Taking action. Protecting your assetsTrusts aren’t only for the wealthy. People who own businesses, or those of modest means often establish trusts to ensure that a beneficiary will receive their assets, to avoid probate, or to provide a source of continuing income and support for family members or others.
Speak with a Trust Officer, call Bremer at 1-800-908-BANK (2265)
Naming a trustee
When you establish a trust, you will appoint a trustee to manage the trust assets. You may name almost anyone to be your trustee, from a friend or family member to a corporate trustee. The benefits of naming a corporate trustee such as Bremer include professional investment management experience, objectivity, and experience with the legal responsibilities, governmental regulations and record-keeping requirements.
Bremer's trust solutions may include one or more of the following:
Revocable Living Trust
Manage and distribute assets during your lifetime and avoid probate with a revocable living trust. Provisions are made to carry out your wishes if you cannot make decisions on your own.
This trust allows you to “bypass” your surviving spouse’s taxable estate and protect all or a portion of the estate from federal estate taxes depending on that year's limits. Other common names for this type of trust are "credit shelter" or "family trust".
This trust is designed to provide benefits to the surviving spouse of a decedent and is written in a manner that allows it to avoid estate taxes at the time of the creator's death. Trust assets become a part of the surviving spouse's taxable estate.
This is a common type of marital trust. In addition to providing a lifetime income stream to the surviving spouse, it allows the creator, not the surviving spouse, to specify who will receive the trust assets remaining at the time of the surviving spouse's death.
Charitable Remainder Trust
A charitable remainder trust provides immediate and future tax benefits, a lifetime income stream, and an opportunity to provide substantial support to a charitable organization.
Irrevocable Life Insurance Trust
Irrevocable life insurance trusts are established to own life insurance policies and thereby prevent the proceeds from being taxed as part of the insured's estate. Following a death, trust terms govern who will receive policy proceeds and when payouts will occur. These types of trusts are also used to replace the assets you have contributed to a charitable remainder trust.
This type of living trust becomes active after a predetermined event, such as your disability.
Trust Under Will
A trust under will provides management of your assets for your beneficiaries.
To learn more or to speak with a Trust Officer, call Bremer at 1-800-908-BANK (2265). As always, we'd be glad to do business with you at any of our over 100 locations across Minnesota, North Dakota, Wisconsin.