Professional Farm Management Services gives the farm owner assistance in production, marketing, managing land resources, and financially managing the farm for maximum profitability and optimum yields.
The First Trust and Savings Bank team believes in the future of farming and the management of our precious land resource. A highly trained staff of farm professionals with strong backgrounds look optimistically toward our future of those they serve. Our services include:
A land trust is a method of handling ownership of real estate. It is an arrangement by which the recorded title to the real estate is held by a fiduciary trustee. The beneficial ownership of a land trust is considered personal property. Consequently, the beneficial interest can be sold, pledged or assigned.
A land trust agreement is established when the real estate is purchased or after it has been acquired. The beneficiary (owner) directs The First Trust and Savings Bank as fiduciary trustee to hold title to the real estate, and all the rights of ownership are exercised by the beneficial owner whose interest is not disclosed.
Benefits of a land trust are:
A 1031 Exchange Trust (Starker Trust) is the exchange of certain types of property to defer recognition of capital gains or losses due upon the sale of property. The properties must be held for productive use in a trade or business, or for investment purposes, and must be “like kind” of the same nature or characteristic. The First Trust and Savings Bank acts as the Qualified Intermediary per the 1031 Exchange Agreement.