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Trust & Asset Management
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Trust and Investment Services

Given the current tax laws, trusts represent an effective vehicle for the successful transfer of wealth from one generation to the next. Click on the titles below to learn more.

+ Why Select A Corporate Trustee?

· Increased family harmony
· The objectivity of an independent “non-family” fiduciary
· Professionalism of staff and knowledge of key areas, i.e. tax, investments, fiduciary issues
· Continuity of a family’s wealth/asset management plan

Citizens National Bank’s efforts intentionally include personal meetings to review investment strategy, distributions, personal needs and requests. Teamwork is the foundation for every successful trust relationship. We work with our client and his/her professional advisors to produce an estate planning structure best suited to assist our client. The Trust Division then serves the role of Corporate Trustee in a flexible, responsive and user-friendly manner.

Trusts are utilized for a variety of reasons, but some of the more common objectives are:

· Avoidance of public probate proceedings
· Transfer of assets from one generation to the next
· Professional asset management
· Reduce or eliminate estate taxes, capital gains and income taxes
· Confidentiality of trustees actions

+ Estate Administration

The Trust Division works with a client’s professional advisors to ensure a smooth solution for difficult details involved in settlement of an estate. We can provide the knowledge and communication necessary to accomplish the administrative and intricate planning issues involved with settling an estate, making the process as stress-free as possible for the survivors.

+ Living Revocable Trust

A Trust created by a grantor during his or her lifetime which can be changed or discontinued. Benefits: can be custom designed to meet individual’s needs, avoids probate, personal bills such as utility payments can be paid from the trust, and can provide for management of assets in case of incapacity.

+ Trust Under Will Or Testamentary Trust

This trust is created by a provision in the Last Will and Testament and will come into existence upon the death of the settlor. Benefits: the trust provides peace of mind to your family during an emotional time; trustee manages certain assets for benefit of beneficiary; and the trustee distributes your trust according to the provisions of your Last Will and Testament.

+ Standby Trust

This is a trust that is used for both lifetime and estate planning purposes which is funded upon the happening of a prescribed or stated event. Benefit: Estate Planning

+ Life Insurance Trust

This trust is a specialized trust arrangement that buys insurance policies on the life of the grantor and uses the proceeds after death to carry out the grantor<92>s wishes. Benefit: If structured correctly, the life insurance proceeds are not included in the Grantor<92>s Estate for Estate and Inheritance tax purposes.

+ Estate Planning

Citizens National Bank trust professionals can assist their clients in developing an estate plan to carry out their personal and financial goals and objectives utilizing income, gift, and estate tax laws to reduce overall taxation.

+ Investment Management Account

This is an account in which Citizens National Bank is named as Agent on the client<92>s behalf. Our trust professionals provide guidance in the area of securities based on the client<92>s investment strategy.

+ Individual Retirement Account (IRA)

Citizens National Bank offers a wide variety of IRA services including IRA rollovers, self directed IRAs, and managed IRAs.

+ Charitable Trusts

The Charitable Trust is an effective estate planning tool. This type of trust avoids all capital gains taxes and can qualify for income tax deduction. Charitable Trusts allow assets to avoid federal estate tax. Charitable Trusts are irrevocable and therefore must be given considerable thought.

+ Endowment/Foundation Trust

An endowment or foundation trust is composed of tax deductible gifts made by a single individual, family, or business (as the Kennedy Foundation) or from many sources (as the Multiple Sclerosis Foundation) for education, religious, charitable, or other benevolent purposes. The assets of these trusts are placed under the care and control of a trustee or group of trustees serving under the exclusive directions and purpose of the foundation or endowment guidelines.

+ Employee Benefit Trust Services

At Citizens National Bank our Wealth Management Group consists of a local staff of professionals trained in the fiduciary responsibilities of managing and investing retirement plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). Retirement plan laws are complex and represent an ever-changing environment. ERISA and IRS compliance continues to be a challenge and that is why the appointment of a corporate trustee like Citizens National Bank can be beneficial to an employer.

At Citizens National Bank we recognize the distinctive nature of every retirement plan. Citizens National Bank provides the employer with many flexible designs to provide investment choices specifically for their industry and their employees. We try to customize services, including plan design, investment approach and participant communication, to meet the unique objectives of each plan sponsor. A well-run and understood retirement plan can be both a benefit and a key to financial security during an employee’s retirement years.

Citizens National Bank’s philosophy is that a true fiduciary always acts for the benefit of the client. Citizens National Bank does not provide recordkeeping services but dovetails and coordinates with local professionals who provide plan documents, compliance testing, and participant statements. As corporate trustee, Citizens National Bank provides peace of mind to management in the potentially risky arena of ERISA fiduciary responsibility. Along with serving as Trustee and Custodian of the plan’s assets Citizens National Bank is experienced in performing/overseeing the following aspects of a well managed retirement plan:

· Investment management
· Trust reporting
· Plan document preparation/amendment
· Plan record keeping through third party providers
· Compliance testing and reporting
· Employee communications

Citizens National Bank places great emphasis on communication by providing plan executives and participants with easy access to Citizens National Bank’s employees to answer individual questions or concerns. Implementation of a retirement plan includes an initial enrollment meeting with the employees. Employees receive information that they will need to assist them and teach them the fundamentals of how to make investment choices geared to their personal retirement goals and financial circumstances. At least annually, the employer can schedule follow-up meetings for presentations on investment performance, market conditions, and a review of plan options. A trust officer will always be available to answer individual questions for employees as well. It is our belief that well-informed plan participants are more likely to appreciate and value the benefit package provided by the plan sponsor.

+ Simplified Employee Pensions (SEPs)

Simplified Employee Pension plans are a low-cost choice for businesses that would like to provide a retirement plan that is low maintenance but still has a great deal of flexibility. With a SEP plan, the employer does not have the burden of complicated reporting requirements.

+ Simple IRA Plans

The Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) IRA is an option for businesses with 100 or less employees. This plan also allows flexibility. The Employer can choose from different levels of contributions. This plan allows employees to contribute a portion of each paycheck.

+ 401(k) Plans

This retirement plan allows employees to contribute a percentage of their salary to the plan through payroll deduction. Employers may also contribute by matching employee contributions usually up to a percentage. This plan works for businesses of all sizes.

+ Profit Sharing Plans

A Profit Sharing plan is a retirement plan in which the employer shares the profits made by the company with its employees. Employees do not contribute to this plan. The employer contribution is calculated as a percentage of salary. The contribution percentage can be changed from year to year. Prototype plans are available.

+ Money Purchase Pension Plans

Contributions to the plan are made by the employer based on a stated formula. This type of retirement plan is not as flexible as other plans. Employees can count on a defined benefit income when they retire. This plan can be used in conjunction with other plans.
Not A Deposit, Not FDIC-Insured, Not Insured By Any Federal Government Agency, Not Guaranteed By The Bank [Or Savings Association], Subject to Risk and May Lose Value : Securities offered through Raymond James Financial, Inc. Member FINRA/SIPC.
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