Questions About Taxes On Trusts? We Have the Answers.
Have You Ever Asked Yourself What is a Trust and Do I Need One?
What is a Trust?
A trust is a legal entity that sets out a detailed plan on exactly how assets pass to trust beneficiaries. There many types of trusts, depending on the goals of the individual setting up the trust, who is know as the grantor. Given the wide array of available trust options, we recommend that you set up an appointment us to discuss whether a trust makes sense for you.
Why Set Up a Trust?
Estate Planning. Trusts can be an essential element of estate planning. They determine how wealth passes to your heirs, preserve assets for your heirs, reduce estate taxes, and control how and when assets are distributed.
Avoiding Probate Court. Having a trust enables your heirs to avoid probate court. The advantages to being able to do that are time savings for settling the estate and reduced paperwork and legal fees.
Charitable Contributions. Setting aside funds or assets for charitable organizations into a trust preserves the value of highly appreciated assets and reduces gift taxes.
Caring for Those with Special Needs. For individuals who have special needs, a trust provides for them, even after you are gone. It also preserves their eligibility to receive government benefits.
Privacy. Trusts enable you and your heirs to preserve confidentiality and privacy for your financial matters, as trusts are not subject to probate.