Trusts are separate legal entities, like corporations.
Trusts hold assets for you or for the benefit of others.
Assets inside a trust are managed by a trustee who has legal responsibility for managing and overseeing trust proceeds in accordance with your wishes. The trust stipulates how your assets should be managed, and how, when and to whom your assets will be distributed.
Many people think only the wealthy can benefit from trusts. But this is simply not true. Trusts are highly flexible and can provide for an almost unlimited combination of needs, circumstances and objectives.
Because they can be designed to satisfy such specific needs and circumstances, trusts can address the concerns and objectives of most people.
What can a Trust do?
Ensure the orderly and private transfer of your property
Secure the cost of providing for an elderly relative, parent or disabled child
Help finance a loved one’s education
Create a portable and highly flexible pension plan
Protect assets from a creditor’s claims
Provide a structured way to administer your personal and financial affairs should you become incapacitated
Make a tax-advantaged charitable gift
Manage assets for the benefit of your heirs and other beneficiaries
Provide for the continuation of alimony or child support payments
Save a business from an untimely liquidation or disadvantageous sale
Avoid unnecessary capital gains taxes
Manage your estate tax exposure
How can a Trust help a Business Owner
Unlike wills, trusts can hide assets and their disposition from public scrutiny armed with information from a probate proceeding. For example, a competitor might be able to force the sale of the decedent’s business at a below-market price.
What goes into a Trust?
Stocks and bonds
Capital management accounts
Personal possessions; and more
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