Another advantage to trusts is succession planning for future generations without outright distribution of all assets to your heir at your death. Escalating tuition costs, make college funding for children and grandchildren a priority for many families. Sometimes a client with more than one child or grandchild will want to make sure that a younger child receives the same benefit that the older child or children received while the parents or grandparents were alive. A way to do this is to pool their estate into a single trust that benefits all of the children, including paying for their educations, until the youngest reaches a certain age or completes a certain level of education. After that occurs, the remaining trust assets can then be divided equally among the children.
If you own a business, we can provide you with the business succession strategies needed to preserve the value of your business and transfer management or ownership when the time is right. In addition, successful business owners and executives frequently require more complex estate plans in order to protect themselves and their loved ones from taxation or excessive probate fees. When you’ve worked long and hard over the years to grow a business or sizeable estate, it’s important that you take every measure to protect your assets when you’re gone.