Trusts
A trust is a fiduciary arrangement that allows a third party or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the benefactor's assets pass to the beneficiaries.
Trusts usually avoid probate, therefore the benefactor's beneficiaries may gain access to these assets more quickly than they might to assets that are transferred using a will. Additionally, if it is an irrevocable trust, it may not be considered part of the taxable estate, so fewer taxes may be due upon the benefactor's death (check with your CPA or tax attorney for specific benefits).
Assets in a trust may also be able to pass outside of probate, saving time, court fees, and potentially reducing estate taxes as well.
Other benefits of trusts include control of your wealth, protection of your legacy and privacy and probate savings.
Basic types of trusts include: Marital trust, Bypass trust, Testamentary trust, Irrevocable life insurance trust (ILIT), Charitable lead trust, Generation - skipping trust and Qualified terminable interest property trust (QTIP).
Feel free to ask about these and other types of trusts that may accommodate your specific need.
A trust is a fiduciary arrangement that allows a third party or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the benefactor's assets pass to the beneficiaries.
Trusts usually avoid probate, therefore the benefactor's beneficiaries may gain access to these assets more quickly than they might to assets that are transferred using a will. Additionally, if it is an irrevocable trust, it may not be considered part of the taxable estate, so fewer taxes may be due upon the benefactor's death (check with your CPA or tax attorney for specific benefits).
Assets in a trust may also be able to pass outside of probate, saving time, court fees, and potentially reducing estate taxes as well.
Other benefits of trusts include control of your wealth, protection of your legacy and privacy and probate savings.
Basic types of trusts include: Marital trust, Bypass trust, Testamentary trust, Irrevocable life insurance trust (ILIT), Charitable lead trust, Generation - skipping trust and Qualified terminable interest property trust (QTIP).
Feel free to ask about these and other types of trusts that may accommodate your specific need.
