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Personal Trust Services
Personal Trust Services
Trust
services can be flexible and convenient, and allow you to
take full advantage of the Trust and Investment Management
department's expertise. Here is a listing of some of the personal
trust accounts and services that are available to you through
Thrivent Financial Bank:
Revocable
living trust
This type of trust lets you be the owner and the potential
beneficiary as well. You pay income taxes on revenue generated
by the trust and when you die, the trust assets remain in
your taxable estate but are not subject to the probate process.
The trust can provide professional management of your assets
as well as planning for a time when you might be incapacitated and can include a variety of provisions to accomplish different goals upon your death.
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Irrevocable
life insurance trust
With this trust you can make sure the life insurance proceeds
pass to your beneficiaries free of income or estate taxes (subject to IRS guidelines).
The trust assets may be used to buy assets from the estate
or loan money to the estate to
pay estate taxes and expenses, or distributed directly to named beneficiaries.
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Testamentary
trust
Also known as a "trust under will," a testamentary
trust is created as part of your last will and testament.
Your estate funds it after your death. It can include a variety of trust provisions to accomplish many different goals and objectives.
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Charitable
remainder trust
You can make a charitable contribution, receive a potential
income tax deduction, remove assets from your taxable estate,
avoid capital gains taxation on donated assets and receive
income for life or a specified period.
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Credit
shelter trust
This trust is usually designed to pass a portion of your family's
wealth to your descendants while making the property available
to the surviving spouse during his or her lifetime. It can
distribute income and principal to the surviving spouse and
others (subject to IRS guidelines), but it is not taxed as
part of the surviving spouse's estate.
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Marital
trust
Property is passed to a trust and is managed for the benefit
of the surviving spouse when one spouse dies. When the surviving
spouse dies, property in the marital trust is included in
his or her estate and passes to the named beneficiaries. This
arrangement defers the estate tax process on the trust property
until the surviving spouse dies.
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Qualified
terminable interest property trust (QTIP)
This is a type of marital trust. With a QTIP trust, the surviving
spouse has the right to all of the income from the trust but
does not have the right to name the ultimate beneficiary.
It is commonly used for estate and tax planning in second
marriage situations.
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Spendthrift
trust
In order to protect trust assets from potential claims of
creditors and others, this trust provides for the needs of beneficiary(ies) according to the trust terms but does not give the beneficiary
unlimited access to trust assets.
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Special
needs trust
These arrangements are usually structured to provide income
and special benefits for individuals with disabilities and
may be coordinated with other government benefits. When the
person with special needs dies, the trust property passes
to other beneficiaries.
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Irrevocable
minors and educational trust
You gift property for a child in a trust to be used for education
or other purposes. Certain restrictions can be placed on the
property by limiting the child's access until he or she reaches
a specific age (usually 18 or 21). The property is then no longer
included in your taxable estate (subject to IRS guidelines).
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Guardianship
and conservatorship arrangements
In a guardianship or conservatorship, a court appoints a guardian
or conservator such as Thrivent Financial Bank, to manage
the property of a minor or another person who is legally unable to manage their
own finances.
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Personal
representative or executor for an estate
Thrivent Financial Bank, can be court-appointed to handle
the final affairs of an individual's estate.
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Please note: All of the above trusts and related legal arrangements
must be drafted by the attorney of your choice. Thrivent Financial Bank can serve as trustee or in other capacities as
applicable, but cannot draft wills, trusts, or other legal
documents for clients.
Checking, savings and certificate of deposit accounts offered by Thrivent Financial Bank are obligations of Thrivent Financial Bank and are federally insured to $100,000 by the Federal Deposit Insurance Corporation (FDIC).
The other products referred to in this site are not deposits, are not Federal Deposit Insurance Corporation (FDIC) insured, are not insured by any federal governmental agency, are not guaranteed by Thrivent Financial Bank, and may go down in value.
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