Individual Retirement Accounts
Individual Retirement Accounts (IRAs) are a great way to prepare for retirement and save taxes. With a traditional IRA, taxes on contributions and earnings are deferred so that, after retirement, you pay taxes only on what you take out of your account. With a Roth IRA, you cannot take a tax deduction for your contributions, but earnings are tax-free.
When you retire, the first decision you make could be your most important: “What do I do with my retirement fund?” People are usually not trained in investing, and they must make very difficult choices immediately upon retiring. Trust-Mart® can help you with these decisions. Consult our trust officers before retirement to learn about your options for investments and to see how we can help minimize taxes.
A trust is an arrangement under which one person, called a trustee, holds legal title to property for another person, called a beneficiary. A living trust is simply a trust you create while you’re alive, rather than having one created at your death. By naming Trust-Mart® as trustee of your living trust, you can have the peace of mind of having your estate plan in place during your lifetime. You may avoid probate, retain privacy and possibly save taxes. The living trust assures a quick and smooth transfer of assets to spouses, children and other beneficiaries of your choice. You can retain the right to use any or all of the income and principal of the trust during your lifetime, and you can invest the assets of the trust with the help of our investment officers to maximize your return.
Income Tax Preparation
We prepare income tax returns for individuals, as well as all types of entities. With tax laws changing every day, we’ll keep you up to date and make sure you’re not missing out on any deductions to which you’re entitled. In addition, we can provide IRS e-file and direct deposit to get your refund fast. Are forms all you need? Many are available on IRS.gov. For Illinois forms, visit the Illinois Department of Revenue. For other states’ forms, click here. For current tax topics, visit the IRS Newsroom.
Investment Agency Accounts
With Trust-Mart® named as your investment agent, you can direct your trust officer to buy and sell stocks, bonds, mutual funds, municipals, and other investments, depending upon your preference in investing. You can avoid the paperwork involved in doing this technical work yourself and receive timely reports regarding your account.
Small Business Accounting
We can provide any combination of services to serve your small business. These include monthly accounting, regular financial statements to track your progress, payroll services, and state sales tax preparation. We’ll help keep your business in compliance with government regulations and deadlines, and show you areas in which your business can improve.
Testamentary trusts are created after you die, and are irrevocable—meaning they can’t be changed. If you are unsure whom to name as trustee for your estate trust, consider Trust-Mart®. With years of experience in administering trusts, our trust officers can carry out your trust directions professionally and promptly.
Families who live some distance away may need a guardian for their loved one in our locale. Trust-Mart® is experienced in serving as guardian of the estate for those who need help. We can pay bills, make investments, manage property, and report to the family regularly. The sensitive nature of guardianships requires caring professionals with the expertise to take care of business, while never losing the personal touch.
Estate Administration and Support
If you have been named as executor of a will and don’t know where to start, contact Trust-Mart®. As your agent, we can help guide you through the intricacies of the estate process, do the required record keeping, and work closely with you and your attorney.
Not FDIC Insured. Not Bank Guaranteed. May Lose value. Not Insured by Any Federal Government. Not a Bank Deposit.