Estate planning is something that everyone must face at some time or another and is part of the overall planning process.
One of the most effective ways for the affluent to protect their assets and ensure the maximum possible amount is passed onto beneficiaries and heirs is through the use of Trusts. Trusts are a consideration when writing a will or discussing your inheritance planning in general.
At Nadero Wealth Management, we may review and/or recommend trusts, philanthropic giving and can put you in contact with suitable legal counsel to implement this course of action.
A trust is a legal document which attends to the wishes of the grantor (a person or institution that makes a grant or conveyance) for the benefit of another.
The grantor is the one that transfers the assets (money, investments, property, etc.) into the trust.
The beneficiaries are the people that will receive the benefits of the trust in accordance with the specific language that was used when creating the trust document.
A trustee is a person (can also be a legal firm, trust company, or bank) that administers the trust and ensures it is managed in accordance with the conditions detailed in the trust document. They also handle any payments to beneficiaries the trust makes. The grantor decides who it is they want to be the trustee.
Anyone who wants to leave something of value to another person or entity, but wishes to maintain an element of control as to how it is used, and goes to the people they intended to inherit. It can also safeguard funds for the benefit of those without the capacity to manage money themselves, such as minors until they reach a specified age.
People who want to keep their inheritance, or estate tax liability as low as possible, so their beneficiaries receive the maximum possible.
Those who want to bequeath money to a charitable organization and receive tax benefits when doing so.
Protecting assets that you value and would not like to be sold off (an art collection or family property, for example).
Family businesses that are to be passed on to future generations.
We will be happy to talk over whether establishing a trust is suitable for you after establishing your objectives and overall estate plan.
We will suggest legal counsel and accountants help if this is an area we believe should be looked into more carefully. Subject to your location.
Once the trusts are established, we will incorporate them into your overall global financial strategy.
We often work with the beneficiaries, and family of the grantor at this stage, as they will be the ones benefitting from the trust in due course.