Running a business is time consuming. Don’t let managing benefits and investments take time out of your already busy schedule, or worse, take time away from your customers. Our Trust Department is ready to be your financial business partner, managing your benefit packages, business investments and more. Our team of experts will work together to provide the financial service and the personal attention that you expect. Contact Us today to see what we can do for your business!
Here is some information on the services we provide:
- Employee Benefit Plans
- IRAs – Simple and Simplified Employee Pension
- Custodial Accounts
- Management Accounts
- Escrow Services
- 1031 Like-Kind Exchanges
Employee Benefit Plans
We can handle the details of establishing and running your company’s retirement plan so that you can dedicate your time and energy to your business. Whether it is a 401(k), 403(b), Profit Sharing, or any other employee benefits plan, we can ensure it is both comprehensive and cost effective.
- We are experienced in implementing a plan, keeping it in compliance, and handling investment decisions
- We handle administrative details of your employee benefit plan, including:
- Payments to retired employees
- Lump-sum payments to terminated employees
- Preparing and mailing 1099-R forms to terminated employees and retirees
- Preparation of annual IRS Form 5500 Series reports
- Calculation of participant interest in plan assets
- Preparation of employee participant statements
- Payments to retired employees
SIMPLE IRA
- Stands for Saving Incentive Match Plan for Employees
- Can be used by small business and tax exempt employers and governmental entities
- Employees may contribute to a SIMPLE IRA with the employer making matching contributions up to a certain level
- Generally, contributions are not taxable until withdrawn
- Early withdrawal tax penalty imposed on withdrawals of money before age 59 ½
- Rollovers from one SIMPLE IRA to another are permitted
- Rollovers from a SIMPLE IRA to a Traditional IRA are permitted without penalty after 2 years of participation
- Generally, contributions are not taxable until withdrawn
Simplified Employee Pension Plan (SEP)
- Ideal for sole proprietors, partnerships, small corporations, or for any tax-exempt entities
- Easy to maintain
- Less cost and paperwork than more complex retirement plans
- Employer contributions to a SEP are deposited into an IRA owned by each employee
- Contributions are tax deductible by the employer and are not treated as current taxable income of the employee.
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Custodial Accounts
This account type gives investors complete control of their investment decisions without the headache of handling the paperwork.
- Ability to choose different types of investments such as mutual funds, stocks, government securities, or certificates of deposit
- Diversify and change your investments as often as you choose to optimize your return
- 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
- year-end tax information
- periodic consolidated statements
Management Accounts
This account type is for investors who may not have the time or expertise to manage their own investments.
- We assist you in the design and implementation of an investment portfolio based on your goals and objectives.
- We follow an investment strategy designed according to your investment style, goals, and tolerance for risk
- 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
- year-end tax information
- periodic consolidated statements
Escrow Services
We can serve as an independent third-party to hold money or other property in situations where an independent third-party is needed.
1031 Like Kind Exchanges
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.
- Used to defer gain or loss 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.
- As a Qualified Intermediary, we prepare the exchange agreement and provide you with forms and reminder letters to simplify the process.
Non-deposit investment products are not insured by the FDIC; are not deposits; and may lose value.