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Trust Services
Living Trusts
Trusts have important advantages in serving you during your lifetime and as a means of handling your estate and providing for those you care for after death. A trust can be established as an independent tax-paying entity, which provides tax benefits and continuous asset management
Fowler State Bank will provide you with the following:
- Flexibility and Control, you may remove assets at any time, amend terms, transfer, or even terminate the trust at your discretion
- Assets collected and income disbursed from one account
- Complete record keeping, which simplifies the preparation of tax returns
- Continuity of financial management in the event of illness or incapacity
- The comfort of knowing that a trust avoids probate of assets held upon death, which saves costs and assures confidentiality of financial affairs
- The knowledge that a trust may permit significant estate tax savings, while providing for surviving spouse and family
- Professional investment management
- Payment of bills, continued without interruption
- Federal and State tax returns prepared and filed
Agency Accounts
Fowler State Bank can act as your agent for your investment account or bill paying account.
- Professional investment management
- Individual investment program tailored to meet customer objectives
- Complete accounting and record keeping for tax purposes
- Payment of bills while away on business or personal trips
- Convenience
- Safekeeping of securities
Estates
As personal representative of your estate, the Fowler State Bank Trust Department will carry out the provisions of your Will.
In serving you, we will:
- Collect, protect, and inventory all assets
- Contact, inform, and answer beneficiaries’ questions
- Settle Claims and pay obligations
- Manage assets until distribution
- Prepare for the transfer or sale of personal and real property
- File the decedent’s final federal and state tax returns and file the Federal Estate and State Inheritance Tax as required
- Report all activities to the Court
- Make final distributions
Guardianships
All too frequently in life, minor children find themselves in need of a guardian. Adults who are seriously ill or who have become increasingly incapacitated need that same source of help. In serving as a guardian, Fowler State Bank will:
- Collect, protect, and manage assets
- Settle Claims and pay obligations
- Report all activities to the Court
- File all income tax returns
Life Insurance Trust
- Fowler State Bank will pay insurance premiums and send out notices to beneficiaries of an Insurance Trust.
- We will oversee the management and distribution of your life insurance proceeds while your beneficiaries enjoy the results of your estate planning.
Traditional IRA
Contributions to an IRA are based upon compensation and age.
- To make a regular Traditional IRA contribution for any tax year, an individual must be younger than 70½.
- Participation depends on whether you are covered under an employer sponsored Qualified Retirement Plan.
- Your contributions may range from fully deductible to totally non-deductible, based on your filing status and Adjusted Gross Income (AGI).
- Withdrawals prior to age 59½ may be taxable and subject to the IRS 10% early withdrawal penalty.
Self-directed IRA
A tool to offer you more choices for your IRA
- You make the decision on what your contributions are invested in.
- Qualifications for contributions are the same as a Traditional IRA.
- To learn about your choices, contact a Fowler State Bank representative today.
SEP IRA – Simplified Employee Pension
An IRA funded with employer contributions
- Your employer can put in a certain percentage of your compensation.
- A good plan for employers with a low number of employees.
- Less expensive to administer than 401K or Profit Sharing plans.
ROTH IRA
Allows only non-deductible contributions, but features tax-free withdrawals for certain distribution reasons after a five-year holding period.
Tax-free means free from Federal Income Tax.
- Eligibility depends on compensation and your modified adjusted gross income (MAGI).
- No age limit for making contributions.
- Earnings on your Roth IRA are non-taxable with certain provisions.
- Contributions are not subject to taxation or the 10% premature-distribution penalty tax when distributed.
- Assets held are not subject to age 70½ required minimum distributions.
Coverdell Education Savings Account (CESA)
The Coverdell Education Savings Account is a non-deductible account that features tax-free withdrawals for a child’s education expenses.
- Contributions are made with after tax dollars.
- There can be more than one contributor per account, and contributions can be received from corporations or tax-exempt organizations.
- Earnings grow tax-free if used for qualified education expenses including private elementary and secondary schooling, plus higher education through a vocational school, college or university.
For more information, please contact the Fowler State Bank Customer Service Department at 765-884-1200 or 800-439-3951.