Banknotes

By:Alyssa J. Chance, J.D., Vice President & Personal Trust Officer

Is 2019 the year?  If so, congratulations!  Whether your plan is to stop working cold-turkey or ease into retirement slowly, there are a few things that will help make the transition easier and more stress-free.

Buy-sell agreements or buyout agreements are often referred to as prenuptial planning for business partners.  What happens to the business if a partner dies, becomes incapacitated or wishes to leave are all things that can be addressed with solid upfront planning.  It is extremely valuable having an attorney draft an agreement that deals with situations that could disrupt the business’ continuity.  A solid buy-sell agreement provides a value of the business and partner’s interest as well as terms dictating how the business continues while providing proper consideration to the departing partner or his/her estate.

By: Dan Savage, Senior Vice President and Senior Trust Officer

Your employer’s retirement plan is a valuable fringe benefit.  It will likely be your primary source of retirement income security years down the road;  therefore, avoiding certain fundamental investment errors is a must.  Here are eight for your consideration.

Jordon Geiger, Vice President and Trust Officer

According to the Insurance Information Institute, 91 natural catastrophes occurred in the United States in 2017, totaling $23.8 billion in insured losses. Natural catastrophes always seem to be an item of interest on the national news taking place in a land far away from us. 

Unfortunately, like State Bank of Cross Plains, many of our partners, clients and friends came to the realization that our homes and place of business are not excluded from natural catastrophes. 

By Dan Savage, Senior Vice President and Senior Trust Officer

Parents invest considerable time, energy and money preparing their children for a successful life.  Think piano lessons, academic tutoring, specialized athletic opportunities, travel abroad, classes designed to maximize SAT scores and even mundane things like…braces.  To be sure, we love our kids!

Yet, some parents…even business owners and other professionals…forget to prepare them for financial success.  Here are five important things to teach your college-age children:

By Dan Savage, Senior Vice President and Senior Trust Officer

Savvy business owners understand that legendary service results in exceptional customer retention rates…and…greater profitability. Savvy business owners also understand that:

• Human interaction is the basic element of any customer experience.
• These interactions create an experience that customers remember…and feel.
• These experiences are the foundation for long-term relationships and…the glue that binds them.
• Deep relationships are far more important than the product, services, and price.
• Customers don’t love companies…they love you and your relationship managers!
• You serve people…not companies.

By: Adam Marshall, Vice President- Trust Officer & Portfolio Manager

You've identified your goals and done some basic research. You understand the difference between a stock and a bond. But how do you actually go about creating an investment portfolio? What specific investments are right for you? What resources are out there to help you with investment decisions? Do you need a financial professional to help you get started?

By: Dan Savage, Senior Vice President and Senior Trust Officer

An important gift to your family and yourself is to create thoughtful order in your financial life, and that includes providing for the proper care and administration of your estate…during your lifetime and upon your death.  The ultimate benefit is peace of mind.

By: Jeff Supple, Vice President and Trust Officer

Do all of these describe you?

• You are over the age of 70.5
• You have Traditional IRA assets
• You used to itemize your deductions but will not anymore because of tax reform
• You give to non-profit organizations on a regular basis

If you fit this profile you can take advantage of Qualified Charitable Distributions from your IRA.  Since the standard deduction nearly doubles ($24,000 for married individuals filing a joint return) for the tax year 2018 many individuals will not be able to deduct contributions that they made in the past.

By: Adam Marshall, Vice President- Trust Officer & Portfolio Manager

In times of crisis, you don't want to be shaking pennies out of a piggy bank. Having a financial safety net in place can ensure that you're protected when a financial emergency arises. One way to accomplish this is by setting up a cash reserve, a pool of readily available funds that can help you meet emergency or highly urgent short-term needs.