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A Living Trust is a legal arrangement enabling you to transfer your assets (stocks and bonds, property, distributions from retirement plans and other holdings) to a trustee during your lifetime, creating a trust with specific tax benefits for the ultimate benefit of your loved ones.
You retain total and complete control of your assets during your lifetime, with a continuing ability to specify who'll benefit from the assets after your death, including how long and in what manner.
A professionally created estate plan can:
- Ensure that your loved ones (or others) will receive your assets promptly when you pass on, precisely in the manner you specify;
- Minimize, as much as possible, federal estate taxes on distribution of the assets in your estate;
- Avoid probate--not only an expensive process, but time consuming, possibly tying up distribution of your assets for more than two years. And, because your assets don't go through probate when distributed, information about them and the way they are distributed is shielded from becoming public record for all to see.
A properly drawn estate plan provides many more advantages. However, no single trust strategy is best for every estate. Let the professionals at Lake City Bank's Trust & Investment Management Department carefully analyze your assets and help you design a thorough estate.
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Investment products are not deposits or obligations of, or guaranteed by Lake City Bank or any other bank, are not insured or guaranteed by the FDIC or any governmental agency and are subject to investment risks, including possible loss of principal invested. Past performance is not a guarantee of future results.
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