Personal Trust

wealthtrustPersonal Trusts to Manage Your Assets Now and to Prepare for the Future

Personal trusts, including revocable living trusts, are a great way to manage and protect your assets now while effectively preparing to eventually transfer those assets to the people you care about in the future. It’s a comprehensive asset management solution that can take care of your investing needs now while meeting current and future life and financial objectives.

Your personal trust can help you by:

  • Giving you an investment management vehicle
  • Managing your assets in the event of your incapacity
  • Providing for disabled children, elderly relatives and other family members
  • Managing assets for your family after your death
  • Providing support for children and grandchildren under the terms you select
  • Eventual distribution of assets to a younger generation in the manner you specify
  • And many more services.

Choosing Your Trustee is an Important Decision

Since part of the role of a trustee is to handle complex administrative and investment tasks, naming a trustee with that kind of experience is critical. Acting as Trustee, Community Bank & Trust of Florida can efficiently handle duties such as:

  • Collection of trust income
  • Depositing income into an account of your choice
  • Record keeping
  • Preparation of statements
  • Assisting with information on your income tax return
  • Management the trust in accordance with the terms of the trust and fiduciary law
  • Choosing strategic investments for you and/or your family
  • And much more.

Successor Trustee Appointment

You may also choose to serve as your own trustee. If you do, you can appoint a corporate fiduciary that will take over trustee responsibilities upon incapacity or death, giving you peace-of-mind that your trust will also be managed effectively and without interruption. Some established irrevocable trusts also provide for the appointment of a successor corporate trustee by a majority of beneficiaries.

Other Types of Personal Trusts

In addition to revocable living trusts, there are a variety of trusts to meet specific needs and circumstances:

Special Needs Trusts

A special needs or supplemental needs trust can help you leave assets for a disabled child or family member, while preserving their eligibility for government benefits. These trusts allow your beneficiary to continue to get the equipment or vehicles, educational opportunities, vocational training, service animals or any other services they need. By naming a corporate trustee, you are ensuring that trusted experts will distribute your assets, and your beneficiary’s needs will continue to be met over their lifetime.

Charitable Trusts

By establishing a charitable trust, private foundation, or donor-advised fund you may leave assets to charity. This allows you to create an additional tax benefit and a new stream of income. In order to achieve the maximum charitable income, and tax benefits available, we look at your long-range objectives. You have the option to name a corporate trustee to oversee distribution of your assets in accordance with your goals.

Irrevocable Life Insurance Trusts

If you have a large estate and wish to offset the estate tax, establishing an Irrevocable Life Insurance Trust may provide you with that flexibility. Working as a wealth replacement vehicle, this type of trust is regularly reviewed to ensure that the insurance policy is viable and will fulfill the intent of the trust. Because of their strict federal laws, these trusts require special expertise to administer.

Guardianships

Guardianships can be established as an alternative to trusts. We can serve as Guardian of the Property, where we work with the Guardian of the Person to manage your funds and assets, pay your bills, settle any claims, provide accounting services, and more. Not sure what your trust strategy should be? Our Trust Officers are ready to help. Contact us to schedule a no-obligation appointment.

 

The first step toward protecting your assets and peace of mind is to meet with one of our Trust Officers to discuss your needs and objectives. Call our Trust Department located in our Ocala headquarters at 352-369-1000 to schedule a no-obligation appointment. Meetings can be arranged at any of our branch offices located in Ocala, Belleview, Gainesville, Summerfield and the Villages.

Investments are Not FDIC insured; Not deposits, obligations of, or guaranteed by any bank. Subject to risks, including the possible loss of principle amount invested. 

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