Trust Department Services
Why do so many people select our trust and investment services? Is it because of our successful track record in financial matters? Maybe. But perhaps there is another reason as well.
We provide far more than good investment yields or competent estate administration; we provide people with personal attention. Our services are designed to make families comfortable.
While the dollars we conserve for families are important, the real benefit of our service is peace of mind. Why do people rely on our trust and investment services? Because they can trust us!
This web page will provide you with a very broad outline of the investment and trust services we provide. It is a primer on the subject of estate planning that can acquaint you with our services.
Whenever you would like to learn more about your trust and investment options and the ways that we can help, our doors will be open. You have our standing invitation to meet with us and talk in confidence, with absolutely no obligation.
Some of the questions you may have right now
Just below, we will discuss the services we provide for investments, living trusts, estates, and the trusts in your will. But there are probably several questions you would like answered immediately.
Are your services just for people writing a will?
Not at all. Our investment services are for everyone. People of all ages take advantage of our trust services immediately as part of their current financial plans.
What exactly is a trust?
It's simply an agreement where you put money (or other assets) into an account, and we agree to manage and distribute the assets according to your instructions.
Why should I use a trust?
To obtain investment management or long-term supervision of assets. To make sure funds are available for a beneficiary at some future time. To save taxes. For security and peace of mind.
Services offered by the LSB Trust Department
Revocable or Irrevocable Trust
As trustee we will take care of all of the investments, we will hold all assets in the account in safekeeping, we will collect and disburse all income according to the terms of the trust, we will pay all bills and have all tax returns prepared for the trust. We will send out a quarterly statement to the client and we will also meet with the client on an ongoing basis to discuss the terms of the trust.
Estates as Executor or Administrator
We will do the collecting, valuation and disbursing of all probate assets. We will pay all of the creditors claims and have all tax returns prepared in a timely manner. We will work with the attorney and report to the court on all matters concerning the estate. We will disburse all assets to the beneficiaries in a timely manner in order to close the estate as quickly as all matters have been completed.
Trusts Under Will
The trust will be set up in accordance with the terms of the will in a timely manner. After the trust is set up, all of the terms of the trust will be carried out as outlined in the trust.
We will perform all duties outlined by the court order and report to the court all transactions that have been performed in this account according to the order issued by the court.
Employee Benefits Agency Accounts
The trust department will hold all assets and collect and disburse income and principal as directed by the agents of this account. All pensioners will be paid under the terms of this account. The tax reporting for the payroll will be prepared by the trust department. An officer of the trust department will attend the quarterly meetings of the pension plans.
The trust department also offers agency accounts for paying of bills, preparing payrolls and all tax reporting for the payrolls or for collecting income and disbursing of income as directed by the agency agreement.
Individual Retirement Accounts (Traditional, Roth or Self-Directed)
As trustee we will hold all assets and perform all aspects of investments (such as buying stock, selling stock, voting proxies, mergers, exchanges, etc) as directed by the owner of the account.
A land trust can be set up so that the title of a piece of real estate is held by the trust department as trustee but at the same time the individual who purchased the land will have all of the rights and conveniences of ownership.
Corporate Fiduciary Accounts
The bank will act as Registrar or Bond Paying Agent for Municipal bond issues. The bank acts in accordance with the request of the bond dealers, school district or municipalities.
Sec. 1031 Tax Deferred Exchange (Starker Exchange)
The trust department will hold and disburse funds according to the qualified exchange agreement of the Starker Trust.
Again, whenever you would like to learn more about your trust and investment options and the ways that we can help, our doors will be open. You have our standing invitation to meet with us and talk in confidence, with absolutely no obligation.