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Trusts & Estates

How does a trust function with an estate?

An estate is a person's net worth. This includes assets, legal rights, interests, and entitlements to property of any kind. When doing "estate planning", an individual is essentially putting their entire financial existence in order. Sometimes the legal field of Estate Planning branches off to a practice speciality called Succession Planning. This entails all of the legal situations that occur when a person passes and how the futute generation will "succeed" or inherit the estate. If estate plans are improperly implemented, it will result in high taxation; this taxtion is often higher then necessary. There is very little reason that a person's estate should fall into probate.

How does a trust function with an estate? First it's important to understand exactly why trusts exist. A trust is a legal relationship in which one person holds property for the benefit of another. The property can be money, real estate, stocks, bonds, collections, business interests, personal possessions and automobiles.

Trusts are used in Asset Protection to preserve estates for future generations and to protect at least some portion of a person's wealth and property from creditor attack. The theory behind Asset Protection is to reduce ownership while maintaining all the benefits of a person's assets. When money is transferred into a trust, from a creditor's standpoint it can no longer be counted as part of the estate.

This strategy is not meant to hide money. Trustees report income and pay taxes. Trusts are used to preserve the integrity of an estate. Wealth can be protected from creditors and the benefit of the wealth is passed intact from one generation to the next.

When planning to protect an estate, there are many Asset Protection strategies available including Dynasty Trusts and Offshore Trusts. To create the best plan, consult with a team that consists of at least one trusted lawyer, account and Asset Protection Specialist.

Recommended Products

Revocable Living Trust $1995
Introduction to the Section of Products on Revocable Living Trusts

Intentionally Defective Grantor Trust - IDGT $2500
Many estate and financial planners use the Intentionally Defective Grantor Trust, or IDGT, not only as an estate-planning tool, but also as a succession-planning tool for family businesses. The IDGT is also a great tool for asset protection.

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