“A good plan today, is better than a perfect plan tomorrow.”
- General George S. Patton
Why Create a Trust?
Affluent individuals and foundations establish trusts in order to preserve and distribute wealth, as well as to meet many personal and financial objectives. Trusts can be used in order to protect assets from current or future creditors and legal claims. Trusts can be established so the grantor can receive discretionary income and principal distributions from those assets, while keeping those assets protected. Others use trusts in order to pass wealth from one generation to another, or to provide a framework for charitable contributions. While the reasons for establishing a trust are virutally limitless, some of the most common reasons to create trusts are listed below:
- Minimize estate taxes
- Protect assets from current or potential creditors
- Preserve assets for future generations
- Fund charitable endeavours
- Manage taxes more efficiently
Trusts are also legal entities that are created in order to hold assets for the benefit of a beneficiary. The beneficiary may be a person, a group, or another entity like a charity or university. Trusts enjoy federal and state legal protections that assist grantors in properly moving and holding assets as they chose, while enjoying the benefits of legal protection.
How We Help You
Elysien Private Wealth offers our clients independent, objective financial planning advice for establishing or properly maintaining the assets in a trust. We also can assist individuals and foundations with trust fiduciary requirements, trust taxation, custody services, and proper trust structuring.