• Trust Advantages
  
  
• Common Trusts and Their Uses
  
  
• Commonly-Asked Questions About Trusts

Security National Bank offers service in many areas, including:

• Agency Services
• Charitable Remainder Trusts
• Conservatorships
• Endowments
• Estates and Probate
• Foundations
• Irrevocable Trusts
• Living Trusts
• Trusts Under Will

For more information, contact the Wealth Management Division at (712) 277-6586 or (800) 475-4468.





Trust Advantages [BACK TO TOP]

The major benefits of creating a trust are as follows:

Investment Management. With a living trust, you can benefit from our investment supervision. It’s our business. When we develop and maintain an investment program for you, our main concern as trustee is to meet your requirements and protect your financial assets. You can arrange for us to shoulder full responsibility for investing your trust. Or you may have us submit recommendations for your approval.

Tax Saving. A bypass trust may utilize available tax credits to protect the family fortune. The bypass trust can provide income to the surviving spouse. This type of trust is also technically referred to as an exemption equivalent trust or credit shelter trust, as well as a family trust.

Convenience. All details of buying and selling are handled by us. We keep records and submit comprehensive reports to you. We present matured or called bonds for redemption, collect and reinvest dividends and interest income, and many other duties.

Future Self-Protection. You can authorize us to act on your behalf if ever you should become incapacitated. Using this broad authority, we would be able not only to provide full investment management, but also to draw on the trust fund for your benefit... to pay household bills and taxes, for instance, and perhaps to hire a housekeeper or other necessary assistance for you.

Freedom to Travel. Our ability as trustee to handle financial matters above and beyond the usual requirements of investment supervision could also prove useful to you if you look forward to traveling extensively.

Continuity with a Living Trust. A living trust may serve the same purpose as a trust you might otherwise establish by will, avoiding some of the delays associated with probate. By contrast, a trust created by will may not become fully functional until estate assets have been identified and assembled and various legal and tax requirements have been completed.

Privacy. A person’s will can remain private during his or her lifetime but necessarily becomes a matter of public record when probated. This sometimes leads to unwelcome results. Details concerning how shares in a family business are distributed may prove all too useful to rival enterprises. News that such-and-such a beneficiary is to receive a sizable bequest may make that beneficiary the involuntary target of investment promoters. A living trust is less likely to attract public attention. The trust is established by private agreement and generally its terms remain confidential, helping to shield the family from unwanted publicity.

Estate Settlement Savings of a Living Trust. This is perhaps the best-known advantage of a living trust from an estate planning standpoint. Since the trust may not undergo the proceedings associated with probate, the overall expenses associated with estate settlement may be reduced.

For more information, contact the Wealth Management Division at (712) 277-6586 or (800) 475-4468.





Common Trusts and Their Uses [BACK TO TOP]

Given the flexibility and widespread customization in the drafting of trusts, it’s fair to say that no two of them are exactly alike. Still, trusts can be categorized by their main functions and characteristics. Here are a few of the types of trusts that may interest you.

QTIP Trust. A special form of the marital trust, the Qualified Terminable Interest Property trust, in which the beneficiaries at the trust’s termination may be established at the inception of the trust.

Bypass Trust. A bypass trust may utilize available tax credits to protect the family fortune. The bypass trust can provide income to the surviving spouse. This type of trust is also technically referred to as an exemption equivalent trust or credit shelter trust as well as a family trust.

Charitable Trust. A charity may have an income or a remainder interest in a trust; income, gift and estate tax advantages accrue to such trusts.

Gifts-to-Minors Trust. A good way to set aside funds for the future benefit of a young child or grandchild. To limit gift taxes, the trust may be funded by installments, taking full advantage of annual gift-tax exclusions.

Dynasty Trust. A special variation of the bypass trust. The dynasty trust takes advantage of the $1 million exemption from the generation-skipping transfer tax. Dynasty trust are generally intended to last for several generations.





Commonly-Asked Questions About Trusts [BACK TO TOP]

The following are questions we frequently hear regarding establishing a trust. If you would like to learn the answers to these questions and more, please contact the Security National Bank Wealth Management Division at (712) 277-6586 or (800) 475-4468. We’ll be glad to sit down with you and discuss all of your questions.

• Can I save taxes by establising a trust?
  
• Is avoiding probate important?
  
• What kind of performance can I expect from my trust?
  
• Can I direct investments in my trust?
  
• How much do I need to open a trust?
  
• Can I continue to hold a stock I’m particularly fond of?
• How expensive are trusts?
• Why should I pick a trust institution as my trustee?
• How much flexibility do I have in controling my trust?

For more information, contact the Wealth Management Division at (712) 277-6586 or (800) 475-4468.