Trust & Wealth Management Services2019-05-10T17:40:37-06:00

Trust & Wealth Management Services

Our Goal: To provide professional trust and wealth management services to the community.

Creating and maintaining financial security for you and your family: This is the theme of the services offered by our Trust & Wealth Management staff. Trust & Wealth Management services are no longer the province of the wealthy few. Our tax conscious financial and investment guidance can assist you in planning for retirement and allowing you to leave your desired legacy.

Trust & Wealth Management at The State Bank of Geneva is available to assist families and business owners at some of the most difficult transitional times in life. Our Trust Officers have an average of over 30 years’ experience in both the legal administration and the investment management of estates and trusts. To meet your desired investment objective an asset allocation model would be tailored to meet your financial needs and goals.

The State Bank of Geneva Trust & Wealth Management Department can provide you with professional assistance in the following areas:

Simply click one of the links below for more information or contact one of our Trust Officers to discuss how The State Bank of Geneva can be of service to you.

Kathy Krochock, J.D.
First Vice President & Senior Trust Officer
(630) 232-3240
KKrochock@SBGeneva.com

*We are pleased to serve as a Co-Trustee or Co-Executor or Guardian if circumstances dictate. We also serve as an Agent for a named Trustee or Executor as this allows individuals named to serve the ability to draw upon the knowledge and experience of our staff.

Trust Administration:

  • Revocable Living Trusts (Grantor)

  • Irrevocable Trust

  • Trusts Under Will

  • IRA Trusts

  • Special Needs Trusts

  • Charitable Trusts

  • Life Insurance Trusts

Estates Administration:

  • Executor

  • Guardianships

IRAs and 401K Rollovers
Investment Management Accounts
Custodial Accounts
Land Trusts
1031 Like-Kind Exchanges

A Living Trust is a trust that’s established during one’s lifetime. It may be structured in such a way that it is revocable, which means that you can change the terms or end the arrangement whenever you wish. Under a typical Living Trust agreement (which is drafted by an attorney) ownership of assets or property is transferred to the trust and is managed by the trustee on behalf of one or more beneficiaries. A properly drafted Living Trust can function flexibly during life and minimize delays and expenses at death. Additionally, a married person’s revocable trust can reduce the combined estate of husband and wife in much the same way as trust provisions in a will.

For more information or to make an appointment, please call us at (630) 232-3223 or reach out by email.

An Irrevocable Trust creates a legal entity that involves three persons — the grantor, the trustee and the beneficiary — with the purpose of transferring title to assets from one person into the trust without the right to regain the ownership over the assets at some future date. This type of trust is generally used in estate planning cases and is prepared by an attorney.

For more information or to make an appointment, please call us at (630) 232-3223 or reach out by email.

These trusts are a wonderful way to provide for your beneficiaries. Your instructions as to how your property is to be managed for your family’s benefit and eventually distributed to them can be set out explicitly by your lawyer. During your lifetime you continue to own and control your property. You can change your will from time to time as the needs of your family change. The State Bank of Geneva would be named as trustee or co-trustee in your will and assumes responsibility for your trust assets after your death.

For more information or to make an appointment, please call us at (630) 232-3223 or reach out by email.

An IRA Trust is a special type of revocable living trust designed to be the beneficiary of your IRAs after you die. It’s sole purpose is to hold your IRA accounts for the benefit of your loved ones after you death and allows you to dictate how the assets are to be distributed. You can establish different sub-trusts within the IRA Trust Agreement for the benefit of your beneficiaries, including your spouse if you are married. Through proper administration of the IRA Trust, it can provide potential protection from your beneficiary’s creditors and eliminate the need of a guardian minor beneficiaries. This is an excellent tool in estate planning.

For more information or to make an appointment, please call us at (630) 232-3223 or reach out by email.

Some clients wish to allocate resources for a special needs family member to assure they are able to supplement public assistance that they may receive. The State Bank of Geneva staff can help you develop a plan that provides financial supervision for disabled beneficiaries. Special Needs Trusts are not intended to provide basic support, but to pay for comforts and luxuries that could not be paid for by public assistance funds. The trusts can be allotted to education, recreation, counseling, and medical attention beyond the simple necessities of life.

For more information or to make an appointment, please call us at (630) 232-3223 or reach out by email.

Charitable Trusts allow you to support charitable organizations and achieve tax benefits. Charitable Remainder Trusts are designed for when you’re ready to give, but you’re not ready to relinquish the entire interest you have in an asset during your lifetime. Charitable Remainder Trusts are set up to convert appreciated assets into an income stream for beneficiaries. The charity receives the trust’s remaining assets when the last beneficiary dies. Charitable Lead Trusts are designed to provide an annuity or unitrust amount from designated assets to a charitable organization throughout your lifetime or for a period of time you specify. Then, at the end of that term, the assets are transferred to your beneficiaries.

For more information or to make an appointment, please call us at (630) 232-3223 or reach out by email.

A Life Insurance Trust can provide you with peace of mind knowing that, upon your death, the proceeds from your life insurance policies will be paid to a trust you have established. The State Bank of Geneva, as trustee, is named beneficiary of the policies. This enables us to immediately “step in” to hold and manage the funds, as trustee, for your spouse, children or for other individuals as specified in the agreement. This type of trust may avoid the expense and publicity of probate of these funds and may also eliminate the need for a guardianship for your minor children.

For more information or to make an appointment, please call us at (630) 232-3223 or reach out by email.

When The State Bank of Geneva serves as executor, co-executor or agent of your estate, we will perform many required duties to help ensure that your instructions will be carried out and that your designated beneficiaries will receive professional care and attention.

For more information or to make an appointment, please call us at (630) 232-3223 or reach out by email.

The State Bank of Geneva (guardian of the estate) can be appointed as guardian by a court to care for the property of a minor, an incompetent, or other incapacitated person (the ward). The powers and responsibilities of the guardian are governed by state statutes and court decisions. A guardian is an agent of the court and has no legal or equitable title to the ward’s property. The guardian receives, holds and manages the property, and renders accountings to the court as long as the ward is a minor or the incompetency lasts.

The State Bank of Geneva is also available to act as “agent” for a named guardian. As agent, The State Bank of Geneva would relieve or assist the guardian in carrying out their duties.

For more information or to make an appointment, please call us at (630) 232-3223 or reach out by email.

A State Bank of Geneva IRA is one of the easiest ways to save and earn interest to retirement. A trustee or self-directed Individual Retirement Account is a great way to maintain the tax-advantaged status of the funds from lump-sum distribution from a pension, 401(k) or similar tax-deferred retirement plan. It provides for the investment of funds in stocks, bonds and mutual funds in addition to Bank CDs. The State Bank of Geneva also serves as custodian for IRAs with alternative investments such as real estate, and various other unique assets or business interests.

For more information or to make an appointment, please call us at (630) 232-3223 or reach out by email.

IRS Circular 230  Disclaimer: To ensure compliance with IRS Circular 230, any U.S. federal tax advice provided in this communication is not intended or written to be used, and it cannot be used by the recipient or any other taxpayer (i) for the purpose of avoiding tax penalties that may be imposed on the recipient or any other taxpayer, or (ii) in promoting, marketing or recommending to another party a partnership or other entity, investment plan, arrangement or other transaction addressed herein.

The State Bank of Geneva will analyze and create a strategy that best fits your individual circumstances. This may include traditional stock offerings, both U.S. and overseas equities, mutual funds, real estate, and bonds. Together we will consider your goals and objectives, time horizon, income requirements, beneficiary concerns, tax situation and liquidity constraints to create an account that is best for you. If a Managed Investment Account is best for you, we will manage your account in a Very Conservative, Conservative, Balanced Conservative, Moderate Conservative, Moderate Aggressive, or Aggressive approach depending on your risk tolerance. Or, if you choose to make all the investment decisions yourself, you can open a Custodial Investment Account. In short, every aspect of your current circumstances and projections for the future are considered.

For more information or to make an appointment, please call us at (630) 232-3223 or reach out by email.

Custodial Accounts are for customers who want to invest in different types of investments, such as mutual funds, government securities, stock, or certificates of deposit, but do not necessarily want to take the time to handle the paperwork. A Custodial Account allows you to have complete control over your investment decisions. You can diversify and change your investments as often as you choose to optimize your return. As custodian for the assets of individual investors, we provide various bookkeeping services, including periodic consolidated statements, collection and distribution of income, details of purchases and sales of securities, notification of all transactions, and year-end tax information.

For more information or to make an appointment, please call us at (630) 232-3223 or reach out by email.

A Land Trust is a simple, inexpensive alternative for holding title to Illinois real estate. With a Land Trust, the Bank, as your trustee, holds the recorded title, but at the same time you, the beneficiary, whose interest is not disclosed, exercise all the rights and conveniences of ownership. This method of owning real estate eliminates many of the difficulties encountered in acquiring, owning or selling real estate. As beneficiary, you retain all the normal rights of ownership including the collection of rents, management and maintenance of property, and payment of taxes. By written direction you authorize the trustee to execute deeds, mortgages, leases and any other legal documents that affect legal title to the property.

For more information or to make an appointment, please call us at (630) 232-3223 or reach out by email.

A 1031 Like Kind Exchange (named after Section 1031 of the Internal Revenue Code) can be used to defer the gain or loss recognized on the exchange of property held for productive use in a trade or business or for investment if such property is exchanged for similar property. When you and your tax consultant have decided that a 1031 tax deferred like kind exchange is best for you, we will see to it that the transaction proceeds according to your plan.

For more information or to make an appointment, please call us at (630) 232-3223 or reach out by email.

IRS Circular 230 Disclaimer: To ensure compliance with IRS Circular 230, any U.S. federal tax advice provided in this communication is not intended or written to be used, and it cannot be used by the recipient or any other taxpayer (i) for the purpose of avoiding tax penalties that may be imposed on the recipient or any other taxpayer, or (ii) in promoting, marketing or recommending to another party a partnership or other entity, investment plan, arrangement or other transaction addressed herein.

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