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UNION
Savings BANK has full trust powers to act as trustee of revocable
and irrevocable trusts, Individual Retirement Accounts and
in agent and custodial capacities. Professional asset management
is for people who want a solid financial plan and a secure
financial future – without the hassle and responsibility
of day-to-day investment management.
At UNION Savings BANK, professional asset management begins
with a plan designed around your unique goals. Whether it’s
a secure retirement, extensive travel, charitable giving, or
providing for your children or grandchildren, our Trust Officers
help to develop a plan to meet your individual needs. And because
we are a community bank you will receive the prompt, personal
service you’ve come to expect from UNION Savings BANK.
With
your financial goals established, we will utilize proven
investment strategies to determine your asset allocation
model,
also known as your investment mix. The big picture is focused
on your needs. Unlike many institutions, we don’t have
proprietary or “house” funds. That means investment
recommendations are based solely on what’s best for
you. In order to meet some objectives, there may be legal
restrictions
to consider. We strongly recommend that you seek legal counsel
when writing a will or a trust.
Accountability is important
in any long-term relationship. That’s why we provide
an account summary of holdings and transactions every quarter,
or more frequently upon request.
Because financial and investment goals can change over time,
we also schedule an annual review to confirm and adjust your
investment strategy.
Financial planning doesn’t have
to be difficult. The Investment and Trust Department at UNION
Savings BANK can
help you plan for your future and the future of those most
important
to you. We help clarify financial objectives and assets in
achieving your long-term goals. We call it professional money
management with a personal touch.
Investment Management Agency
Accounts, Trust Accounts, Estate Accounts, Custodian and
Guardianship Accounts are not FDIC
insured, have no bank guarantee, and may lose value. Neither
UNION Savings BANK nor its employees, practice estate or
tax law. Professional counsel is recommended for tax and
estate
planning.
The information contained in this site is meant
to be for educational and informational purposes only and
should
not be interpreted
as a representation, recommendation, or endorsement of
any investment estate plan.
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UNION Savings BANK (as agent or IRA trustee) offers the
same investment management services for Personal Agency
Accounts,
traditional IRAs, Roth IRAs, and IRA Rollovers as it does
for Personal Trust Accounts and Estates. These services
are for the individual that is presently seeking experienced
stock and bond investment management or mutual fund selection
through UNION Savings BANK. The account is managed in an
agreed upon manner based upon your objectives and instructions.
As the investment manager, UNION Savings BANK will generally
perform the following duties for you (the principal):
- Accept possession of your assets
- Accept the transfer of your 401(k) or other retirement plan
distributions
- Provide safekeeping for the assets
- Collect income and payments due the account
-
Settle, buy and sell investments at UNION Savings BANK’s
discretion according to the objectives established for
your account
- Meet with you periodically to review performance and objectives
- Provide periodic statements of account activities
- Provide tax information on account activities
Investment Management
Agency Accounts, Trust Accounts, Estate Accounts, Custodian
and Guardianship Accounts are not FDIC
insured, have no bank guarantee, and may lose value. Neither
UNION Savings BANK nor its employees, practice estate or
tax law. Professional counsel is recommended for tax and
estate planning.
The information contained in this site is
meant to be for educational and informational purposes only
and should not
be interpreted as a representation, recommendation, or endorsement
of any investment estate plan.
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UNION Savings BANK (as custodian) offers custody only services
for personal, traditional IRAs, Roth IRAs, IRA rollovers
and employee benefit accounts. This service is for the
individual who wants assistance in the clerical work associated
with
managing assets but wants to make his or her own investment
decisions. As custodian, UNION Savings BANK will, as a
rule, exercise no investment management or advisory responsibilities
for your account and will be generally limited to performing
the following duties for you (the principal):
- Accepting possession of your assets
- Accepting the transfer of your 401(k) or other retirement
plan distributions
- Providing safekeeping for the assets
- Collecting income and payments due the account
- Providing periodic statements of account activities
- Providing tax information on account activities
- Settling, buying and selling investments at the your direction
Investment
Management Agency Accounts, Trust Accounts, Estate Accounts,
Custodian and Guardianship Accounts are not FDIC
insured, have no bank guarantee, and may lose value. Neither
UNION Savings BANK nor its employees, practice estate or
tax law. Professional counsel is recommended for tax and
estate planning.
The information contained in this site is
meant to be for educational and informational purposes only
and should not
be interpreted as a representation, recommendation, or endorsement
of any investment estate plan.
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A trust is a legal arrangement in which UNION Savings BANK
(the trustee) manages property (the trust property) transferred
to UNION Savings BANK according to your (the grantor’s)
written instructions (the trust agreement or the trust document).
In trust agreements you name beneficiaries such as yourself,
your spouse, your heirs, future generations, a charity, and/or
even an institution. You can choose when the trust begins
and when the trust ends. You and your attorney can write
a trust that can be changed or terminated by you in the future
(revocable) or a trust that no one can change (irrevocable).
You may write a trust to address present concerns, to last
multiple generations, and/or even as a permanent endowment
for a charity or an institution.
Some Common Objectives for
Trusts are:
- Investment management
- Tax planning
- Charitable giving
- Preserve the wealth you have accumulated
-
Provide for present or future personal inability to manage
financial affairs (pay bills & maintain records)
or to protect assets
- Manage financial affairs for heirs that are unable or
unwilling to protect and manage their assets. Such as:
a minor,
an incompetent, a spendthrift or other incapacitated person
- Control gifts to a child beyond age 18
- Smooth transition of benefits for loved ones
- Provide different and specific benefit instructions for different
groups of loved ones, such as parents, current spouse,
children, children living with a former spouse, and/or step-children
- Possible avoidance of some fees in your estate
- Possible avoidance of undue publicity of your estate
Generally,
UNION Savings BANK, as trustee performs the following duties
for you (the grantor):
- Accepts possession of your assets
- Titles the property in the name of the trust and when appropriate
the trust's tax ID number
- Provides safekeeping for the assets
- Collects income and payments due the account
-
Settles, buys and sells investments at the trustee's (UNION
Savings BANK’s) discretion according to the objectives
as indicated or implied in the trust agreement
- Meets with beneficiaries to review the relationship and the
account activity
- Reviews beneficiary requests and expenses as to compliance
with trust agreement (your instructions)
- Files trust tax returns
- Provides tax information to beneficiaries
- Provides periodic statements of activities to current beneficiaries
Legal counsel is recommended when writing a trust. The trustee
instructions (trustee powers) should be clearly defined in
the trust agreement. It is also recommended that UNION Savings
BANK, as the named trustee, review the administrative provisions
of the trust agreement prior to your signing of the trust
document.
Investment Management Agency Accounts, Trust Accounts,
Estate Accounts, Custodian and Guardianship Accounts are
not FDIC
insured, have no bank guarantee, and may lose value. Neither
UNION Savings BANK nor its employees, practice estate or
tax law. Professional counsel is recommended for tax and
estate planning.
The information contained in this site is
meant to be for educational and informational purposes only
and should not
be interpreted as a representation, recommendation, or endorsement
of any investment estate plan.
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UNION Savings BANK can be named by you (the testator) in
your will as executor of your estate. An executor is named
in a will to settle your estate and to perform any other
legal and reasonable instructions in your will. An executor's
professional duties include:
- Having the will accepted by a court of competent
jurisdiction
- Collecting, securing, and valuing assets
- Paying expenses, debts, and taxes
- Reviewing claims against estate
- Filing tax returns
- Managing assets during
the settlement (probate) period
- Receiving tax releases from proper authorities
- Distributing assets as instructed in your will
- Preparing the final accounting
Additional notes
An administrator is appointed by the court to settle the
estate of a person who died leaving no valid will (intestate).
Without a will to follow, the administrator must carry out
its functions solely in accordance with state intestacy laws.
The laws may or may not be the same as you wish your instructions
to be. UNION Savings BANK can be nominated to the court by
related parties to carry out the duties of administrator.
UNION Savings BANK can be named as "successor executor" in
your will should your first choice be unable or unwilling
to serve. This designation is often used in wills to ensure
a named executor carries out your (the testator) instructions.
UNION
Savings BANK is available to act as "agent" for
a named executor. As agent, UNION Savings BANK would relieve
or assist the executor in carrying out their duties.
Legal
counsel is recommended when writing a will. It is also
helpful to review your will and assets with your named executor
before or at the time you sign your will.
Investment Management
Agency Accounts, Trust Accounts, Estate Accounts, Custodian
and Guardianship Accounts are not FDIC insured, have
no bank
guarantee, and may lose value. Neither UNION Savings
BANK nor its employees, practice estate or tax law. Professional
counsel is recommended for tax and estate planning.
The
information contained in this site is meant to be for educational
and informational purposes only and should
not be interpreted as a representation, recommendation,
or endorsement
of any investment estate plan.
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UNION Savings BANK (guardian of the estate) can be appointed
as guardian by a court to care for the property of a minor,
an incompetent, a spendthrift, or other incapacitated person
(the ward). The powers and responsibilities of the guardian
are governed by state statutes and court decisions. A guardian
is an agent of the court and has no legal or equitable
title to the ward's property. The guardian receives,
holds and
manages the property, renders accountings to the court
as long as the ward is a minor or the incompetency lasts.
Such
words as committee, conservator, curator and tutor are
used to describe particular kinds of guardianships.
UNION Savings
BANK is available to act as "agent" for
a named guardian. As agent, UNION Savings BANK would relieve
or assist the guardian in carrying out their duties.
Investment
Management Agency Accounts, Trust Accounts, Estate Accounts,
Custodian and Guardianship Accounts are not FDIC insured,
have no bank guarantee, and may lose value. Neither UNION
Savings BANK nor its employees, practice estate or tax
law. Professional counsel is recommended for tax and estate
planning.
The information contained in this site is meant
to be for educational and informational purposes only and
should
not be interpreted as a representation, recommendation,
or endorsement
of any investment estate plan.
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