Trust & Estates
Prepare for life events and special circumstances. Gain greater peace of mind.
Give your financial wellbeing the advantage of specialized knowledge and expertise. Our trust associates at our Grand Avenue location can guide you to a plan that respects your individual style for risk tolerance, while protecting your assets and minimizing tax liability. Once your trust and estate plan is in place, the trust department will administer your plan to meet your desired goals. Call 608-837-4511 to speak to a member of our trust team and get started today!
The Trust Department offers administration of a wide range of asset management accounts including:
A trust where the grantor (creator of the trust) or other owner retains the power to control or direct the trusts income or assets. These trusts can be amended or revoked during the individual’s lifetime.
A trust created by a will that begins upon the death of the person making the will, when property is transferred from the decedent’s estate. The trustee has the responsibility for the management of the assets received during the term of the trust.
A non grantor trust, is one that the IRS treats as a separate taxing entity from the grantor. These trusts cannot be modified or terminated without the permission of the beneficiary of the trust.
An agent is a person or institution given authority by an individual to act in his/her place on financial matters. Title of assets in the Agency does not pass to the trustee, but remains in the name of the owner of the property.
The position of being legally responsible for the care of someone who is unable to manage their own affairs. In the case of the trust department at Bank of Sun Prairie, we can be named Guardian of the Finances. We do not take on the role of Guardian of the Person.
Institution (or person) designated to take over and protect the interests of an incompetent person. When someone is mentally or physically unable to take care of their own basic needs, i.e food, clothing, shelter, then a conservatorship may be appropriate.
Assets and liabilities left by a person at death. The Bank of Sun Prairie can be named as the Personal Representative for an Estate. A Personal Representative carries out the wishes and property distribution of a deceased person.
Individual Retirement Accounts
Government sponsored, tax-deferred personal retirement plan. The Bank of Sun Prairie provides both self-directed and managed IRA accounts.
Qualified Retirement Accounts
One that is described in section 401(a) of the tax code, the most common being Pension and Profit Sharing Plans.