Trusts Used in Estate Planning
The purpose of this brochure is to provide a general discussion of basic trust principles. It includes, for your consideration, the essential elements of trusts, their advantages, tax and nontax reasons for using them, and the various types of trusts used by individuals in their estate documents.
Should You Have a Trust?
Reasons for establishing trusts are as different as the people who have them. But regardless of the difference in their personal circumstances, many people discover that a trust is a smart addition to their estate strategy.
A properly structured trust can be a prudent way to hold and distribute assets. Depending on the type of trust established, it can simplify financial life, reduce estate taxes, and allow for greater control over asset management and distribution after death. These are all important potential benefits of establishing a trust. Since licensed financial professionals cannot give tax or legal advice, we encourage you to consult with your tax and legal advisors to explore the concepts discussed below. They can work with you to determine if, and how, a trust can be used as part of your estate plan.Read More With Our Print-Friendly PDF