Trust Services involve the professional management and protection of your personal property for the benefit of others, most typically your heirs.
Why do you need professional advice on trust matters? Because taxes, inflation, and mismanagement pose a real threat to your wealth, and can greatly diminish what you’re able to pass on to your loved ones.
Our JBT Financial Services team works hard to protect your spouse, your family—and even your business associates—with experienced guidance designed to minimize tax liabilities.
We offer a full range of trust programs, all to help conserve your estate and give you and your loved ones peace of mind.
At JBT Financial Services, you can combine the management of your short-term assets with your long-term financial goals. As Fiduciaries, our team will invest your savings and retirement accounts based on your goals and objectives in a strategy that best suits your needs. With all your accounts under one roof, fund transfers to your checking or savings accounts can easily be initiated with a single phone call.
The title of Executor was once little more than an honorary one, but times have changed. Complex estates and soaring taxes have made the duties of the executor quite real—and burdensome if the executor lacks the financial skills and experience.
Even with a modest-sized estate, the executor must perform the functions of accountant, bill collector, and tax expert. For example, an executor needs to:
- Locate, take inventory, and safeguard all estate assets, and establish their value for tax and accounting purposes.
- Provide management for income-producing real estate and business interests.
- Provide investment management services to determine if stocks, bonds, or mutual funds should be held or sold to preserve the estate’s value.
- Pay funeral and estate administration costs and legitimate claims of creditors.
- Collect debts owed and be prepared to defend legitimate claims.
- Sell estate property at the best price to raise funds for expenses, debts and taxes.
- Assume responsibility for all estate, inheritance, income or gift tax returns as required by state and federal laws.
- Keep detailed accounting records.
- Distribute estate in accordance with the will.
When you name JBT Financial Services as your executor, our trust officer becomes a vital link with your family, ready at all times to answer questions or discuss the progress of estate administration. We’ll provide personal, efficient, and cost-effective administration of your estate.
Testamentary Trust Services
When a will calls for the long-term management of funds in trust, it is called a Testamentary Trust.
The Testamentary Trust is created with the needs of your immediate family (especially a spouse) in mind. It features flexible provisions for full-time support and protection, and offers significant tax savings.
The JBT Financial Services team can help you avoid repeated taxation of the same property as it passes from one heir to another through the use of trusts. It may also be possible to reduce income taxes by shifting income to heirs in lower brackets.
The objective of the Testamentary Trust is to keep trust principal safely and productively invested, and to pay income to named beneficiaries. Unforeseen needs are met through a provision that allows us to pay trust principal in the event income alone is insufficient.
Living Trust Services
A Living Trust allows property owners to take advantage of our investment expertise while they are still living. With JBT Financial Services named as trustee, we take possession of securities, keep them safe in our vaults, and execute all of the troublesome paperwork associated with trust management.
Trust investments are made under the continual watch of our investment officers—always with your personal investment goals in mind. Income is paid to the trust creator or to a designated individual.
A Living Trust has many benefits:
- In the event of physical or mental disability, it can pay bills and protect property without the intervention of a court-appointed guardian.
- A Living Trust can survive the creator and continue to furnish financial security for your family. Like the Testamentary Trust, the Living Trust may have tax savings benefits, and since the assets in a Living Trust usually avoid probate, the expenses of administering the trust maker’s estate can be significantly reduced.
- Most Living Trusts are revocable. This flexibility allows you to amend or terminate a trust based on the changing needs of your family.
Estate Planning Services
The JBT Financial Services team can provide a comprehensive Estate Planning review and analysis to help make certain that your wills are up-to-date, that your heirs will be properly taken care of, and that you have been made aware of all available alternatives to reduce and/or eliminate excessive taxation and probate costs.
Asset Protection Services
We can do an analysis of the steps you can take to reduce income taxes, save money toward retirement, reduce credit card debt, and arrange for children’s educational expenses. In other words, we’ll work to protect your wealth in today’s changing economic environment.
For a free consultation to discuss your personal financial goals, please contact Terry Resanovich at 717-389-0255.