Comprehensive Trust & Estate Services
With a variety of trust and estate management services paired with experienced trust managers, we’re here to help you find the most efficient strategies to carry out your wishes and create your legacy!
Estate Planning & Management Services
With expert estate planning services, we can help you determine the most efficient way to transfer your wealth to future generations and/or support the causes and organizations you care about. Trust Services is also here to help support your family during a difficult time by serving as the executor of your estate to carry out the terms of your will. Our professional, independent estate management services provide a number of benefits:
- Impartial, objective decision making
- Reduced workload and stress on those you care about
- Reduce the chances of disagreements among family
Revocable Living Trusts
A revocable living trust is a common estate planning tool. It can help you manage your assets and protect youself, should you become ill, disabled, or simply challenged by symptoms of aging. A revocable living trust provides flexibility, as it can be amended, or changed, over time. Revocable living trusts are designed to reduce, or even eliminate, probate costs, protect the privacy of the trust owner and beneficiaries of the trust, and ensure the efficient distribution of assets after you pass away.
Testamentary Trusts / Trusts Under Wills
A testamentary trust is a specific type of trust, created as part of a last will and testament, to ensure your wishes are fully carried out after death. A testamentary trust does not exist until you pass away. These can be structured according to your unique assets, wishes, and family dynamics. These provide professional inheritance management for your children, grandchildren, and heirs, as the trust can be established to pay out your assets to beneficiaries only when certain conditions are met.
Life Insurance Trusts
An irrevocable life insurance trust (ILIT) is a powerful inheritance planning tool that can be used to potentially reduce or avoid Federal estate taxes caused by life insurance policies. An ILIT can help you avoid having your policy death benefit included in your estate for federal estate tax purposes. At the same time, an ILIT gives you the ability to direct, through the trust document, how and when a life insurance death benefit is to be used.
Charitable Remainder Trusts
A Charitable Remainder Trust (CRT) is an irrevocable trust designed to reduce your taxable income, while also carrying out your charitable intentions. This type of trust can be a valuable strategy for capital gain tax management as it can ease the burden of taxes when selling a farm or highly appreciated assets. The trust is set-up with a donation from you, the trustor, typically of a highly appreciated asset. This gift provides you a partial tax deduction. Income from the trust is dispensed to you, or one or more named non-charitable beneficiaries for a specified period of time, like over your lifetime. After the specific time period, the remainder of the trust is donated to one or more designated charitable beneficiaries.
Managed Agency Accounts
An agency account allows an investment manager/financial planner to make portfolio decisions on your behalf based on your unique investment goals. At Decorah Bank & Trust, managed agency accounts are available to individuals and existing trusts and include:
- Complete administration & record keeping
- Consolidated reporting for tax preparation
- Discretionary & non-discretionary investment management options
Additional Trust Management Services
- Attorney-in-fact under durable power of attorney
- Payment partner account/bill payment services
- Custody accounts
- Conservatorships for individuals and/or minors
- Trust for business