:
w Maintain the assets and all transactions and other records pertaining to them
w File required IRS reports
w Issue client statements
w Assist you in understanding the rules and regulations pertaining to certain prohibited transaction
