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Wealth Management & Brokerage Services
Wealth Management services offered by Kentucky Farmers Bank include Trust Administration, Estate Administration and Investment Management Agency Accounts designed specifically to accommodate your instructions and bequests for the wealth you have accumulated over your lifetime. Your instructions can be carried out by KFB through an Investment Management Account to address present and future concerns during the settlement of your estate and/or long after your estate has settled.
The Wealth Management & Brokerage staff at Kentucky Farmers Bank looks forward to giving you and your beneficiaries the same individual service and personal attention that KFB has been known for since 1931. To schedule an appointment and further discuss our services please call Mr. Webb (606) 929-5056, Ms. Boggs (606) 929-5055, or Ms. Brom (606) 929-5054.
In order to meet some objectives, there may be legal restrictions to consider. KFB strongly recommends that you seek legal counsel when writing a will or a trust. We hope you find the site informative and educational.
Listed below are the accounts and services offered by KFB:
Kentucky Farmers Bank offers the same investment management services for Personal Agency Accounts, Traditional IRAs, Roth IRAs, and IRA Rollovers as it does for Personal Trust Accounts and Estates. These services are for the individual that is presently seeking experienced stock and bond investment management or mutual fund selection through KFB.
As the investment manager, KFB will generally perform the following duties for you:
- Accept possession of your assets
- Accept the transfer of your 401(k) or other retirement plan distributions
- Provide safekeeping for the assets
- Collect income and payments due the account
- Settle, buy and sell investments at KFB's discretion according to the objectives established for your account
- Meet with you periodically to review performance and objectives
- Provide periodic statements of account activities
- Provide tax information on account activities
Kentucky Farmers Bank offers custody only services for personal, Traditional IRAs, Roth IRAs, IRA rollovers and employee benefit accounts. This service is for the individual who wants assistance in the clerical work associated with managing assets but wants to make his or her own investment decisions. As custodian, KFB will exercise no investment management or advisory responsibilities for your account and will be generally limited to performing the following duties:
- Accepting possession of your assets
- Accepting the transfer of your 401(k) or other retirement plan distributions
- Providing safekeeping for the assets
- Collecting income and payments due the account
- Providing periodic statements of account activities
- Providing tax information on account activities
- Settling, buying and selling investments at the your direction
A trust is a legal arrangement in which Kentucky Farmers Bank manages property transferred to KFB pursuant to your written instructions. In trust agreements you name beneficiaries such as yourself, your spouse, your heirs, future generations, a charity, etc. You can choose when the trust begins and when the trust ends. You may write a trust to address present concerns, to last multiple generations, and/or as a permanent endowment for a charity or institution.
Generally, KFB performs the following duties for you:
- Accepts possession of your assets
- Titles the property in the name of the trust
- Provides safekeeping for the assets
- Collects income and payments due the account
- Settles, buys and sells investments at the our discretion according to the objectives as indicated in the trust agreement
- Meets with beneficiaries to review the relationship and the account activity
- Reviews beneficiary requests and expenses as to compliance with your instructions
- Files trust tax returns
- Provides tax information to beneficiaries
- Provides periodic statements of activities to current beneficiaries
Kentucky Farmers Bank can be named in your will as executor of your estate. An executor is named in a will to settle your estate and to perform any other legal instructions in your will. An executor's professional duties include:
- Having the will accepted by a court of competent jurisdiction
- Collecting, securing, and valuing assets
- Paying expenses, debts, and taxes
- Reviewing claims against the estate
- Filing tax returns
- Managing assets during the settlement period
- Receiving tax releases from proper authorities
- Distributing assets as instructed in your will
- Preparing the final accounting
Kentucky Farmers Bank can be named by the court to carry out the duties of administrator.
Kentucky Farmers Bank can be named as "successor executor" in your will should your first choice be unable or unwilling to serve. This designation is often used in wills to ensure a named executor carries out your instructions.
Kentucky Farmers Bank is available to act as "agent" for a named executor. As agent, KFB would relieve or assist the executor in carrying out their duties.
Kentucky Farmers Bank can be appointed as guardian by a court to care for the property of a minor, an incompetent, a spendthrift, or other incapacitated person. A guardian is an agent of the court and has no legal or equitable title to the ward's property. The guardian receives, holds and manages the property, and renders accountings to the court as long as the ward is a minor or the incompetency lasts.
Kentucky Farmers Bank is available to act as "agent" for a named guardian. As agent, KFB would relieve or assist the guardian in carrying out their duties.
Donald J. Perry
C. Phillip Hedrick
Other Investment Services
INVESTMENT MANAGEMENT AGENCY ACCOUNTS, TRUST ACCOUNTS, ESTATE ACCOUNTS, CUSTODIAN AND GUARDIANSHIP ACCOUNTS ARE NOT FDIC INSURED, HAVE NO BANK GUARANTEE, AND MAY LOSE VALUE.
NEITHER KENTUCKY FARMERS BANK, NOR ITS EMPLOYEES, PRACTICE ESTATE OR TAX LAW. PROFESSIONAL COUNSEL IS RECOMMENDED FOR TAX AND ESTATE PLANNING.
THE INFORMATION CONTAINED IN THIS SITE IS MEANT TO BE FOR EDUCATIONAL AND INFORMATIONAL PUPOSES ONLY AND SHOULD NOT BE INTERPRETED AS A REPRESENTATION, RECOMMENDATION, OR ENDORSEMENT OF ANY INVESTMENT PLAN, ESTATE PLAN, OR SECURITY.