Privacy of the Estate
Many people just don't want to make their affairs public for a variety of reasons. Since the contents of a will are public and the details of a trust are not, this makes a trust an ideal way for someone to pass their on assets to survivors privately.
Estate Planning
What is a Trust?
Trusts are designed to control the outcome of your estate. A trust can control any type of property, for almost any reason and are set up for the specific needs of your estate.
Protection of the Benefactor
In many cases, as with small children, a person may not trust their heirs to make the best financial decisions. So, you may want to control the funds or asset distribution by means of a trust, and even set dates or conditions for that person to receive full control of the trust.
Charitable Trusts
A charitable trust is generally set up to distribute assets over a period of time or to certain beneficiaries. Typically the bulk of the assets remain untouched, or controls put in place to ensure the trust does what you want it to do. In some cases, a charitable trust can have significant tax advantages for your estate.
Trusts as Pension Plans
A trust is an excellent way for employers to protect pension plans for their employees. The employer will be the settlor (contributor), and the employees and/or their dependents will be the beneficiaries.
Trusts for Asset Protection
This means of protecting one's property has become increasingly popular, because it is designed to keep a person's assets attached to them and kept out of any marital estate. It is also used to protect your assets from civil liability (i.e. Divorce, lawsuit or bankruptcy).
Trusts for Tax Planning
The tax laws concerning trusts are considerably different from other assets. Because of this, it might be advantageous to set up a trust as a means of controlling your tax liabilities. This legal means of tax avoidance is a common strategy for asset protection.
These Financial Management Services are Offered by The Abbott Bennett Group LLC.
Abbott Bennett is an Independent Advisor of The Estate Plan.
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