Couple at kitchen table looking at cell phone


Let's start that conversation.
First American Bank & Trust has a dependable team that can help you manage assets, minimize taxes, avoid probate when appropriate and ensure an impartial, seamless transfer of wealth - no matter how complex your wealth management needs are.

As the name implies, Revocable Living Trusts are created during your lifetime. With a revocable living trust, you may add or withdraw assets. Also, you may amend it from time to time at your discretion. As trustee, First American Bank & Trust can draw up a flexible agreement that will help you:

  • Avoid probate to accelerate asset distribution at death
  • Preserve privacy
  • Obtain professional investment management of assets
  • Realize the financial protection in the event of illness or incapacitation
An Irrevocable Living Trust is simply one that cannot be changed or cancelled once it has been established. The advantage of setting up an irrevocable living trust is that assets in the trust are not included in your gross estate for estate tax purposes. First American Bank & Trust can administer several types of irrevocable living trusts such as:

  • Irrevocable Life Insurance Trust - Owns an insurance policy
  • Qualified Personal Residence Trust - Holds a personal residence
  • Grantor Retained Annuity Trust - Provides income to the Grantor
Administration of a Special Needs Trust can be quite daunting as misappropriation or incorrect distribution of funds may cause significant issues with government benefits. An experienced corporate trustee will provide the peace of mind that these benefits are secure. The two types of Special Needs Trust are:

First-Party Special Needs Trust or Self-Settled Special Needs Trust
  • Funded with assets that legally belong to the special needs beneficiary, which are typically inherited assets, legal settlements or life insurance proceeds
  • Must have provisions directing the trustee to reimburse state agencies for benefits received during special needs beneficiary's lifetime

Third-Party Special Needs Trust
  • Established by someone other than the special needs beneficiary with assets that never belonged to the beneficiary, this type of trust provides significantly greater benefits as there is no "payback" provision
Upon your death, a provision within your last will and testament creates a Testamentary Trust. Specific assets are turned over to a trustee to provide care for your beneficiaries as directed. Wtih First American as the trustee, you can take comfort knowing that our team of professionals will fulfill the terms and provide continuous management for the life of the trust. A few benefits of a Testamentary Trust:

  • The assurance that each beneficiary's inheritance is protected
  • Corporate trustee has unlimited life
  • May create certain tax savings
  • Beneficiary receives assets without the burden of management
Who would manage your assets if you couldn't do it yourself? Just as the name implies, a Standby Trust waits on the sidelines until needed. If it becomes necessary to activate the trust, your trustee makes investment decisions and handles other financial matters for your benefit. A Standby Trust:

  • Provides a peace of mind knowing that your affairs will be handled as you directed
  • Helps avoid undue delays and unnecessary expenses of probate
  • Can eliminate the necessity of a legal guardianship
Whether you choose to transfer out of your role or leave the business altogether, a business succession plan can help ensure the orderly transfer of ownership to your partners, family members or your beneficiaries. Having a comprehensive plan can:

  • Prepare you for the next stage in your life
  • Provide income in your retirement
  • Help minimize the tax impact on the sale of your business
  • Address family members' interests and concerns
  • Put you in control of your future and the future of your business

First American Bank & Trust provides complete administration of the deceased's estate from probate of the will to filing the final settlement with the probate court. We become your partner providing:

  • Counseling to beneficiaries on financial matters
  • Management of estate assets
  • "Postmortem" tax planning to minimize taxes
  • Distribution of assets to beneficiary(s) pursuant to the will
You may be among the people who think their wealth is too modest to justify an estate plan. In fact, almost everyone needs a plan. First American Bank & Trust's team of advisors work with you and your attorney to craft an estate plan that meets your needs and objectives with respect to transferring assets to your beneficiaries. We can help with:

  • Wills
  • Trusts
  • Durable Powers of Attorney and Advanced Directives

Investments offered by Trust and Investment Services are NOT FDIC INSURED, provide NO BANK GUARANTEE and MAY LOSE VALUE.