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First Northern Bank’s asset
management and trust services are designed to help create and
maintain financial security for you and those close to you. In
today’s economic environment, guidance from our trained
professionals can provide the financial stability you need to
relax and enjoy life. To help protect and pass along your
financial resources, First Northern provides the following trust
services: |
Trust Administration
A living trust drafted by your attorney provides comprehensive
long-term planning arrangements. You may decide to have First Northern
Bank act as your trustee, to take on broad responsibilities for
keeping your financial affairs orderly now, as well as after your
lifetime.
Estate Settlement
Almost everyone needs a will. If a valid will is lacking, your estate
must be distributed according to the unbending laws of intestacy—a
distribution that may bear little relationship to actual family needs.
First Northern Bank can serve as executor of your will, taking over
the often time-consuming and complicated tasks associated with
administering an estate.
Standby Trust
You may establish a living trust to fit just about any personal
requirements. Suppose you enjoy doing your own investment homework now
but foresee the day when you might become disabled, wish more freedom
to travel, or simply decide to take life easier. You should consider
having a standby trust. First Northern Bank, as trustee, will stand
ready to administer your trust and manage your money (or for your
spouse or other beneficiaries in the event of your death, including
tax-savings provisions, if desired). Meanwhile, you retain complete
control of your assets and complete freedom to keep on handling your
own affairs as long as you desire.
Investment Management Account
Our asset management accounts are designed to relieve you of the
burden of making important investment decisions. Once objectives are
set, we implement an investment strategy designed specifically for you
through careful selection of individual securities.
Custody Account
As custodian, First Northern Bank protects securities from fire, theft
and other hazards. We collect income and matured or called bonds, sell
or exercise stock rights on your behalf and take care of all routine
investment chores. A service within a service for our Investment
Management Accounts, Custody is also available on a stand alone basis.
Think of us as your investment secretary and bookkeeper.
Charitable Trust
Charitable trusts have long been an important part of estate planning.
With trusts, the benefit of owning securities or other assets can be
split into two parts, present and future:
- One or more “income beneficiaries” can be given the immediate
benefit of ownership in the form of periodic payments from the
trust. These income payments can last for a specified number of
years or for your beneficiary’s lifetime.
- One or more charitable “remainder beneficiaries” receives the
income-producing assets in the future, when the required income
payments have been completed.
Both the right to receive trust income and the right to receive a
trust’s “remainder interest” can be valued for the purpose of
granting income tax deductions, and also for the purpose of figuring
gift or estate tax.
Trust Under Will (Testamentary Trust)
By leaving all or portions of your estate in trust, your will can add
to your family’s security. A trust for your spouse, if you’re married,
can provide generous support if he or she survives you. What’s more, a
trust frequently reduces federal estate taxes for husband and wife by
reducing the tax exposure at the survivor’s death. When compared with
the tax consequences if the first to die leaves a will with no trust,
the savings can be substantial.
More Information
If you would like more information about First Northern Bank’s asset
management and trust services, visit the
Most-Asked Questions About
Trusts. You can also contact one of First Northern Bank’s
experienced trust professionals,
or simply call or visit any one of our convenient
branch
locations.
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