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Mound City Bank knows every business is different. That's why we offer a choice of business checking & investment accounts designed to help you meet your needs & reach your financial goals.

Estate Administration

By designating a unbiased 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

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.

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.

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.

Scholarship Trust

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. 
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  Professional experience with the probate process
w  Helps your family avoid the burden of serving as Personal Representative

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 many types of trusts that can be designed to meet your personal needs.

Irevocable 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 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.

Self-Directed Individual Retirement Services
As the account owner you make your own investment decisions and investment choices that are permitted 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

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