As your philanthropic advisors, First Bank & Trust’s Wealth Management department will work with you to prioritize your causes and create a philanthropic plan that supports your goals and protects your assets from taxation. You benefit from a foundation or charitable trust because assets transferred into them removes them from your probate estate and reduces your taxable estate. Our teams of experts advise you on a variety of philanthropic trusts to help chose the charitable strategy that best suits your financial plan.
A foundation is a legal entity with a constitution and board of directors. Control over the foundation resides with the board, and may be impacted by an agreement between you, the founder, and the board. Whether you are looking to establish a charitable foundation in your family's name our Wealth Management team can deliver a solution to meet your needs.
Charitable Remainder Trusts
A tax-exempt irrevocable trust designed to reduce the taxable income of individuals by first dispersing income to the beneficiaries of the trust for a specified period of time and then donating the remainder of the trust to the designated charity.
Types of Remainder Trusts:
- Charitable Remainder Annuity Trust (CRAT) - Fixed annual payout based on the initial funding value of the trust.
- Charitable Remainder Unitrust (CRUT) – Varying annual payout based on a fixed percentage of the trust’s fair market value.
Charitable Lead Trusts
A trust designed to donate a portion of a trust's income to charities and then, after a specified period of time, transferring the remainder of the trust to the beneficiaries.
Philanthropic Trust Accounts & Executor Fee Schedule
Please contact one of our Wealth Management professionals for more information regarding personal trust account management and fees.
Investment and Advisory products:
NOT FDIC INSURED • NOT BANK GUARANTEED • NOT A DEPOSIT • MAY LOSE VALUE.