Types of Trusts

Irrevocable and Testamentary Trusts are designed to lock in your wishes once they’re activated—usually after death or a specific event. A Testamentary Trust is created through a Will and goes into effect during probate, while an Irrevocable Trust can be set up during your lifetime or become irrevocable later. CoreFirst Bank & Trust can serve as trustee, successor trustee, or investment manager, depending on your plan.

Benefits:

• May provide tax savings with income, estate, gift and inheritance tax    
• Ensures qualified investment management and controlled distribution of wealth    
• May offer asset protection 
• Existence for a lifetime or a period of time
• Charities can be benefited over an extended period of time    
• Can aid with education, medical and other expenses    
• Receive professional management, objectivity and accountability

Love giving back? A Charitable Trust lets you continue supporting your favorite causes as part of your estate plan. We’ll help you define your goals and manage your assets to make a lasting impact. These trusts can be set up through a living trust, will, or irrevocable trust—whatever fits your vision.

Benefits:

• May reduce current income taxes and estate taxes at death     
• Gives the opportunity to preserve income and eliminate assets from estate
• Allows for charitable giving today, while maintaining existing estate benefits