Banking Services Offered

The one bank in Luzerne is Luzerne Bank (118 Main Street) established on Jan. 1, 1907. Bank assets (2011) slightly over $300, Deposits (2011) $263 mil. Specialization: Commercial Lending Specialization, 8 offices. Holding Company: Luzerne National Bank Corporation.

Luzerne Bank offers the standard services you would expect from banks, so business loans, home loans, personal and online banking. They also offer trust services. Read about it here.

Trust Officers will assist you by providing individually tailored plans to guarantee peace of mind and financial well-being for you and your family.

Custody Accounts: Our Bank’s custody services are providing safe keeping of all assets, income collection, record keeping, and distribution while they, at the same time, allow you to retain full control over your investment decision making.

Investment Management: On top of providing our trusted basic custody services, you can benefit from our suggestions on investments after consultation with you to determine risk tolerance and your investment objectives. You have the choice to retain control over the ultimate investment decisions or give that authority to the Bank as your agent.

Guardianship: Minor or Incapacitated Person: Whether appointed by the court, or by will, we can provide asset management for a young beneficiary or someone otherwise unable to manage his or her own financial affairs.

Standby Trust: This plan allows for the creation of the trust document setting forth the terms and conditions that the trustee must follow but does not become operational until either the person creating the trust decides to do so, or it becomes necessary perhaps due to disability or death. Many individuals choose to fund such a trust with life insurance to provide for family members after their death.

Living or Inter Vivos Trust: A plan tailored to your specific needs or desires to provide active management for you and your family now and possibly for years to come. This plan can be changed or terminated during your lifetime and offers the ability to see how your family will be cared for when you are no longer able to do so. Also, probate costs of your estate can be reduced through this estate planning tool provided certain provisions are included in the trust document.

Trust Under Will: Unlike the Living or Inter Vivos Trust, this plan is created by your Last Will and Testament and therefore does not become operational until after your death. It cannot provide for you during your lifetime and because it is created by your Will, it cannot reduce probate expenses and becomes a matter of public record. It does, however, provide for your beneficiaries whether they are family or your favorite charity.

Charitable Trust: There are a variety of plans available to derive tax savings for your estate. One example is the Charitable Remainder Annuity Trust that may provide income for family members during their lifetime with your favorite charity as the ultimate beneficiary. You can provide for your family while leaving a living legacy as well.

Estate Planning/Estate Settlement: We work with you and your advisers (attorneys and/or accountants) to tailor a plan to provide for the transfer of wealth to your beneficiaries with the least expense and greatest tax savings. As your Executor, our Trust Officers will use their expertise to settle your estate in a professional, timely and unbiased manner.

Basics of a Trust Fund
A trust fund is a (private) arrangement whereby you (the settlor) are transferring legal ownership of specific private assets to the trustee. Your private assets then become the assets of the trust. The trust holds and manages the assets for the beneficiaries which may consist of (or include) you and your family members.

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Source: http://www.sandosfinancial.com/estate-tax-strategy

Why Consider a Trust: A trust, like a foundation or some other wealth structure, can be helpful to manage complex family wealth issues. A trust can be helpful for protecting your family business interests, and allows you to manage your wealth independently and privately. A trust can also be providing continuity, helping your family members take advantage of financial benefits and preserving capital. Luzerne’s trusts, just like our other solutions, are developed to meet your particular requirements and ambitions. They offer great solutions to optimally manage your wealth.

Choose a Trustee: The determination of who is to administer the trust is very important. It’s not only about your decision to set up a succession plan. The trustee ultimately is accepting legal liability and personal responsibility for issues related to the financial well-being of the trust, so the selection of a highly responsible trustee for managing, protecting, and distributing your trust’s assets trust is an important decision with long-lasting implications.
It’s imperative to decide on a trustee who has financial expertise and professional legal know-how. A trust fund often involves coordination with accountants, lawyers, or other advisers, detailed record-keeping, and work over generations.

Having a trust often also involves complex management work, as well as complex financial or investment decision-making processes.

IRA Rollover: We will develop a strategy to meet your objectives and protect your retirement funds that are transferred from a qualified plan.

  • For additional information regarding these services, or to make an appointment with a trust representative, please contact our Trust Department at:
  • Non-deposit Investment products sold by the Trust Department are:
  • Not insured by the FDIC;
  • Not a deposit or other obligation of, or guaranteed by, the depository institution; and,
  • Are subject to investment risks, including possible loss of the principal amount invested.

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