Trust Services
Living Trust
An excellent foundation for your overall financial plan. If you are faced with the problems of overseeing a complex portfolio of cash, investments or other assets, consolidation of these in a professionally managed Living Trust can relieve you of that burden. McGehee Bank’s Trust Department staff can help you create the terms of your Living Trust to suit your specific financial needs and objectives. Your assets and investments will receive the frequent attention needed to maintain the best possible return and you’ll receive reports on the status of your trust. Additionally, a Living Trust can be used as a basis of your estate plan for the benefit of your heirs.
Educational Trust
With escalating educational costs, one of your most important financial objectives may be to provide for the education of your children or grandchildren. A McGehee Bank Educational Trust can help you fulfill these objectives. With such a plan, you can specify a cash amount or other assets to be invested or managed, under trust, for your children or grandchildren. The proceeds of these investments and managed assets are distributed at the time and in the manner specified by you at the time the trust is drafted or modified as your family grows
IRA's, IRA Rollovers & Retirement Planning
A McGehee Bank IRA is one of the easiest ways to save and earn interest for retirement and offers a number of tax advantages. In many cases the yearly contributions made to your IRA are deductible for the year you make the contribution. The money earned on your IRA account is not taxable until you withdraw it, usually at retirement, and with the new Roth & Educational IRA’s, distributions may be completely tax free. If you receive a lump-sum payment at retirement, you may “rollover” part or all of this amount into a McGehee Bank IRA. This can be a major benefit to you because the principal and interest earning on the entire amount are tax-deferred until withdrawal. IRA’s are just a part of McGehee Bank’s Retirement Services. A McGehee Bank Trust Officer can show you how to take maximum advantage of retirement income opportunities and investment services to help you maintain a comfortable income during your retirement years.
Estate Planning
Making well planned provisions for your estate is like doing a big favor for your heirs in advance. The tax codes and legal requirements surrounding distribution of an estate are complex and confusing at best and in most cases are a burden to survivors. A Personal Estate Plan managed by McGehee Bank’s Trust Department helps provide the maximum benefits of your assets to your heirs by minimizing the bite of estate taxes and providing the expert financial management expertise of experienced trust officers. As a part of these services, McGehee Bank’s Trust Department can serve as the executor for your will and efficiently and professionally handle the details of probate, inventory and safeguarding of assets, collection of debts, filing of tax returns, satisfaction of your obligations and distribution of your assets according to your direction – relieving your heirs of these unfamiliar tasks.
Farm & Personal Asset Managment
For absentee farm owners, estate or other agricultural property owners, McGehee Bank offers McBank Farm Services, a complete agricultural property management service. For other personal properties and assets, McGehee Bank’s Trust Department can formulate specific management plans and trusts to see that your property and other assets are best utilized for your benefit or the designated beneficiaries of your trust.