While no one can accurately foresee the
future, First National Bank of Huntsville’s
Trust Services can help you plan for it.
We are here to help you ask the right
questions and make the best decisions, and
to develop a brighter financial future for
your family, your business interests, and
your money.
TRUST AND ESTATE SERVICES
Trusts —legal documents that are beneficial
planning tools—can help you attain many
different financial goals. You can provide for
your family in case you become physically or
mentally incapacitated, with care continuing
also after death; minimize the tax burden
faced by your heirs; provide for beneficiaries
with special needs; benefit your favorite
charitable organization with tax and income
benefits; and more.
Some of the types of accounts our Trust
Department provides include:
Revocable Living Trusts—which allow you to
retain complete control over your assets until
you direct otherwise or become disabled or
incapacitated, as stated in your trust agreement.
Testamentary Trusts—which are established
in your will and become effective upon your
death.
Charitable Remainder Trusts—which enable
you to take a current tax deduction for a gift
to a charity, while retaining a stream of
income to you or your designee. At the termination
of the trust, the gift is owned outright
by the charity.
Guardianship Trusts—for minors and those
incompetent to manage their own estates.
Life Insurance Trusts—which own the
insurance policy so that the proceeds are
not included in your estate at your death.
Estate administration is the foundation
for ensuring that your estate is handled in the
way you expect. When appointed executor or
administrator of an estate, we carefully follow
the instructions in the decedent’s will or
applicable provisions under the probate code.
Major responsibilities include:
- Preparing an inventory of assets
- Valuing assets
- Paying taxes
- Reporting to the court
- Distributing property to the legal heirs
Guardianship accounts are often established
when a minor or incapacitated person
is unable to manage their own estate. As
guardian of the estate, our Trust Department:
- Prepares an inventory of the estate and values the assets
- Manages the portfolio in the best interests of the beneficiary
- Makes periodic reports to the court
Retirement plans let you take care of business
by taking care of your employees.
Our
Trust Department has the capabilities to:
- Develop and manage both qualified and
nonqualified benefit plans that meet
company and employee goals and
objectives:
- 401(k) Plans
- Profit-sharing Plans
- Individual Retirement Accounts
- Serve as corporate trustee of the plan
- Meet with and explain benefits to employees
- Maintain the plan as required by law
- Assist in tax and regulatory reporting
- Maintain tax and ERISA qualification
For more information call our Trust Department at (936) 294-8036
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