Trust and Estate Administration
Personal Trust
A trust is an effective tool for managing your assets during your lifetime and for the benefit of your loved ones after you are gone. A personal trust can hold and manage assets and pass those assets on to heirs as instructed, and can provide significant tax advantages to help you preserve those assets.
Our trust specialists at Prosperity Bank can help manage the following issues related to personal trusts:
- Taxation and legal matters
- Investment management
- Property management
- Mineral management
- Charitable contributions
By naming Prosperity Bank as your trustee, you and your beneficiaries will benefit from the knowledge and expertise our team will commit through specialized service.
Estates
Good estate planning uses a combination of products, services and advisors to help you incur minimum expenses and provide for your loved ones for the future. An important part of your estate planning is selecting a representative to settle your estate according to your intentions. Services we provide include:
- Collecting and valuing all the assets
- Filing any needed state and federal tax returns to include legally required reports to the court of record
- Paying claims and debts of the decedent
- Accounting to the heirs
- Distributing the net assets to the beneficiaries of the estate according to your wishes
- Serving as your executor to carry out the terms of the Will and settle the estate quickly, fairly and objectively
Prosperity Bank can also help beneficiaries revise their own financial plans once the assets have been distributed. Above all, family members can count on us to listen carefully, to explain complicated procedures, and to give personal attention to your situation.
Living Trusts
A Living or Grantor Trust is a valuable estate-planning tool that assures proper management of your assets during your lifetime. These come in many different forms and can be created to benefit you, your spouse, or other named individuals. And, if you choose, it can continue beyond your lifetime to provide for loved ones.
A Living or Grantor Trust can relieve you of investment chores, give you financial protection if you become ill or incapacitated for a prolonged period, and minimize delays and expenses at your death. Used wisely, it can reduce a couple’s estate tax bill and is commonly designed to avoid probate.
You have worked hard to acquire your assets. Let Prosperity Bank help make sure you maintain control, which will create peace of mind for the future. We can also help beneficiaries revise their own financial plans once the assets have been distributed. Above all, family members can count on us to listen carefully, to explain complicated procedures, and to give personal attention to your situation.
Special Needs Trusts
Special Needs Trusts are established to provide supplemental income to a disabled beneficiary while preserving government benefit eligibility. Government benefit recipients can retain only a minimum amount in assets.
Special Needs Trusts are designed to provide for additional needs such as:
- Out-of-pocket medical expenses
- Insurance
- Personal care attendant
- Support for life-enhancing services including education, recreation, living arrangements, and social services
As a trustee, the dedicated administrators at Prosperity Bank will work to meet the needs of your unique family dynamic while helping to maintain the integrity and optimal quality of life for the beneficiary.
Guardianships
Court-ordered guardianships protect the assets of those who are unable to handle their own financial responsibilities, typically children or disabled adults. A financial guardian is responsible for managing all assets in a prudent manner.
Prosperity Bank is an impartial and experienced provider of the following financial services:
- Paying bills and ongoing expenses
- Supervision of tax preparation
- Cash flow requirements and living expenses
- Manage all assets, including real estate
- Annual court-required accounting
- Collect, invest, and distribute income as necessary
- Coordinate medical insurance filings and expenditures for medical services and equipment
The professional staff at Prosperity Bank takes pride in a reputation of stability and integrity with the highest ethical standards when accepting the obligations required of a guardian.
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