They’re called trusts for a reason. You’re entrusting your legacy to us and it’s a responsibility we take very seriously. Our bank’s slogan “Where Business is Personal” rings true for our Trust Services department, as well. We know how to establish and cultivate relationships with you and your advisors to most effectively manage and administer your trust.
Whether in the role of trustee or co-trustee, First Commercial offers a variety of trust services. Working hand-in-hand with your investment advisor, attorney, accountant or all of the above, we can custom tailor a solution to your specific needs comprised of any of the following trust types:
- Family Trusts – Transferring wealth— and the security that comes with it— is of prime importance to most families today. Many individuals prefer that their wealth is there for their families and passes down through the generations. Family trusts are an excellent way to accomplish this goal by providing for spouses, children or other family members while ensuring family harmony. First Commercial Bank is there every step of the way, helping you preserve, protect and provide for your family’s interests.
- Asset Protection Trusts – While building a sizable legacy can take years, even decades, one single fiscal misfortune can quickly wipe it all away. An asset protection trust can be an excellent way for high net-worth individuals to protect their assets from a lawsuit, bankruptcy, divorce or similar financially damaging situations. Mississippi is one of several states that allow this type of trust.
- Special Needs Trust – Many families do not realize that if they leave an inheritance to a person with special needs (disabled or handicapped), that person often loses his or her government benefits. A special needs trust, if properly crafted and administered, can ensure that public benefits are retained and then supplemented as needed.
- Charitable Trust – Many individuals also include charitable giving as part of their estate planning. Through charitable trusts, you are able to give back to your community by providing continued support your chosen causes after your demise. We are available to discuss the administration of your charitable trusts or to meet with you and your advisors as you consider creating a charitable trust.
- Irrevocable Life Insurance Trust (“ILIT”) – Life insurance trusts are probably the most frequently used estate-planning device. If an ILIT is created to own the life insurance policy and the proceeds of the life insurance are payable to the trustee of the ILIT upon the insured’s death, then the proceeds are not included in the insured’s estate and, therefore, are not taxable for federal estate tax purposes. This is true even though the insured gives the money to the trustee of the ILIT to pay the annual premiums of the life insurance policy.