Irrevocable Trusts
An irrevocable trust is an arrangement in which the grantor departs with ownership and control of property.  Usually this involves a gift of property to the trust.  Once it is created, it cannot be changed. First National Bank and Trust Company can serve as the trustee of your irrevocable trust, ensuring that the trust is administered as you've directed.  

Testamentary Trusts
A testamentary trust is created under a person's will and becomes effective only after the person's death. A will may leave property directly to the beneficiaries or leave it in a trust for them. Testamentary trusts are established to protect the inheritance of beneficiaries and manage investments, businesses, and farms.  Inheritance protection includes preserving the family home, relieving survivors of the responsibility for managing investments and other property, and supplying income necessary to maintain the beneficiaries' standard of living.

Charitable Trusts
A charitable remainder trust benefits the charities you love and allows you to retain the income from the trust while generating an income tax deduction. The Bank serves as trustee for these gifts, managing, administering and disbursing them to assure that the charitable intent established by the donor is adhered to in perpetuity. The Bank also serves as investment agent for the charity itself to professionally manage and account for gift funds in its portfolio.

Special Needs Trusts
A special needs trust provides for the support of an individual with a disability by supplementing rather than replacing government benefits. The trustee may have full discretionary distribution authority and the beneficiary has no legal control over the trust property. SSI and Medicaid programs don't consider trust assets to be a resource to the beneficiary and do not interfere with beneficiaries' eligibility for those programs.  The trustee holds fiduciary responsibility to manage the trust's property and income for the beneficiary.  

Guardianship
A guardianship is a court-appointed arrangement for the financial protection of the estate of an incapacitated person.  Guardianships are established for individuals who are considered legally incapacitated and own property not otherwise protected, have business affairs that are jeopardized by their incapacity and need funds for support or education of themselves or their dependents.

Irrevocable Life Insurance Trusts
A life insurance policy is transferred to an irrevocable life insurance trust (ILIT) and in doing so, the trust becomes the owner.  The ILIT can provide financial security to beneficiaries through the death benefit or provide liquidity to pay estate tax.  During the insured's life, he or she makes gifts to the trust and the trustee makes the premium payments.  Upon the insured's death, the trustee distributes or manages the insurance benefits according to your wishes.  

Estate Planning
Estate planning is a service where the Bank works with the client and his attorney or other advisors, to analyze the client's assets and financial interests and arrange a plan for conserving estate assets. This service generally leads to the Bank being named personal representative and/or trustee under the plan. The purpose of the plan is to minimize estate and other taxes, assure the security of the client's family, arrange for the continuity of his business, and provide for the disposition of assets according to the client's wishes.

Estate Settlement
Proper estate settlement requires financial, tax, legal and administrative expertise. Of all the services offered by our professionals, none fills a greater need than estate settlement. Whether acting as Executor or as Agent for the Executor, we understand the broad responsibilities required and are well qualified to carry them out on your behalf. The Executor's many duties include: management of the estate, collection of assets, payment of debts, taxes, and administration expenses, inventory and final account filing to the probate court, and making distributions to the heirs and beneficiaries.