Establishing an effective trust doesn’t have to be complicated. For high net-worth clients, our dedicated team can design a simple yet sophisticated trust that can protect your wealth and ensure a secure financial future for your family. Utilizing a trust ensures your assets are administered without disruption and passed to the next generation according to your instructions.
A trust can provide significant advantages to high net worth clients including:
- Investment management to meet current and future financial needs of your family
- Enhanced financial security
- Substantial federal tax savings
- Accelerated estate settlement avoiding probate court
- Ability to control disposition of your assets over an extended period
- Opportunities for philanthropic contributions both during your life and after death
There are several different types of trusts available. One of our wealth management specialists can help you decide which is right for you.
Revocable Living Trust
Established during your lifetime, a revocable living trust gives you maximum control, flexibility and independence in managing your estate during your lifetime and beyond. Income earned is distributed to you, and only after your death will the property transfer to the beneficiaries, outright or in trust. It gives you full access to your assets and can be amended or terminated anytime during your lifetime. In addition, a revocable living trust is private and confidential compared to a will that goes through probate and is made part of public record.
Irrevocable Living Trust
Like its name suggests, an irrevocable living trust is established during your lifetime and cannot be altered or terminated once it has been established. However, the potential tax savings it provides can be an important consideration for individuals wishing to protect a large estate from costly tax liabilities.
Also known as a Trust Under Will, a Testamentary Trust is created by your will and receives your assets upon settlement of your estate. It is designed to accomplish any vision you have for the future – providing income for your family, directing funds for a child’s education or leaving a lasting legacy to your favorite charity.
Irrevocable Life Insurance Trust
This type of trust can be structured to purchase life insurance on your life and provide estate tax-free funds for heirs at your death. Your family may use these life insurance proceeds to provide liquidity to pay estate taxes.
Three types of trusts can be set up to benefit a charity while allowing you to reduce your taxable income and, in effect, reduce estate taxes, eliminate capital gains and claim an income tax deduction. There are many types and variations of charitable trusts.
Special Needs Trust
This category of trust provides for additional or special services and treatments to individuals with disabilities while preserving their government benefit eligibility. These individuals are likely to have long-term medical or support needs, and the Special Needs Trust can be a vehicle to supply the funding to provide lifetime quality care.
Not FDIC Insured. Investments Not Guaranteed. Investments May Lose Value. Fees may apply for services. Consult your tax attorney or CPA for details on tax benefits.