First Banking Center's Trust Department takes pride in being able to provide other types of trust services that may fit your needs. If you could use more free time to spend with family or pursue your hobbies, you can delegate your investment paperwork tasks to us by opening a Custodial Account. If you are looking to defer payment of capital gains tax on investment property, First Banking Center can help set up a 1031 Real Estate Exchange Trust.

Custodial Accounts
If you have assets in your safe deposit box, at home, or at several brokers, our reliable staff can help take the hassle out of safekeeping those securities and handling record retention of cost basis information. First Banking Center will settle all transactions, collect income, and provide you with one consolidated statement. You still have the power to make your own investment choices. If you wish we could set up the account for you to receive income distributions from the account by check, ACH, or wire transfer. We can even take care of paying your bills out of the account.

Real Estate Exchange Trust or 1031 Exchanges
This type of trust allows you to sell or dispose of real property or personal property and acquire other real property or personal property and defer the payment of capital gains tax. A 1031 Exchange may be appropriate for the sale of your property if:

• The property for sale is held for rental income, investment purposes, or for use in a trade or business
• The property is not your primary residence or used for personal use
• You intend to purchase replacement property with the proceeds from your sale
• You would benefit from deferring capital gains or losses

To complete a 1031 Exchange there are time frames stipulated in the Internal Revenue Code (IRC) Section and there cannot be constructive receipt of the funds from the sale of the relinquished property. This is where First Banking Center is utilized to facilitate your Real Estate Exchange Trust.