|As a means of transferring wealth or responsibility for assets, trusts go back to the medieval days of Europe, when barons and landowners would leave their property in care of a trustee while they went out on conquests and crusades.|
Today, trusts may be less glamorous, but the wide variety of trusts continue as important means of ensuring the safekeeping of assets, providing for financial security in retirement, or reducing the tax consequences of transferring assets to heirs.
But why would anyone want to put part of his estate in a trust? Won’t it be “tied up” forever? Shouldn’t the family have the assets so they can use them? Won’t the trustee just hoard the trust assets and keep them from the family?
There are enough myths, misconceptions, half-truths and complete falsehoods about trusts to keep trust professionals busy for the rest of their lives, just clarifying things for the benefit of a poorly informed public.Personal trusts have the following advantages:
When it comes to developing and administering trusts, there are no hard and fast rules. The best plans are developed specifically with your interests and unique situation in mind, and are reviewed regularly to ensure ongoing adequacy.
A wide range of trust options exist today. Many clients prefer to use a combination of different trust vehicles to take advantage of all the tax savings and income benefits available to them. Some of the most popular types of trusts are described here. Investors Independent Trust Company, along with your attorney, can help you determine the most appropriate use of these vehicles for your individual or family situation.
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