Trusts can be a key element in planning for the future. Feeling confident that the proper estate and wealth transfer plans have been put in place can give you peace of mind. Our financial professionals can show you how to use trusts to protect your plans for the future financial well-being of your beneficiaries.
What is it?
A trust is an arrangement, most commonly used to transfer wealth to heirs or to a favored charitable organization. Different types of trusts may be created to accomplish specific goals, such as special needs trusts for individuals with special needs or Charitable Remainder Trusts to help fulfill philanthropic goals. Insurance products, such as life insurance policies, annuity contracts and disability policies, may be used to fund trusts in appropriate circumstances.
Who needs it?
Trusts are very flexible and may be drafted to meet the specific intent of the individuals creating the trust and customized to meet the specific needs of trust beneficiaries. You can use trusts as a key element in a comprehensive estate and wealth transfer plan, or to otherwise direct how your legacy will be managed and distributed after your death.
What is covered?
A uFinancial professional can work with you and your attorney to help determine what type of trust would suit your needs and who you should appoint as Trustee. Your Trustee should have the knowledge and capability necessary to administer sometimes complex arrangements and to meet the fiduciary duties and responsibilities that are imposed under Trust Law. If properly drafted by your attorney and administered by your Trustee, a trust can ensure that trust assets are managed and distributed after your death as you have directed in your trust.
The information provided is not written or intended as specific tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel.