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For family affairs, the failure to plan for the future can cause multiple heartaches in the future.
There are numerous options available to deal with estates and their passing to future generations. Upon a person's death, often the expenditure of sorting out the chaos costs more than entire set up of the planning. A trust is really the only alternative to a will. Many people, middle class and wealthy have used trusts for Asset Protection and Wealth Preservation.
One tool that is very common in Estate Planning is the trust. There are many types of trusts, but they all have one thing in common; they separate the ownership of the asset from the benefits. This distinction between ownership and custody in law is what gives a trust its power. This does not mean that assets have to change their location; it means that through the legal course of titling, ownership and custody are separated. There is a long history of trusts on record, but an easy way to think of it would be as if you were leasing your own home from your trust. The trust owns the home. You remain in the home, with full benefits and enjoyment, but in the event of a judgment or creditor attack the Trust Deed, when properly constructed, will protect you. Trusts prepare to keep the asset and direct the situation that you desire upon your passing. You do not have to own your home outright to have a trust or LLC take title to your home.
Trusts are used for other assets also. Virtually every asset, liquid or tangible, can be placed under the ownership of a trust. In a trust the asset is transferred by the settlor to another body, either a company or person called the Trustee. The Trustee must hold the property for the benefit of another.
The written document giving directions to the Trustee is called the Trust Deed. This agreement originates the trust and sets forth the terms and conditions and outlines the benefits to the beneficiaries. A trust transfers ownership during a person's life rather than upon a person's death, which is the case in a will.
Many people are uncomfortable or hesitant to originate a trust because they must give up ownership. This is why the choice of Trustee is a very important issue. The Trustee should be an independent, responsible and reputable person, in order to prevent trust abuse. If there is any indication of abuse, the Trust Deed should have made provisions for removal of the Trustee.
If a responsible jurisdiction is chosen, trust law will govern the circumstances. If a sham trust is set up by scamming Trustees then you will be swindled as many people have been in the past. Your due diligence should thoroughly be conducted before you transfer any assets.
Our Trust Services Include...
- Domestic Trusts
- Offshore Trusts
- Kinetic Asset Protection Trusts
- Family Limited Partnerships coordinated with Trusts
- Estate Planning coordination with Trusts
- Trusts for avoiding probate
Marital Qualified Domestic Trust (QDOT) $1995
This is the preparation of an estate for a marital couple preparing to protect their estate from taxation and controlling assets for passing protecting the other spouse and protecting the estate.
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