1st National Bank of Muscatine









 

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     Trust Services

We are committed to giving you the personal, individual service you deserve; the kind of service that is built on trust and creates a lasting relationship. 

 

Let our experienced team assist you in designing and managing your personal or business money management needs with a combination of our innovative products and services.

 

Our Trust and Asset Management team offers continuity, leadership, and expertise in Money Management. 

 

"All there is to living is to go away satisfied."

Will Rogers

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Keep Your Valuables Safe

We can help you protect your valuables. Our safe deposit boxes start as low as $14 a year.  It's a great deal for peace of mind.  Call today.

Account Management

Employee Benefit Plans

Provide yourself and/or your employees with vehicles to enhance their retirement years.  We provide Simple IRA Plans, Self Employment Plans, and Individual Retirement Plans. 

 

Agency

You'll have peace of mind knowing that your assets are being handled by professionals. You remain in control of your assets at all times.  We provide simplified record keeping, such as paying bills and collecting income; relieving you of the burdensome paperwork.

 

Estate Executorship

As your executor, we will carry out the instructions in your Last Will and Testament in a caring, professional and impartial manner.

 

Conservatorship

Relieve family members of the burdensome responsibility of handling an individual's financial affairs when he or she is incapable of doing so.

 

Insurance Trustee

You'll have peace of mind knowing that we will ensure that the proceeds of your insurance policy are invested and distributed to the designated beneficiaries in the manner as you have directed in the trust agreement.

 

Trustee

Be assured that your wishes, for the assets you worked hard to accumulate, are carried out.  Our team of professionals will administer every aspect of your trust with the utmost care.

 


 Individual Retirement Accounts (IRAs)  

 

Individual Retirement Account Trusts 

Individual Retirement Account Trusts - Feel secure knowing that your retirement assets are administered by experienced professionals. 

  

Simple IRA

A Simple IRA plan is a new type of employer-sponsored retirement plan. A Simple IRA has its own special features which will make it attractive to many employers.  If you are an employee  and not an employer, you will still benefit from understanding how a Simple IRA plan works.  An employee may enjoy substantial tax benefits by participating in a Simple IRA plan.  We encourage you to consult with your tax advisor. 

 

What Businesses or Employers May Establish a SIMPLE? 

To be eligible to have a SIMPLE, an employer must meet two requirements:

  • First, an employer will be eligible if it employed 100 or fewer on any day during the year who earned $5,000 or more in compensation from the employer during the year. 

  • Second, the employer (or any predecessor employer) cannot currently maintain during any part of the calendar year another Qualified Plan. For these purposes, a Qualified Plan includes a qualified retirement plan, a qualified annuity plan, a governmental plan, a tax-sheltered annuity, and a SEP to which contributions were made or benefits were accrued, for service in the calendar year.

 

May a Sole Proprietor Establish a SIMPLE?

Yes.  A sole proprietor may establish a SIMPLE as long as the rules discussed above are satisfied.  When a self-employed individual sponsors a SIMPLE, he or she is considered to be both the employer and an employee. 

 

Why Would an Employer & Its Employees Want a Simple IRA?

There are six simple reasons:

  • An employee, by making elective deferrals, can defer current income taxation.

  • An employer is allowed to deduct the cost of funds contributed to employees plan.

  • Income earned on the SIMPLE deferrals is sheltered from federal and most state income taxes until withdrawn.

  • Due to the effects of compounding, the SIMPLE funds may grow into a sizable nest egg for retirement.

  • Administrative costs are generally substantially less than would be incurred under a qualified plan.

  • Current IRA rules limit deductibility for regular IRA contribution for employees who themselves (or their spouse) participate in an employer-sponsored retirement plan.  However, an employee's participation in a SIMPLE IRA may provide him or her additional opportunities to save for retirement.

     


 

To learn more about these money saving plans, call us at 563.262.4215

or e-mail us at mwilson@fnbmusc.com

 

 

300 E. 2nd St. | Muscatine, IA 52761 | ph 563-263-4221 | fax 563-262-4213

© 2009 First National Bank of Muscatine. All rights reserved.