NO. The purpose of creating a Family Wealth Trust is to avoid living probate, death probate, and reduce or even eliminate federal estate taxes. It’s not a vehicle for reducing income taxes. In fact, if you’re the trustee of your Family Wealth Trust, you will file your income tax returns exactly as you filed them before the trust existed. There are no new returns to file and no new liabilities are … [Read more...] about Will a Family Wealth Trust avoid income taxes?

YES. In fact, most people who create a Family Wealth Trust act as their own trustees. If you are married, you and your spouse can act as co-trustees. And you will have absolute and complete control over all of the assets in your trust. In the event of a mentally disabling condition, your hand-picked successor trustee assumes control over your affairs, not the court’s appointee. … [Read more...] about If I set up a Family Wealth Trust, can I be my own trustee?

Not only does a Family Wealth Trust provide for the disposition of your property (like a Will), but it also offers the following benefits: Provides for the immediate transfer or trust management and distribution in the future of assets after death; Allows for a smooth transition of management upon incapacity or death; Avoids the expense and hassle of probate proceedings; Minimizes … [Read more...] about Why should I have a Family Wealth Trust?

Unfortunately, you would be subject to “living probate,” also known as a conservatorship or guardianship proceeding. If you become mentally disabled before you die, the probate court will appoint someone to take control of your assets and personal affairs. These “court-appointed agents” must file a strict accounting of your finances with the court. The process is often expensive, time-consuming … [Read more...] about The possibility of a disabling injury or illness scares me. What would happen if I were mentally disabled and had no estate plan or just a Will?

Most Revocable Living Trusts are primarily concerned with avoiding probate and estate taxes. A Family Wealth Trust offers lifetime benefits, and protects wealth for current and future generations. … [Read more...] about How does a Family Wealth Trust differ from a Revocable Living Trust?

A Will is a legal document that describes how your assets should be distributed in the event of death. The actual distribution, however, is controlled by a legal process called probate, which is Latin for “prove the Will.” Upon your death, the Will becomes a public document available for inspection by all comers. And, once your Will enters the probate process, it’s no longer controlled by your … [Read more...] about What’s the difference between having a Will and a Living Trust?

A Family Wealth Trust is the main component of a Legacy Wealth Plan and covers important issues other than avoiding probate. … [Read more...] about What is a Family Wealth Trust?

YES. But your family may not like it. The government’s estate plan is called “Intestate Probate” and guarantees government interference in the disposition of your estate. Documents must be filed and approval must be received from a court to pay your bills, pay your spouse an allowance, and account for your property–and it all takes place in the public’s view. If you fail to plan your estate, you … [Read more...] about If I don’t create an estate plan, won’t the government provide one for me?

Traditional estate planning is focused on financial assets and is concerned with avoiding probate and estate taxes. On the other hand, Legacy Wealth Planning is concerned with financial and non-financial assets of a family and creating a family’s personal legacy plan. Legacy Wealth Planning addresses how to capture and transfer family traditions and values, as well as protecting financial wealth … [Read more...] about What is the difference between “traditional” estate planning and Legacy Wealth Planning?

Most of us spend a considerable amount of time and energy in our lives accumulating wealth. With this, there comes a time to preserve wealth both for enjoyment and future generations. A solid, effective estate plan ensures that your hard-earned wealth will remain intact as it passes to your beneficiaries, instead of being siphoned off to government processes and bureaucrats. … [Read more...] about Why do I need an estate plan?