Can a Trust Help You?
NO NEED FOR A TRUST? BE SURE TO KNOW THE FACTS.
Do you know that even after we die, we still may have to pay taxes? Do you know your Estate Tax situation is dependent upon how large your estate is when you die? Do you know that the current maximum estate tax rate is 40%?! Do you know that federal law allows you to transfer an amount of assets free of estate and gift tax as long as it is under your lifetime “Applicable Exclusion Amount”?
WHAT IS THE CURRENT LIFETIME APPLICABLE EXLUSION AMOUNT (AEA)?
- -$5,490,000/person (up to $10.98 million/married couple)…amount increases annually by inflation.
- -Also, beginning in 2011, a deceased spouse may transfer their unused exemption amount to their surviving spouse allowing for a total of $10.98 million of transferable assets free of estate and gift tax.
- -Any portion of a person’s net worth in excess of the Applicable Exclusion Amount is subject to be taxed at the maximum Estate Tax rate of 40% at death.
- -A Trust may greatly benefit those who are at risk of paying Estate Taxes upon death.
-Please visit with our team of professional Trust Officers for further information on the AEA and how a Trust may benefit you.
WHAT IF I HAVE LESS THAN $5.49 MILLION?
-A common misconception is that a Trust only benefits the “high net worth” population. However, outside of reducing Estate Taxes, a Trust can prove to be of great benefit in many other ways, such as:
-Retain control over the distribution of your assets
-Avoid lump sum distributions of large amounts (via Probate) and limit to specific purposes or events, e.g., college tuition, health care, etc.
-Age Based Determinations – e.g., 30% when beneficiaries reach age 40, 30% at age 50, etc.
-Preservation of assets
-In many cases, only one spouse handles the majority of the family finances. A Trust can be created to ensure wealth is not wasted away in the wrong hands when the controller of the finances has passed.
-For care of someone who is incapacitated
-Often families are concerned with how a surviving incapacitated dependent will be cared for upon their death. A trust can help manage those funds and ensure that care and compassion for the incapacitated is provided for as long as possible.
-Eliminate Family Feuds
- Trusts can minimize possible conflict between heirs when an estate is being settled. Having an independent Corporate Trustee that will ensure wealth is objectively distributed according to the terms of the trust can prevent family dynamics from crumbling.
-Because Trusts avoid probate, there usually is no public record of them. This means your assets, and to whom you leave them, are kept private.
-Our team of professional Trust Officers will be happy to discuss the numerous benefits of a Trust with you. Ask us about our Corporate Trustee Services!
WHAT IS A CORPORATE TRUSTEE?
-A bank Trust Department, or stand-alone entity, with a team of employees to help build, manage, and protect your assets when you title them in a Trust.
-Benefits of a Corporate Trustee:
- Experience – they are familiar with all kinds of trusts and legal responsibilities of a trustee because they deal with trusts and estate tax planning every day.
- Higher Standard – courts consider us “experts” in the field so we are required by law, per periodic regulatory review, to maintain higher standards than a non-professional trustee.
- Objectivity – Corporate Trustees will follow your trust instructions objectively and faithfully, something family members are often unable to do.
- Reliable, professional service - A Corporate Trustee won’t become ill or die, divorce, go on vacation, move away or become distracted by personal concerns or emotions as an individual might.
- Peace of mind – knowing that you have selected a Corporate Trustee to professionally manage your financial affairs when you are no longer able to do so can be very reassuring.
For more information on our Corporate Trustee Services, please visit our United Southern Bank Trust Department in Eustis! Call 352-483-5880.
***USB does not provide legal or tax advice and, in fact, recommends involvement of your personal legal and tax advisors in the Estate Planning process.
USB Personal Mobile and Online Banking
Track your money with mobile and online banking.
Receive a text message when your direct deposit is made
Get a text message alert when a check clears or debit card payment is made
Business Customers should contact a CSR at any branch for enrollment forms.
USB Debit Card Enhancements
There is more protection for your USB Card.
Use CardValetR within your mobile app to block use of your card, set purchasing limits and spending parameters.
Use your USB Card for purchases within your mobile wallet with AppleR and Android PayTM where accepted by retailers.
Get an immediate text alert if we suspect fraud and simply text us back if it's you for an approved transaction.
Use your USB Debit card with no surcharge fees at Presto at Publix Grocery stores and Allpoint locations through out the United States. To find an Allpoint location download the app or click here.