The United Difference - Trust Page

Consider How Assets Can Define a Legacy

Everyone has heard of estates that were tied up for years in bitter probate battles or situations where the donor’s final wishes were not translated into the Will or Trust instrument that guided how assets were to be distributed. Don’t let that happen to you! Also, you have a choice between making a charitable gift to Uncle Sam, or to people, or causes of your own choosing.
Things to think about:
  • Who should receive your assets? Children, grandchildren, charities, etc.
  • When do you want your heirs to receive your assets? Immediately, one year, over several years, etc.
  • Does your executor or trustee really want to serve and do they know what to do or when to do the things needed when the time comes?
  • Will there be conflicts in the family when one member is chosen as executor or trustee and not the other?
  • Will your executor or trustee be prepared for a possible long duration of a trust or an estate?
While estate planning often focuses on distribution of wealth after death, experts say many grantors don’t make good use of tax-favored tools that can be used during their lifetime. A consistent approach to making regular small gifts can be a great way to transfer substantial wealth tax-free over time.
Beginning on January 1, 2024, an individual may make gifts in an amount up to $18,000, in total, on an annual basis to any recipient without making a taxable gift, and married couples, who elect to gift-split, may annually gift a combined $36,000 per recipient without making a taxable gift. This is one of the little jewels in the estate planning world. If the recipients invest the money, these gifts can turn into a sizeable amount of money down the road.
Whether it’s a Will, a Trust or both, let the professionals at the United Bank of Iowa Trust Department help you. We will work with your attorney to make sure your needs are met. At United Bank of Iowa, “The Difference is Here!”

We are here to help!

Stop at any UBI location and let our experts help you. Contact us today! 712-364-3393

Don't Forget Your IRA Contribution For 2023

It’s that time of year when everyone is working on their 2023 tax returns and calculating their retirement contributions. For 2023, the deadline for making a contribution is April 15, 2024. The contribution limits for 2023 for a Traditional IRA/Roth IRA are:
  • $6,500 if under age 50*
  • $7,500 if age 50 and greater*
    *OR 100% of your compensation, whichever is less
Always check with your tax preparer for help in determining which retirement product is best for you and if you meet all the eligibility requirements.
Stop at any United Bank of Iowa office to open a new retirement account or make a contribution. We are here to help you achieve your retirement dreams.