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Individual
Retirement Arrangement (IRA)
For many
people, retirement planning begins with an IRA. For those with
an employer-sponsored retirement program, an IRA affords additional
reassurance that retirement will be free from financial worries.
At First State Bank and Trust, we offer all types of IRA accounts,
including standard deductible and non-deductible IRAs, and Roth
IRAs. These IRAs are "self-directed," allowing a wider
variety of investment options. Many clients choose mutual funds,
however individual stocks, money market funds and other investments
may also be held.
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Rollover
IRA
We can facilitate the
transfer of your retirement funds from a 401(k), an Employee Stock
Ownership Plan, or other employer-sponsored retirement plan into
an individual IRA. A Rollover IRA offers several advantages, including
confidentiality, additional investment choices, and the convenience
of a local custodian rather than a distant plan administrator.
Additionally, your retirement account maintains its tax-deferred
status when it is rolled directly into an IRA.
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Agency
Account
An agency
account is an excellent option for clients who want to make a
commitment to an investment program, bringing simplicity and discipline
to wealth development. With an agency account, you make saving
a priority by investing regularly in mutual funds, stocks or other
investments. We act as the "agent," processing transactions,
safekeeping assets, collecting income on your investments, and
making disbursements in accordance with your instructions. We
maintain all financial records within the framework of a single
account. While our fiduciary professionals can offer sound advice
based on your personal goals and current situation, you maintain
control over how your money is invested.
Agency
accounts are also excellent solutions for clients who have received
a sudden influx of cash, as well as for those who want to transfer
assets from an existing brokerage account to a trusted local financial
services provider.
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Internet
Account Access
Trust account information
can be accessed on-line through a new service called Portfolio
Account Link (PAL). Clients may view a variety of reports at their
convenience, including account holdings, transaction histories,
and more. PAL provides the capability of producing helpful graphics
and of downloading data into a number of popular financial software
applications. It's fast, easy, informative, and available to trust
clients at no additional charge!
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Living
Trust
A living
trust enables you to maintain control over your assets while you
are living, and specify exactly how those assets are to be distributed
upon your death. It provides reliable, professional management
of your assets, in accordance with your wishes, should you become
physically or mentally incapacitated. Assets held in trust are
not subject to the delays of probate court. They are distributed
as soon as possible following your death. Furthermore, the details
of a trust remain private, while a will is a public document.
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Testamentary
Trust
A testamentary
trust is established under the provisions of your will. The actual
trust relationship is implemented only after your death, for the
purpose of executing the distribution of your assets, as instructed
in the will.
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Estate
Administration
Being named the executor
or personal representative of an estate is not an honor – it is
a job, one that a bank trust department is uniquely qualified
to perform. When considering who should administer the financial
affairs of your estate, the following characteristics should be
taken into account: availability, experience, skills, impartiality
and financial responsibility. Our Trust Services Department can
fulfill these requirements, so that your estate can be administered
efficiently, promptly, economically and fairly.
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Irrevocable
Life Insurance Trust
For people
who have wealth tied up in non-liquid assets, such as real estate,
an irrevocable life insurance trust provides non-taxable funds
that can become quickly available to meet immediate estate needs.
By taking advantage of the annual gift tax exclusion, allowable
gifts can be used to purchase life insurance, which is paid to
the trust beneficiary(ies) upon your death.
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Charitable
Trust
The establishment
of a charitable trust provides a means of ensuring the fulfillment
of your philanthropic wishes. The initial contribution to the
trust, often highly appreciated stock, can be claimed as a charitable
contribution. The trust can sell the stock with no tax implications
and diversify the proceeds among other assets. A Charitable Remainder
Trust provides income to you during your lifetime, and the remainder
passes to one or more designated charities upon your death. Various
other types of charitable trusts are available as well.
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Education
Planning
First State Bank and
Trust can help you prepare for the soaring costs of higher education.
A variety of savings options are available, and we can help you
choose a program that will deliver the tax advantages and flexibility
that you desire. Ask a Trust Services Department representative
about Coverdell IRAs (formerly called Education IRAs), and other
means to prepare for the future.
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Contact our Trust Services
Department: 651-351-3760
E-mail:
trust@bayportbank.com
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Products and services offered through the Trust Services
Department of First State Bank and Trust are not insured
by the FDIC, are not a deposit or other obligation of,
or guaranteed by, the depository institution, and are
subject to investment risks, including possible loss of
the principal amount invested.
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