Prepare for future generations with BankChampaign’s local, expert guidance. With a trust, you have the opportunity to give instructions about who receives income from the investments and, ultimately, who is to receive the assets at a future date.
During Your Life: Living Trusts
Living trusts offer financial solutions to meet a wide variety of concerns and needs. A living trust can:
- ensure continued professional investment management
- allow us to assume financial control in the event of disability
- structure gift programs for minors
- serve as a foundation for an estate plan that will avoid the expense, delay and publicity of probate proceedings
- help reduce (or eliminate) the family’s estate and gift tax burden
After Your Death: Estate Planning
Trusts Under Will are established in your Last Will and Testament. They allow you to provide for your beneficiaries or charitable organizations over an extended period of time, while protecting the trust assets from creditors or beneficiaries not yet ready to handle large sums of money.
Estate Planning and Probate
The duty of an estate’s executor is to ensure that the directions in a will are carried out and that all necessary steps are taken to settle the estate. The process can be time-consuming and requires detailed knowledge of many areas including accounting, asset appraisal, asset management and tax and probate law.
BankChampaign has served as executor and settled many substantial and complex cases. Our estate administrators have the experience and expertise to ensure that an estate is settled without undue delay, unnecessary financial loss or hardship to beneficiaries.
In addition to serving as executor under a client’s will, we also are available to accept court appointment to serve as executor, as guardian of a minor’s property or as a conservator for an individual’s assets.
Retirement Plan and Trust
BankChampaign can act as either Directed Trustee for both Defined Contribution Plans like 401(k)s, Profit Sharing, and ESOP plans, as well as Defined Benefit Pension Plans, allowing you the plan sponsor to focus on your business and us to focus on plan investments and administration.
Additionally, we can act as Discretionary Trustee for these same plans, in which we assume the role of plan fiduciary on your behalf as sponsor, limiting your liability.
Real Estate Exchange Trust
When selling commercial real estate, the IRS provides a specific provision in the federal income tax code that allows you to defer the capital gains tax upon the sale. We act as the Qualified Intermediary, an impartial third party to the sale transaction, to facilitate the Section 1031 Exchange, which allows you to defer payment of capital gains taxes on the sale.